Reading list: What Happens If You Miss the ITR Filing Deadline?
Filing your Income Tax Return (ITR) is one of the most important financial responsibilities for every earning individual and business in India. Whether you’re a salaried employee, a freelancer, a business owner, or a senior citizen, understanding how to file your ITR correctly can help you avoid penalties, claim refunds, and maintain financial discipline.

As we move into the Assessment Year (AY) 2025–26 for Financial Year (FY) 2024–25, this guide will walk you through the essentials of income tax return filing in India—who needs to file, how to file, key deadlines, and mistakes to avoid.

📌 What is an Income Tax Return (ITR)?

An Income Tax Return is a form in which a taxpayer reports their income earned, deductions claimed, and tax paid to the Income Tax Department during a financial year. If you've paid excess tax (via TDS or advance tax), filing your return is the only way to claim a refund.

✅ Who Needs to File an ITR?

You must file an ITR in India for AY 2025–26 if:

Your gross total income exceeds:

₹2.5 lakh (for individuals below 60)

₹3 lakh (for senior citizens aged 60–80)

₹5 lakh (for super senior citizens above 80)

You want to claim a tax refund

You have foreign assets or income

You have deposited more than ₹1 crore in a bank account

Your electricity bill exceeded ₹1 lakh in the financial year

You conducted transactions in foreign exchange or cryptocurrencies

You’re a company or firm (regardless of profit or loss)

Even if your income is below the taxable limit, it's advisable to file ITR to build a financial record—useful for loans, visas, and future compliance.

📅 ITR Filing Due Date for AY 2025–26

The ITR filing due date for non-audit taxpayers (individuals, salaried employees, freelancers, and small businesses) has been extended to September 15, 2025 by the Central Board of Direct Taxes (CBDT).

Taxpayer Category	Due Date
Individual (non-audit)	September 15, 2025
Businesses requiring audit	October 31, 2025
International/TP cases	November 30, 2025
Revised/Belated returns	December 31, 2025

Note: If you miss the deadline, you can still file a belated return by December 31, 2025, but with penalties.

🧾 Types of ITR Forms (AY 2025–26)

There are different ITR forms depending on the nature and source of your income:

Form	For Whom
ITR-1 (Sahaj)	Salaried individuals with income ≤ ₹50 lakh
ITR-2	Individuals with capital gains, multiple house properties, or foreign income
ITR-3	Professionals or business owners
ITR-4 (Sugam)	Presumptive income for small businesses and professionals
ITR-5, 6, 7	For firms, companies, and trusts

Choosing the right form is crucial to ensure accurate filing and avoid scrutiny.

🖥️ How to File Income Tax Return Online (e-Filing)

Filing your return is easier than ever through the official Income Tax e-Filing portal: https://www.incometax.gov.in

Step-by-Step Process:

Register/Login on the Income Tax Portal

Go to “File Income Tax Return”

Select Assessment Year: 2025–26

Choose the applicable ITR form

Fill in your income details, deductions, and tax paid

Validate your form and calculate the final tax/refund

Submit the return and e-verify it using:

Aadhaar OTP

Net banking

Demat account

Digital Signature Certificate (DSC)

Save the acknowledgment (ITR-V) for your records

💡 What You Need Before Filing

Keep these documents ready:

Form 16 (for salaried employees)

Form 26AS & AIS/TIS reports (tax credit and income summary)

Interest certificates from banks

Capital gains statements (from mutual funds or shares)

Home loan statements

Rental income and property tax details

Proof of 80C, 80D, and other deductions

Aadhaar and PAN

Having accurate data prevents mismatches and tax notices.

💸 Common Deductions to Save Tax (FY 2024–25)

Under the old tax regime, you can claim various deductions to reduce taxable income:

Section	Deduction Type	Limit
80C	PPF, LIC, ELSS, PF, tuition fees, etc.	₹1.5 lakh
80D	Health insurance premium	₹25,000–₹1 lakh
24(b)	Home loan interest	₹2 lakh
80G	Donations to charity	Varies
80TTA/80TTB	Savings account interest	₹10,000 / ₹50,000

Alternatively, you can choose the new tax regime (lower slab rates, no deductions) based on what’s more beneficial.

⚠️ Mistakes to Avoid While Filing ITR

Choosing the wrong ITR form

Missing out on TDS credit (check Form 26AS)

Incorrect bank details (can delay refunds)

Not e-verifying the return (makes it invalid)

Not reporting all income (like FD interest or crypto gains)

Waiting till the last day, risking errors or portal issues

🧮 What Happens After You File ITR?

Once you file and e-verify:

The IT department processes your return

If any refund is due, it’s usually credited in 7–45 days

You can check refund status on the TIN-NSDL website

In case of errors or missed information, you can file a revised return by December 31, 2025.

🔄 Old vs New Tax Regime: Which One Should You Choose?

As of FY 2024–25, the new tax regime is the default option—but you can opt for the old regime while filing your return.

Income Slab	Old Regime (with deductions)	New Regime (no deductions)
Up to ₹2.5L / ₹3L / ₹5L	NIL	NIL
₹5L – ₹7.5L	10–20%	5%
₹7.5L – ₹10L	20%	10%
₹10L – ₹12.5L	30%	15%
₹12.5L – ₹15L	30%	20%
Above ₹15L	30%	30%

Use online calculators or consult a tax advisor to determine which regime saves you more.

📝 Final Thoughts

Filing your Income Tax Return is not just about avoiding penalties—it’s about taking charge of your financial health. Whether you’re a salaried employee, a freelancer, or a new business owner, ITR filing opens doors to tax refunds, clean credit history, and eligibility for loans and visas.

With the due date extended to September 15, 2025, you have ample time—but don’t wait till the last moment. Start collecting your documents, check your Form 26AS, and file confidently.