Master Your ITR Filing: Unlock Secrets to Hassle-Free Returns, Refunds, and Expert Tips!

New Delhi: As the deadline for filing Income Tax Returns (ITR) for Assessment Year 2025-26 approaches on September 15, over 6 crore taxpayers have already completed the process. The Income Tax Department is providing round-the-clock support and emphasizing the importance of avoiding last-minute filing to prevent rush and confusion as speculation rises regarding a potential extension of the due date, which has yet to be officially confirmed.

Upcoming Deadline for ITR Filing

The Income Tax Department has set the deadline for filing ITR for Assessment Year 2025-26 on September 15, 2025, an extension from the initial deadline of July 31, 2025. This move was officially announced by the Central Board of Direct Taxes (CBDT) due to significant modifications to the notified ITRs. According to the CBDT, the changes were introduced “considering the time required for system readiness and rollout of ITR utilities for AY25-26.”

Speculation Around Extension of the Deadline

Though taxpayers are anxious about the possibility of a further extension to the filing deadline, experts are not optimistic. Avinash Polepally, Business Head at ClearTax, stated, “Any extension to the deadline for filing ITR is not expected this year as most taxpayers are anticipated to follow the due date.” Thus, it’s advisable for all taxpayers to aim for on-time filing to avoid penalties.

Last-Minute Guide for Filing ITR

For those who are close to the deadline, here’s a quick guide to successfully filing your ITR:

• First-time filers should register on the Income Tax e-filing portal, while returning users can simply log in.
• Gather essential documents like Form 16, Form 26AS, your Aadhaar linked with PAN, and various investment proofs such as bank statements and insurance receipts.
• Select the correct ITR form according to your income sources to prevent errors.
• Verify your income details with Form 26AS and ensure your bank account information is accurate for timely refunds.

Understanding Income Tax Slabs

The tax structure has undergone changes, and it’s crucial to understand the income tax slabs to gauge your liability accurately.

Source: Income Tax Department

Note: The recent government announcement on zero tax for incomes up to ₹12 lakh applies to the financial year 2025-26, hence it won’t affect the ITR filing for FY 2024-25.

Importance of Filing ITR Even with Zero Tax Liability

Many taxpayers believe they don’t need to file their ITR if their tax liability is zero. However, it’s crucial to know that filing is necessary for various reasons including tax refunds, applying for loans, or even obtaining visas for foreign travel. Notably, taxpayers with zero tax liability are encouraged to file their returns to ensure a hassle-free financial environment.

Selecting the Correct ITR Form

Choosing the right ITR form is essential for accurate filing. The most commonly used forms include:

ITR-1 (Sahaj): For those with an annual income below ₹50 lakh, sourced from salary, one house property, pensions, etc.

ITR-2: For individuals not engaged in business or profession.

ITR-3: Designed for individuals and Hindu Undivided Families engaged in business.

ITR-4: For individuals and firms with an annual income not exceeding ₹50 lakh.

Tax Rebate, Exemption, and Deduction Explained

For accurate ITR filing, a clear understanding of various tax terms is crucial. Here’s a brief overview:

• Tax Rebate: This offers relief to individuals earning below a certain threshold by reducing total taxable income.
• Tax Exemption: Certain incomes may be entirely tax-free, impacting tax calculations.
• Tax Deduction: These reduce the taxable income and consequently lower overall tax liability.

Why E-Verification is Essential

Once the ITR is filed, e-verification must be completed within 30 days. Without this step, the return is considered unfiled. Verification can be done through Aadhaar OTP, EVC, or by mailing a signed copy of the ITR-V.

Refund Timeline

After e-verification, the processing of refunds typically takes between 7 to 21 working days. The income tax department notes, “Usually, it takes 4-5 weeks for the refund to be credited to the account of the taxpayer.”

Disclaimer: This article is for informational purposes only and does not constitute legal or tax advice. Taxpayers are advised to consult a qualified tax professional or refer to the official website of the Income Tax Department for accurate and up-to-date guidance before filing their returns.

Bankerpedia’s Insight 💡

The upcoming Income Tax Return (ITR) deadline on September 15 is crucial for taxpayers, impacting India’s banking and finance sector by ensuring timely compliance and reducing defaults. As millions rush to meet this deadline, potential delays in services or refunds could affect financial planning for many individuals. It’s essential for taxpayers to file accurately and on time to avoid penalties, leveraging the 24X7 support offered by the tax department. For first-time filers, thorough document preparation and correct form selection are vital steps to ease the process and ensure a smoother experience.

What Does This Mean for Me? 🤔

• Salaried Person → File tax returns by September 15 to avoid penalties.
• Business Owner → Deadline approaching; prioritize timely ITR filing to avoid penalties.
• Student → Students must file Income Tax Returns, even with zero income.
• Self-employed → File ITR by deadline to avoid penalties.
• Homemaker → Deadline approaching; file taxes to avoid penalties now.
• Retiree / Senior Citizen → Deadline approach adds urgency, risks penalties for retirees.
• Job Seeker → Job seekers must file ITR to secure loans and visas.
• Farmer / Rural Citizen → ITR deadline impacts financial planning and potential penalties.

Research References 📚

• www.livemint.com
• RBI
• SEBI
• Ministry of Finance
• NABARD
• Department of Financial Services (DFS)
• IMF
• World Bank

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