May 05, 2025
Khushi RawatIncome Tax Returns Processes
In FY 2024-25, the income tax department will open its first official tax filing opportunity, with ITR forms expected to be available soon.
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What Is An Income Tax Return?
ITR is a form that details your gross taxable income for the fiscal year and provides information about income and taxes to the income tax department.
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ITR Filing: When Can You Submit?
India’s Income Tax Department site will allow filing for the assessment year 2025-2026, which is expected to open in April, though no confirmed date is available.
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Deadline To Submit Your ITR
The deadline to submit your return without penalty is July 31, 2024, with belated returns allowed until December 31, continuing for the 2025-26 assessment year.
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Refund Timeline
The Income Tax Department reports that funds are available within 7-20 days. Taxpayers must ensure error-free returns, verify Aadhaar OTP, and pre-validate the accounts linked to their PAN.
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Essential Documents You Must Have
Essential documents include PAN, Aadhaar card, Form 16, salary slips, bank interest certificates, rental income proof, and investment-related documents.
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What Is Form 16?
Form 16 is a tax document issued by employers to employees, serving as a basis for salary tax deductions and other permissible deductions under the Income Tax Act.
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How To Apply And Submit ITR?
You can file your ITR online or offline. The following steps are on how to file and submit the ITR through online mode:
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Home Page
Enter your user ID and password to log in to the filing portal. Once you're logged in, follow these steps:1. Click on "File."2. Select "Income Tax Return."3. Choose "File Income Tax Return."
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Filing Page
1. Start by selecting the assessment year as 2024-252. Choose the mode of filing as online and then click continue.3. Select your status and click continue.4. You will see two options: wizard-based return and ITR 4. Select your preferred option and click continue.
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Tax Liability Option
Fill out the form by entering your income and education details in the designated sections. If you owe taxes, click "pay now." If not, proceed to the preview page.
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Preview Carefully
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E-Verify and Complete
On the e-Verify page, select the option through which you want to e-verify and continue.
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