With only 15 days left for the income tax return filing deadline, it's time for taxpayers to collect all relevant documents to report incomes and claim refunds. As the deadline of ITR filing for the year 2024-25 is approaching, it's advisable to complete the process in advance to avoid a last-minute rush.
The deadline for filing ITR for FY 2024-25 (Assessment Year 2025-26) is Sept. 15. However, this deadline is only applicable for taxpayers who don't require their accounts to be audited, as per the Income Tax Act, 1961.
Who Should File ITR?
Irrespective of their income, some people are required to file their ITR for FY 2024-25. These include professionals, freelancers, salaried individuals with two or more sources of income and others who have earned money from investments, capital gains, or foreign sources. If you need to avail loans or visas in the future, claim a refund, or transfer losses, you also have to file your ITR.
Documents You'll Need
Make sure that you have all the documents ready while filing. These include your Form 16 from your employer, bank statements, interest earnings details, TDS certificates and proof of tax-saving investments such as PPF, ELSS, or insurance premium paid statement. In the case of rent or capital gains, sale or rent agreements, brokerage statements and supporting papers will be needed.
Choosing The Appropriate ITR Form
The Income Tax Department provides multiple ITR forms based on income nature and the taxpayer class. For salaried, predominantly, ITR-1 is used. Professionals and businessmen may need ITR-3 or ITR-4. Ensure you file using the correct form to avoid rejections or notices from the I-T Department later.
Filing Options
You can submit your returns online through the Income Tax e-filing portal, which is simple and time-saving. You can also employ authorised tax-filing software or take the help of a chartered accountant. Verify all the details carefully before submitting to prevent errors.
Penalties For Late Filing
If you are not able to file ITR by Sept. 15, you can be charged a penalty of up to Rs 5,000 based on your income. Further, interest on the due tax amount will be payable under Section 234A. Interest charges are levied at 1% per month on the unpaid tax amount, calculated from the due date. Late submission will also prevent you from carrying forward certain losses to the next financial year.
With 15 days to go, don't delay any longer. Collect your documents, select the correct ITR form and file your return online to save time and avoid penalties. File ITR on time not only to avoid getting behind schedule but also to claim a refund of tax payable without any difficulty.
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