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)
- Login
to https://incometax.gov.in
- Go to “e-File > Income Tax Return”
- Select:
- Assessment Year: 2025–26
- Mode: Online or Offline
- Form type: ITR-1, ITR-2, etc.
- Choose applicable Tax Regime (old/new)
- Enter all income details, deductions, TDS,
etc.
- Validate
the return and preview.
- 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.
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