Income Tax Return (ITR) for AY 2025–26 (FY 2024–25): A Complete Guide


Filing an Income Tax Return (ITR) is a legal obligation and financial responsibility for individuals, professionals, businesses, and companies earning income in India. For the Assessment Year 2025–26 (which corresponds to Financial Year 2024–25, i.e. income earned between 1 April 2024 to 31 March 2025), it is important to understand which ITR form to use, the deadlines, the new tax regime vs old, and how to file it correctly.

 

Key Dates for ITR Filing AY 2025–26

Type of Taxpayer

Due Date

Individuals / HUF (Non-audit cases)

31 July 2025

Businesses requiring audit

31 October 2025

Companies or transfer pricing cases

30 November 2025

Late filing penalty may apply if ITR is filed after the due date.




 

Who Should File ITR?

You must file ITR for AY 2025–26 if:

  • Your total income exceeds the basic exemption limit:
    • ₹2.5 lakh (old regime)
    • ₹3 lakh (new regime)
  • You want to claim a refund of TDS or excess tax paid.
  • You want to carry forward a loss under capital gains, business, etc.
  • You are a company or firm, irrespective of income.
  • If you've foreign assets or income.
  • If you have deposited ₹1 crore+ in a bank account, or incurred ₹2 lakh+ in foreign travel, or paid ₹1 lakh+ electricity bill.

 

Old vs New Tax Regime (FY 2024–25)

From FY 2023–24 onwards, the new tax regime is the default option. Taxpayers can opt for the old regime by filing Form 10-IEA before ITR filing.

Old Tax Regime – With Deductions

Income Slab (₹)

Tax Rate

0 – 2.5 lakh

Nil

2.5 – 5 lakh

5%

5 – 10 lakh

20%

10 lakh+

30%

New Tax Regime – Lower Rates, No Deductions

Income Slab (₹)

Tax Rate

0 – 3 lakh

Nil

3 – 6 lakh

5%

6 – 9 lakh

10%

9 – 12 lakh

15%

12 – 15 lakh

20%

Above 15 lakh

30%

In the new regime, deductions like 80C, 80D, HRA, LTA etc. are not allowed except:

·        Employer NPS contribution (80CCD(2))

·        Section 80JJAA

·        Agniveer Corpus Fund (80CCH)

 

ITR Forms for AY 2025–26

Form

For Whom

ITR-1 (Sahaj)

Salary/pension income up to ₹50 lakh, 1 house property, interest income

ITR-2

Individuals/HUFs with capital gains, more than one house, foreign income

ITR-3

Business/profession income (proprietorship, freelancers)

ITR-4 (Sugam)

Presumptive income (under sec 44AD, 44ADA, 44AE)

ITR-5

Partnership firms, LLPs

ITR-6

Companies (except those claiming exemption u/s 11)

ITR-7

Trusts, political parties, charitable institutions

 

Documents Required

  • Form 16 from employer
  • Form 26AS (tax credit statement)
  • Annual Information Statement (AIS)
  • TDS certificates
  • Bank interest certificates
  • Capital gains statements (mutual funds, shares)
  • Investment proofs (80C, 80D etc. – if under old regime)
  • Home loan details
  • Rent receipts, HRA proofs

 

How to File ITR Online (Step-by-step)

  1. Login to https://incometax.gov.in
  2. Go to “e-File > Income Tax Return”
  3. Select:
    • Assessment Year: 2025–26
    • Mode: Online or Offline
    • Form type: ITR-1, ITR-2, etc.
  4. Choose applicable Tax Regime (old/new)
  5. Enter all income details, deductions, TDS, etc.
  6. Validate the return and preview.
  7. Submit and e-verify via Aadhaar OTP, net banking, or DSC.

 

Important Reminders

  • e-Verify within 30 days of submission or ITR will be invalid.
  • Avoid mismatch with Form 26AS and AIS.
  • File even if no tax is payable, to claim refund or avoid penalties.
  • Always retain a copy of the Acknowledgement (ITR-V).

 

Penalties & Consequences of Late or Wrong Filing

Situation

Consequence

Filed after due date

Late fee ₹1,000 – ₹5,000 u/s 234F

Not filing at all

Penalty + Prosecution (in serious cases)

Mismatch / wrong return

Notice under Sec 139(9), 143(1), 143(2), etc.

Not verifying ITR

ITR treated as not filed

 

Common Deductions under Old Tax Regime

Section

Deduction

80C

LIC, PF, PPF, ELSS, Home Loan Principal – up to ₹1.5 lakh

80D

Health insurance premiums

24(b)

Home loan interest – up to ₹2 lakh

80E

Education loan interest

80G

Donations

80TTA/TTB

Savings interest (₹10,000/₹50,000 for senior citizens)

 

Filing your Income Tax Return for AY 2025–26 is not just a legal formality but a financial responsibility that helps you stay compliant, claim refunds, and build a clean financial record. Understand your income type, select the correct form, choose the appropriate tax regime, and file before the deadline to avoid penalties.