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Your Ultimate Guide to Filing Income Tax Returns (ITR) for FY 2024–25

RBL Bank Jul 22, 2025

Filing your Income Tax Return (ITR) is more than just a statutory requirement, it’s your ticket to tax refunds. Here’s everything you need to know to file your tax returns confidently.

Why Filing Your ITR is Non-Negotiable

Filing ITR on time isn’t just for the tax-savvy — it’s essential for everyone whose gross income crosses INR 2.5 lakh, or higher if you’re a senior (INR 3 lakh) or super-senior citizen (INR 5 lakh).

Here’s why it matters:

  • Get your refunds: If your employer or bank deducts TDS, you’ll need to file an ITR to claim that money back.
  • Carry forward losses: Want to set off your stock market losses against future gains? File your return.
  • Smoother loans & visas: Lenders and embassies often ask for ITR slips as proof of income.
  • Avoid penalties: Late filing means fines up to INR 10,000 and delayed refunds. (Source)

Who Should File ITR This Year?

Even if you think taxes don’t concern you, chances are they do. You need to file if:

  • Your gross income exceeds basic exemption limits.
  • You earned capital gains (from shares, property, crypto).
  • You’re an NRI with Indian income over INR 2.5 lakh.
  • You hold foreign assets, are a director in a company, or simply want to claim a refund.

Remember: the new ITR forms require more granular disclosures, including foreign income and digital assets like crypto. (Source)

AY 2025–26 vs FY 2024–25: Know the Difference

  • Financial Year (FY) is the period you earn the income for i.e., for this year, April 01, 2024 to March 31, 2025.
  • Assessment Year (AY) is the period you file taxes for on that income i.e., AY 2025–26.

Important Deadlines

  • Original filing: July 31, 2025
  • Extended (non-audit cases): September 15, 2025
  • Belated/revised returns: up to December 31, 2025

What’s Changed This Year?

  • ITR-1 & ITR-4 online utilities went live by May 2025.
  • ITR-2 & ITR-3 Excel utilities launched on July 11, 2025. It is crucial for those with capital gains, crypto, or multiple properties. (Source)
  • More details needed: Salaried taxpayers must now break down exemptions like HRA, insurance, donations in finer detail.
  • New tax regime tweaks: Higher zero-tax threshold under the new regime, but old regime benefits continue for those claiming big deductions.

Don’t Miss These Key Benefits

  • Avoid notices and penalties under Sections 234F & 271F.
  • Build a track record for faster home loans or personal loans.
  • Easily claim TDS refunds and carry forward losses on stocks or business.

Quick Pro Tips

  • Link PAN-Aadhaar before you start.
  • Use the new Excel or JSON utilities from incometax.gov.in to pre-fill your data.
  • E-verify your return immediately (via Aadhaar OTP or net banking) to speed up processing.

Filing ITR for AY 2025–26? Here’s What’s Changed in Tax Slabs, Regimes & Deadlines

This year brings several important tweaks that you simply can’t ignore. Here’s your crisp guide to what’s new in the ITR process for AY 2025–26.

Key Changes & Updates for AY 2025–26

1. Revised ITR Forms & Enhanced Disclosures

  • The Income Tax Department has rolled out new ITR forms for FY 2024–25 income (AY 2025–26 filings).
  • ITR-1 and ITR-4 are already live for online filing, mainly targeting salaried individuals, pensioners, and small businesses under presumptive taxation.
  • ITR-2 and ITR-3, meant for people with capital gains, multiple properties, crypto assets, or business income, saw their Excel utilities go live on July 11, 2025 (source).

These new forms are asking for far more granular data, especially around:

  • Capital gains split before and after July 23, 2024 (important for market investors).
  • Foreign assets & crypto disclosures, which are now under sharper regulatory focus.
  • Detailed splits for HRA, 80C/80D deductions, and donations to curb inflated claims.

This means a little more prep work, but ensures your return is clean and avoids notices later.

2. New Tax Regime vs Old Tax Regime: What’s Best for You?

India’s dual tax system continues. Choosing wisely can literally save you lakhs.

The New Regime Highlights

  • Designed with lower tax rates but fewer deductions.
  • Thanks to tweaks in Budget 2025, zero tax now effectively up to INR 4 lakh, factoring standard deduction.
  • Helpful if you have fewer investments or deductions.

The Old Regime Advantages

  • Lets you claim deductions under 80C (investments like PPF, ELSS, LIC), 80D (health insurance), HRA, home loan interest, and more.
  • Better for those with planned tax-saving instruments or house rent benefits.

Quick Tax Slab Snapshot for FY 2024–25 (AY 2025–26)

Income Range Old Regime Rate New Regime Rate
Up to INR 2.5 Lakh Nil Nil
INR 2.5–5 Lakh 5% 5%
INR 5–7.5 Lakh 20% 10%
INR 7.5–10 Lakh 20% 15%
INR 10–12.5 Lakh 30% 20%
INR 12.5–15 Lakh 30% 25%
Above INR 15 Lakh 30% 30%

Deadline for Filing ITR for AY 2025–26

This year, deadlines are broadly the same but keep these in mind:

  • July 31, 2025: Standard due date for most salaried and non-audit taxpayers.
  • September 15, 2025: Extended deadline for non-audit taxpayers due to phased form rollouts (especially impacting ITR-2 & ITR-3 filers).
  • December 31, 2025: Last date to file belated or revised returns.

Missed your deadline? Be ready for:

  • Penalty up to INR 10,000 under Section 234F.
  • Higher interest on any unpaid tax.
  • Refunds getting stuck due to past discrepancies. (source)

Why These Changes Matter to You

  • Granular disclosures mean fewer notices but only if you’re meticulous. The new forms’ validations are stricter, especially on property and deduction claims.
  • Choosing the right regime could save you substantial money.
  • Filing early avoids last-minute site crashes and gives you faster refunds.

Smart Filing Checklist for This Year

  • 1. Link PAN–Aadhaar - mandatory to process your return.
  • 2. Download Form-16 & AIS/TIS from the tax portal.
  • 3. Use official utilities (Excel/JSON) from incometax.gov.in - they auto-fill much of your data.
  • 4. Run both regimes on a calculator. See which saves more tax.
  • 5. E-verify immediately post filing to kickstart processing.

Types of ITR Forms for AY 2025–26 & How to Choose the Right One

Filing your Income Tax Return (ITR) can seem like a maze, especially with multiple forms floating around. Picking the wrong form is one of the biggest reasons for return rejections or compliance notices.

This guide breaks it down, so you know exactly which ITR form to file for AY 2025–26 (FY 2024–25).

Why Does Choosing the Right ITR Form Matter?

Each ITR form is tailored for specific types of income and taxpayers. Filing the wrong one could:

  • Delay your refund
  • Trigger unwanted notices
  • Or even lead to penalties for misreporting income

So, let’s keep it smart and file right the first time.

The Different Types of ITR Forms & Who Should Use Them

ITR-1 (Sahaj)

Who can use it?

  • Resident Individuals (NOT HUFs)
  • Total income up to INR 50 lakh
  • Income sources: salary/pension, one house property, and other sources (like interest)

Who should avoid it?

  • If you have capital gains, own more than one house property, or hold foreign assets.

This is the most popular form for salaried individuals. If your employer has deducted TDS, chances are ITR-1 is for you.

ITR-2

Who can use it?

  • Individuals & HUFs (Hindu Undivided Families)
  • With income from salary/pension, more than one house property, capital gains, foreign income/assets, or if you’re a director in a company.

Who should avoid it?

  • If you earn from business or profession (that’s ITR-3 or 4 territory).

This form is common for those who invest in stocks, mutual funds, or have rental income from multiple properties.

ITR-3

Who can use it?

  • Individuals & HUFs who earn income from business or profession (like freelancers, consultants, small shop owners).
  • Also covers if you’re a partner in a firm.

Who should avoid it?

  • If you want to declare income under presumptive taxation (that’s ITR-4).

Choose ITR-3 if you maintain books of accounts, have a turnover above the limits for presumptive tax, or simply prefer the regular tax calculation route.

ITR-4 (Sugam)

Who can use it?

  • Resident Individuals, HUFs, or Firms (other than LLPs)
  • Opting for presumptive taxation under Section 44AD, 44ADA, or 44AE
  • Total income up to INR 50 lakh

Who should avoid it?

  • If you have more complex income (capital gains, foreign assets, speculative business income).

Popular with small shop owners, small service providers, or freelancers earning under INR 50 lakh.

ITR-5, 6 & 7 (For non-individuals)

  • ITR-5: For partnerships (except LLPs covered under audit), associations, Body of Individuals (BOIs), trusts (except those needing ITR-7), etc.
  • ITR-6: For companies (other than those claiming exemption under Section 11, like charitable or religious institutions).
  • ITR-7: For persons (including companies) who need to file returns under Sections 139(4A) to 139(4D) — i.e. trusts, political parties, research institutions, etc.

How to Choose the Correct ITR Form

Still unsure? Here’s a quick roadmap:

Your Income Scenario You Should File
Only salary/pension + one house + interest, under INR 50L ITR-1 (Sahaj)
Salary + more than one house property + capital gains ITR-2
Freelance/consulting/business income with books of accounts ITR-3
Small business/professional income under presumptive tax ITR-4 (Sugam)
Partnership firm (not LLP under audit) ITR-5
Companies (regular business income) ITR-6
Trusts, political parties, research institutions ITR-7

Pro Tips to Get It Right

  • Use the official e-filing portal utilities at incometax.gov.in. They pre-fill much of your data and highlight applicable forms.
  • If you’ve capital gains or foreign assets, avoid ITR-1/4. Go for ITR-2 or ITR-3 based on your business income.
  • Filing the wrong form might mean the return is considered defective under Section 139(9), forcing you to re-file.

Deadline Reminder for AY 2025–26

  • July 31, 2025: Standard due date for most individuals
  • September 15, 2025: Extended for certain non-audit taxpayers due to new form rollouts
  • December 31, 2025: Last chance to file belated or revised returns

So pick your form wisely and file early to get faster refunds and zero last-minute stress.

Documents Required for Filing ITR for AY 2025–26: Your Complete Checklist

1. PAN, Aadhaar & Bank Account Details

PAN Card: Your Permanent Account Number is your unique tax ID. Without it, your return can’t even start.

Aadhaar Card: It’s mandatory to link PAN & Aadhaar. Your Aadhaar also helps with quick OTP-based e-verification post filing.

Bank Account Details: You’ll need to mention at least one active bank account for direct refunds. Keep:

  • Account number
  • IFSC code
  • Bank name & branch handy

Pro tip: Make sure your bank account is pre-validated on the income tax portal to avoid refund delays.

2. Form 16 & Salary Slips

Form 16:

  • If you’re salaried, your employer will issue Form 16, usually by mid-June.
  • It shows your salary, exemptions, and TDS deducted.
  • Verify that details match your salary slips.

Why else keep salary slips?

  • Sometimes Form 16 misses perks or deductions. Salary slips help cross-check total income.
  • If you’ve switched jobs during the year, collect Form 16 from all employers.

Mismatched income is a top reason for tax notices.

3. Form 26AS, AIS & TIS (Game changers for catching errors)

Form 26AS:

  • Shows all tax deducted (TDS by employer/bank), advance tax, and high-value transactions. It’s your master statement.
  • Download from the TRACES portal via incometax.gov.in

AIS (Annual Information Statement):

  • Newer, detailed summary of ALL your income & transactions. Includes stock sales, mutual fund redemptions, credit card spends, property buys, etc.

TIS (Taxpayer Information Summary):

  • A concise summary of the AIS. Helps you quickly spot if your income data looks off.

Pro tip: Always cross-check your Form 16 with 26AS & AIS. If your employer forgot TDS or a bank didn’t report interest, you can catch it here.

4. Investment Proofs for Deductions

Want to claim deductions under 80C, 80D, etc.? Keep your proofs ready:

Section Deduction Type Documents
80C LIC, ELSS, PPF, NSC, 5-yr FD Receipts, passbooks, FD certs
80D Health insurance premiums Premium receipts
80E Education loan interest Bank interest certificates
80G Donations Donation receipts with 80G cert
Home loan Interest & principal under 24b/80C Interest cert from lender

If your employer didn’t include these in Form 16, you can still claim them directly in your ITR. Just make sure to keep soft copies safe.

5. Capital Gains Statements

Sold shares, mutual funds, crypto, or property?

Keep:

  • Brokerage capital gain statements
  • Property sale deed & purchase deed to calculate indexed gains
  • Details of improvement costs & brokerage paid

With stricter reporting on short vs long-term gains, these documents are critical to avoid under-reporting.

6. Documents for Other Income (Interest, Rent, Freelance)

Don’t forget “small” incomes as they add up and the IT portal already knows about them via AIS.

Examples:

  • Interest income: FD, RD, savings – get interest certificates from your banks
  • Rental income: Keep lease agreements & rent receipts
  • Freelance / side gigs: Collect invoices or payment proofs
  • Dividend income: Even though most is tax-free in your hands, it still needs reporting

Bonus: Other Handy Docs

  • Advance Tax or Self-Assessment Tax receipts
  • TDS certificates on fixed deposits (Form 16A)
  • Foreign income & asset details (if you own shares or property abroad – required even if they account for zero income)

How to Stay Organised (And Stress-Free!)

  • Create a digital tax folder on your drive or your laptop. Scan everything – Form 16, insurance, donation receipts, capital gains, rent.
  • Download 26AS, AIS & TIS early so you can chase banks or brokers if something looks off.
  • Use a simple Excel sheet or tax app to track your investments vs deductions.

Why Filing ITR Online is the Smart Way to Go

Gone are the days of endless paperwork. Today, filing your Income Tax Return (ITR) is 100% online, super streamlined, and takes less than an hour if you’re prepared.

By e-filing your ITR:

  • You get faster refunds directly into your bank account
  • Minimise errors thanks to portal validations
  • Build a solid financial profile that helps with future loans or visa applications

Ready? Let’s break it down into 6 easy steps.

Steps to File Your ITR Online for AY 2025–26 (FY 2024–25)

1. Log in to the Income Tax e-Filing Portal

Go to the official site: incometax.gov.in

  • Use your PAN (which acts as your User ID), password, and enter the captcha.
  • If it’s your first time or you forgot your password, you can reset it using Aadhaar OTP, email or bank login.

Pro tip: Always access via the official portal. Do not fall for Google ads or SMS links to avoid phishing scams.

2. Select the Correct ITR Form

Choosing the right form is crucial. Here’s a quick guide:

Your Income Scenario ITR Form
Salary / Pension / 1 House / Other sources < INR 50L ITR-1 (Sahaj)
More than 1 house, capital gains, foreign assets ITR-2
Business income / profession / partner in firm ITR-3
Small biz / professionals under presumptive tax ITR-4 (Sugam)

In the portal, click on “File Income Tax Return”, choose Assessment Year 2025–26, and it will guide you through selecting the applicable ITR.

3. Prefill & Verify Your Data

The smart part?

  • The portal automatically pulls data from your Form 26AS, AIS & TIS. This includes your salary, TDS, interest income, and mutual fund redemptions.

Always cross-check:

  • Your employer’s TDS with Form 16.
  • Bank FD interest from your statements.
  • Any missing or extra entries in AIS (like wrong stock sales).

If something looks off, you can raise corrections with your bank or employer before you proceed.

4. Declare All Income & Eligible Deductions

This is where you fill:

  • Income: Salary, capital gains, rental income, business profits.
  • Deductions: 80C (LIC, PPF, ELSS), 80D (health insurance), 80G (donations) etc.
  • Exempt income: Agriculture, certain gifts, or dividends.

If you forgot to submit proofs to your employer (for insurance, tuition fees, etc.), you can still claim them directly in your ITR.

5. Compute Tax Liability & Pay Dues (if any)

After declaring everything:

  • The system calculates your total tax liability, factoring the TDS already deducted.
  • If you owe more tax (called self-assessment tax), pay it instantly using Challan 280 on the portal.

Your tax summary will show:

  • Taxes paid vs payable.
  • Links to pay online directly.
  • It then generates a BSR code + challan number, which you must fill back into your return.

6. Verify & Submit the Return

Your ITR filing isn’t complete until you e-verify!

  • You can e-verify instantly via Aadhaar OTP, net banking, or bank ATM.
  • This completes the filing — no physical signatures or courier needed.

Once done, you’ll get an ITR-V acknowledgement on email. Refunds typically start processing within 7–45 days, depending on checks.

Bonus Tips to File Like a Pro

  • Download your Form 26AS & AIS a week before, so you have time to fix discrepancies.
  • Double-check bank IFSC & account number to avoid refund hiccups.
  • If you have capital gains or freelance income, maintain a small Excel or app tracker so it’s easy at year-end.
  • Always save a PDF copy of your final ITR & e-verification receipt.

Filing your ITR? Here’s a quick truth bomb: your tax return isn’t just about your salary.

Whether you’ve earned rental income from your flat, booked some sweet gains on stocks, or got a little side hustle going; the tax department wants to know all of it.

With smart tech like Form 26AS, AIS & TIS, the Income Tax Department already has eyes on most of your money moves. So, declaring every income source isn’t just compliance, it’s your ticket to avoiding notices, building a strong financial footprint, and getting faster refunds.

Here’s your crisp, no-fluff guide to the 6 types of income you absolutely need to declare in your ITR for AY 2025–26, so you stay clear, confident, and totally stress-free.

1. Salary Income

This is the most common head of income for most taxpayers.

  • Basic salary, HRA, special allowances, leave encashments, bonus.
  • Perquisites like company car, rent-free accommodation, stock options.

Documents to keep:

  • Form 16 (issued by your employer)
  • Last 6 months’ salary slips
  • Reimbursement or perk statements

Tip: Even if you switched jobs in the year, you must report salary from all employers — and reconcile the total TDS deducted.

2. Income from House Property

If you own any property, it needs to be declared — regardless of whether it’s rented or vacant.

  • Rental income from letting out a house or flat.
  • Deemed income even from vacant second properties (as per notional rental rules).

You can deduct:

  • 30% standard deduction on rental income.
  • Interest on home loans under Section 24(b).

Tip: Even your self-occupied property goes under this head, though taxable income may be nil.

3. Capital Gains

Did you:

  • Sell shares, mutual funds, or crypto?
  • Sell land, residential property, or commercial shop?

Then this head applies to you.

  • Short-term capital gains (STCG): Assets held <12 months for equity, <24/36 months for property.
  • Long-term capital gains (LTCG): Assets held beyond these thresholds.

Documents to keep:

  • Contract notes from brokers
  • Purchase & sale deeds for property
  • Proof of improvement costs

Tip: LTCG on equity above INR 1 lakh is taxable at 10%. So don’t ignore that small SIP redemption!

4. Income from Business or Profession

Freelancers, consultants, shop owners, doctors, architects, all fall under this.

Even your side hustle on Instagram or freelance design gigs count.

  • Profits from your business.
  • Professional receipts, after deducting expenses like rent, staff salaries, office supplies.

You can opt for presumptive tax under Sections 44AD/44ADA (file under ITR-4) if turnover is within prescribed limits. It saves you from maintaining books.

Tip: Even if your business made a loss, you must file. You can carry forward losses to reduce future tax.

5. Income from Other Sources

This is the “catch-all” bucket for everything that doesn’t fit above.

  • Savings & FD interest (banks usually deduct TDS only above INR 40,000).
  • Dividend income from stocks or mutual funds.
  • Winnings from lotteries, online contests, games.
  • Family pension (after death of an employee).

Documents to keep:

  • Interest certificates from banks.
  • Dividend statements from brokers or your DP.
  • TDS certificates (Form 16A).

Tip: Most people forget to report small FD or savings interest. But your AIS picks this up — so better to declare and stay compliant.

6. Other Less Common Income Streams You Must Still Declare

  • Gifts over INR 50,000 from non-relatives (taxable in your hands).
  • Any foreign income or assets (even if they didn’t generate income as it is crucial under the Black Money Act).
  • Family settlements, annuities, or any royalty income.

Why Declaring All Income Works in Your Favour

  • Keeps your financial record clean. This matters for future home loans, personal loans, or business lines of credit.
  • Avoids mismatches with your AIS & Form 26AS, which could otherwise trigger scrutiny notices.
  • Ensures faster processing of refunds because your ITR matches the tax department’s data.
Disclaimer:
Articles published on the website are merely indicative and suggestive in nature and do not amount to solicitation. The contents do not guarantee the desired returns and/or results. Reader is advised to exercise discretion and consult independent advisors for achieving desired result.

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