Finding It Difficult To File ITR For FY25: Seven Steps To Make It Easy For You
You can file your ITR for FY 2024-25 without errors in a few simple steps. You just need to plan it well ahead of the deadline.
Filing Income Tax Returns (ITR) can feel overwhelming, especially if you’re doing it for the first time. For many taxpayers, it could also be difficult to file their ITRs without necessary documents and financial information. A few simple steps and a little planning can help taxpayers to complete this annual financial exercise without much hassle.
Let’s find out how you can file your ITR for FY 2024-25 (AY 2025-26) without stress and what you need to keep in mind.
1) Gather All Relevant Documents
Before you begin, make sure you have the following:
PAN and Aadhaar
Form 16 from your employer (only for salaried taxpayers)
Interest certificates from banks
TDS certificates (if any)
Proof of tax-saving investments (Section 80C, 80D, etc.)
Capital gains statements
2) Check Your Form 26AS And AIS
Log in to the income tax e-filing portal and download your Form 26AS and Annual Information Statement (AIS). These documents show the tax deducted on your income and details of financial transactions reported to the IT Department. Ensure everything matches with your records.
3) Choose The Correct ITR Form
There are different ITR forms based on your source of income:
ITR-1 (Sahaj): Ideal for salaried people or pensioners with total income up to Rs 50 lakh and income from one house property or interest.
ITR-2: For people and HUFs with income above Rs 50 lakh, including capital gains, multiple properties, or foreign assets.
ITR-3: Suitable for self-employed professionals, business owners, or those holding directorship in a company.
ITR-4 (Sugam): Meant for small business owners, freelancers, or professionals under presumptive taxation schemes.
ITR-5: Applicable to partnership firms, LLPs, AOPs, BOIs, and trusts (excluding companies).
ITR-6: Meant for companies (other than those claiming exemption under Section 11) like Pvt Ltd or public limited firms.
ITR-7: Used by entities like trusts, NGOs, political parties and educational institutions filing under specific sections of the Income Tax Act.
4) Reconcile Your Bank And Investment Accounts
Ensure all your bank statements, fixed deposits, stock investments, mutual funds and other income sources are properly accounted for. If you’ve received dividends or earned capital gains, don’t miss to report them.
5) Report Exempt Income Too
Even if some income is tax-exempt, such as interest from PPF, maturity of LIC policies, or gifts received from relatives, you must declare them in your ITR.
6) Verify Tax Deductions And Claim Them
Don't miss out on eligible deductions:
Section 80C: Investments in ELSS, PPF, LIC, etc.
Section 80D: Health insurance premiums
Section 24(b): Home loan interest
7) File And E-Verify
Once you’re done filling out your return, submit it online through the income tax portal. After submission, e-verify your ITR using Aadhaar OTP, net banking, or other methods. E-verification is mandatory to complete the filing process.
The Income Tax Department has extended the deadline to file the ITR for FY25 till Sept. 15, from July 31 earlier, for individual taxpayers who don’t need their accounts to be audited.
While tax filing may seem complex at first, breaking it down into manageable steps can help you stay organised and stress-free. You can also consult a tax expert if you are not sure about any part of the process.
