Less Than A Month To File ITR: Know How To Make This Tedious Task Easy And Quick

The deadline for filing the Income Tax Return (ITR) for the financial year 2024-25 (Assessment Year 2025-26) is Sept. 15. The Income Tax Department earlier extended the deadline for ITR filing for the taxpayers who don’t need their accounts to be audited from the usual July 31.

The taxpayers should keep the required documents and proofs of tax-saving investments ready for a hassle-free ITR filing before the Sept. 15 deadline. The investors should plan in advance for easy and quick ITR filing using the e-filing portal to avoid a last-minute rush.

Many taxpayers find the ITR filing process time-consuming and complex. However, filing your income tax could be a seamless process with a little planning. If you are one of those who finds ITR filing tedious, here’s how you can make the process simple and easy.

Begin by collecting all the necessary documents as per your income and investments, such as:

• Form 16 from your employer (for salaried taxpayers).

• Bank statements and interest certificates.

• Investment proofs for deductions under various sections of the Income Tax Act, 1961.

• Capital gains statements, if you have sold shares, mutual funds, or property.

• Other income details, such as rental income or earnings from freelance assignments.

The ITR form you require is based on your income type:

• ITR-1 (Sahaj): It is the easiest and most familiar form for individuals with income up to Rs 50 lakh. You can use it if your income is from salary or pension, one house property, other income such as interest or dividends, and income from agriculture up to Rs 5,000.  

• ITR-2: ITR-2 is for individuals who do not have business income or professional income and are not eligible to file ITR-1. It is for those getting income from salary, more than one house property, or other non-business sources.

• ITR-3: This is for individuals having income from a business or profession. In case you are unable to file ITR-1, ITR-2, or ITR-4, this is the suitable form to file your income tax return.

• ITR-4 (Sugam): ITR-4 or Sugam is for residents or Hindu Undivided Families with total income up to Rs 50 lakh. It is utilised where income comprises business or professional income ascertained on a presumptive basis, earnings from salary, one house property, other sources like interest or dividends, and agricultural income up to Rs 5,000.

The e-filing portal of the Income Tax Department, https://www.incometax.gov.in, makes it easy to file. You can:

• Upload personal and employer details.

• Upload Form 26AS to verify TDS and advance tax credit.

• E-verify your return online using Aadhaar OTP, net banking, or digital signature.

Maximise your tax savings by claiming deductions under:

• Section 80C: PF, PPF, ELSS, life insurance investments

• Section 80D: Premium paid for health insurance

• Section 80G: Donations made to charity organisations

• Section 24(b): Interest on home loan

After submission, verify your ITR within 120 days through e-verification. This ends the filing process and makes your return acceptable.

It’s advisable to seek the guidance of a tax expert or a chartered accountant (CA) to save time and avoid errors. Filing ITR need not be a daunting task. It can be easily completed with planning and preparation.