Income Tax Return Filing: A Complete Guide for FY 2024-25
The ITR filing deadline for FY 2024-25 is fast approaching. Learn how to file your Income Tax Return correctly, avoid penalties, and ensure compliance.
Table of Contents
Filing your income tax return (ITR) is not just a yearly financial ritual—it’s a legal responsibility. For FY 2024-25, the last date for filing ITR (for taxpayers not requiring an audit) remains July 31, 2025, as per the Central Board of Direct Taxes (CBDT).
This guide provides everything you need to know about income tax return filing, deadlines, consequences of late filing, and how to file online using the new income tax portal.
What is Income Tax Return Filing?
Income Tax Return (ITR) is a form used by individuals and entities to declare their income, deductions, exemptions, and taxes paid to the Income Tax Department of India. Filing returns annually is mandatory for individuals and businesses whose income exceeds the basic exemption limit.
Key Deadlines for FY 2024-25
| Category | Deadline |
|---|---|
| Individuals (non-audit cases) | July 31, 2025 |
| Businesses (requiring audit) | October 31, 2025 |
| Taxpayers with TP Reports | November 30, 2025 |
The CBDT has not extended the deadline so far.
Who Should File ITR?
You are required to file ITR if:
Your gross total income exceeds the basic exemption limit:
₹2.5 lakh (below 60 years)
₹3 lakh (between 60–80 years)
₹5 lakh (above 80 years)
You want to claim TDS refunds
You own foreign assets or income
You’ve deposited ₹1 crore+ in a bank account
Your electricity bill exceeds ₹1 lakh annually
You’re applying for a loan or visa
Benefits of Timely Filing
Avoid penalties under Section 234F
Faster tax refunds
Ease of loan approvals and visa applications
Legal compliance
Carry forward of losses
How to File ITR Online (Step-by-Step)
Register/Login at www.incometax.gov.in
Choose “e-File” > Income Tax Return
Select Assessment Year: 2025–26
Choose the correct ITR Form (ITR-1 to ITR-7)
Fill in income details, deductions, and tax paid
Verify details
Submit and e-verify via Aadhaar OTP, net banking, or DSC
Common Mistakes to Avoid
Using the wrong ITR form
Forgetting to declare interest income
Not reporting multiple Form 16s
Not linking Aadhaar with PAN
Entering incorrect bank details
Penalties for Late Filing
| Delay Period | Penalty |
|---|---|
| Filed after July 31 | ₹5,000 (₹1,000 for income < ₹5 lakh) |
| Additional interest | 1% per month under Section 234A |
| No carry forward of losses | Not permitted |
Call to Action
Don’t wait until the last minute—file your income tax return today and stay compliant. Log in to the income tax portal and submit your ITR now to avoid penalties.
FAQs
1. What is the last date to file ITR for FY 2024-25?
July 31, 2025, for individuals who are not required to get their accounts audited.
2. Can I revise my ITR after filing?
Yes, revised returns can be filed until December 31, 2025.
3. What happens if I miss the deadline?
You will be liable for a late fee and interest and cannot carry forward certain losses.
4. Do salaried employees need to file ITR?
Yes, if your income exceeds the exemption limit or you wish to claim refunds.
Helpful Resources
Latest Posts:
- “India’s Next Test Series: Full Schedule After WTC”
- “CBSE Class 10th Compartment Result Declared”
- “JSW Cement IPO: Everything You Need to Know”
- “KSRTC Bus Strike in Karnataka: Full Story”
- “Federal Bank Share Price After Q1 FY26 Results”
- Satya Pal Malik: Life, Legacy, and Political Journey of a Controversial Statesman
Post Comment