Due date of income tax return filing for the financial year 2024-2025 (assessment year 2025-26) is 31st July 2025. For the financial year 2023-24, the due date of filing was 31st July 2024.
In cases where accounts are required to be audited by a chartered accountant in practice, the due date of filing income tax return is 31st October 2025 and tax audit report is 30th September 2025.
In case you missed above due dates, Income tax return can be filed on or before 31st December by paying late fee.
You can either file your income tax return on your own or by taking help of a finance professional.
Government’s income tax e-filing site has e-forms which can automatically calculate your tax liability after entering income and other details.
Before filing your income tax return you must be aware about the process. In this article, we have listed the most important factors that you should remember before submitting your income tax return.
Steps to prepare income tax return for FY 2024-25 (AY 2025-26)
To calculate your income for the financial year, you need to collect form 16 (Salary TDS certificate provided by employer to employee), rent receipts and agreement, investment certificates, documents in support of your tax deductions, bank statements and TDS certificates for other tax deductions.
You need not to submit these documents with your income tax return filing form. You need these documents to calculate your tax liability and need to submit it in case the assessing officer asked for it.
List down all eligible tax deductions and exemptions for the financial year 2024-25 (assessment year 2025-26). Double check if you fulfill the conditions to claim these tax deductions and exemptions.
List down losses that you can claim for the financial year 2024-25 (assessment year 2025-26) as it will help in reducing your tax liability. Make sure that you are eligible to claim it for the financial year.
Income tax return (ITR) forms are prescribed based on income and taxpayer. You need to select the correct form that is applicable based on your income, residential status and other criteria. If you select a wrong form, then your ITR may get rejected by the department.
Make sure that your personal details such as e-mail ID, mobile number, address, aadhaar number, DOB and other details are accurately filled in your income tax return. In case of discrepancies, your income tax return processing will get delayed. If after filing your income tax return, you find any discrepancies, then you can revise it with correct details.
Check TDS details in form 26AS and AIS. Make sure that tax deducted shown in form 26AS and AIS are matching with your list. If certain deductions are not showing, then take up this matter with the concerned party who has deducted tax but not deposited.
Double check correctness of the data such as salary details, interest income, dividend, short term and long term capital gains and classifications and other important data filled in before filing. Match the data that you have filled in your income tax return with the form 26AS and AIS before filing.
Provide correct bank details in your ITR.
Make sure that you file your income tax return before the due date of filing in order to avoid late fees and penalties. Filing on or before the due date will also allow you to carry forward your losses if any.
You need to e-verify your income tax return immediately or within 30 days from the date of filing to complete the process of filing.
Many individuals file their Income Tax Return but forget to e-verify it, in such a case the ITR will be treated as not filed.
In case e-verification can not be done, then you can send a hard copy of the ITR-V to the income tax office bangalore within 30 days of filing via registered or speed post.
After filing, keep a copy of the ITR acknowledgement, ITR form, tax paid, TDS certificates, documents in support of tax deduction and exemption, bank statements, interest certificates and other investment certificates. This will help you in case asked by the assessing officer.
If you are not confident in filing income tax returns and not aware about tax laws, then it’s advised to take help of a practicing chartered accountant or any other finance professional nearest you.
