ITR Filing 2025 Deadline: 5 Important Things To Know For Filing Income Tax Returns

ITR Filing 2025 Deadline: The Income Tax Return filing (ITR Filing) season has begun and as the ITR filing deadline for financial year 2024-25 (FY25) has been extended to September 15, many taxpayers are carefully moving ahead with the ITR filing process.

Before beginning ITR-filing it is important for taxpayers to keep in mind multiple aspects related to the process like the required documents, correct disclosure of income details, maintaining transparency, etc. It also includes choosing the right tax regime and relevant forms for filing ITR. Above that, it is also important for taxpayers to gather essential documents and mention correct details.

Taxpayers must also be aware about their income tax regime related decisions and they must ensure to keep their employers in loop about the same. If a taxpayer wishes to opt for an old tax regime, then they must inform their employers. Failure to do so may lead to the by default selection of new income tax regime. As the income tax filing season has begun, here are the key things people must know about ITR filing.

ITR Filing 2025: Right Documents

Make sure that you have all the relevant and appropriate documents that are required for filing ITR like Form 16, Form 26 AS, etc. Form 16 is a vital document that salaried individuals need to obtain from their employer. It details the Tax Deducted at Source (TDS) paid by the employer on behalf of employees. This form serves as proof of income and taxes paid throughout the financial year.

To ensure accuracy, taxpayers should cross-check TDS information on Form 16 with Form 26AS. Form 26AS provides a comprehensive statement of TDS or TCS deducted from various income sources like salary and interest on savings accounts or fixed deposits.

Tax Benefits

It is always important to be aware about the tax benefits you are eligible to receive. While old tax regime provides wide range of tax deductions on saving schemes and other investment instruments, new tax regime has lower tax slabs with limited tax deductions.
Even without immediate tax benefits, investments in schemes like PPF, SSY, KVP, and NSC can aid in wealth creation over time. Evaluating both short-term and long-term financial goals is crucial when making investment decisions.

Salaried individuals eligible for significant House Rent Allowance (HRA) exemptions may find it advantageous to file under the old tax regime. Conversely, those not entitled to HRA exemptions might benefit more from the new tax regime due to its simplified structure.

Choosing Right ITR Form

Above all this, it is equally importan to select the right ITR form. Salaried taxpayers investing in stocks should file their returns using ITR-2. This form accommodates capital gains from stock market activities, ensuring accurate reporting of such income streams.
If a taxpayer earns income from one house property, they can file using ITR-1. However, if there are multiple house properties generating income, ITR-2 becomes necessary for proper declaration and compliance with tax regulations.

Investment Proofs

Taxpayers are required to prove their investment by submitting their certificates related to capital gains tax and interest certificates. Those who have taken a loan must take their home loan interest rate certificate. Individuals with profit or loss in interest rate income can get P&L statement from their broker. They should also get details of their capital assets and other details.

Aadhaar-linked PAN

Individuals must also ensure that their Aadhaar is linked with PAN card. Individuals are required to fill their Aadhaar and PAN details. Additionally, they have to also fill their bank details.