ITR filing FY 2024-25: The Income Tax Department extended the ITR filing deadline or due date for AY 2025-26 to September 15, 2025. Filing after this date incurs penalties. The article provides a step-by-step guide for filing ITR-1 (Sahaj) through the income tax e-filing website.
Beat the Clock: Your Guide to ITR Filing for FY 2024-25
The tax season hustle is real! For many individual taxpayers, today marks a significant deadline: filing your Income Tax Return (ITR) for the financial year 2024-25 (assessment year 2025-26). Feeling the pressure? Don’t worry, you’re not alone. And more importantly, you still have time.
This year, the focus for many is on ITR-1, often referred to as the ‘Sahaj’ form. It’s designed for resident individuals with income up to ₹50 lakh from sources like salary, one house property, other income (interest, dividends, etc.), and agricultural income up to ₹5,000. If that sounds like you, then read on. We’ll break down how to navigate the e-filing portal and get your ITR-1 submitted smoothly.
Why is ITR Filing So Important?
Beyond avoiding penalties (which can sting!), filing your ITR is a fundamental part of being a responsible citizen. It contributes to national development, helps you build a financial track record (essential for loans), and can even be useful for visa applications. Think of it not just as an obligation, but as a way to participate in the country’s growth.
The E-Filing Portal: Your Gateway to Compliance
The Income Tax Department’s e-filing portal (incometax.gov.in) is your primary tool for this task. It’s designed to be relatively user-friendly, but navigating any government website can sometimes feel like a maze. Let’s walk through the steps, focusing specifically on ITR-1.
First, head to the portal and register if you haven’t already. If you’re a returning user, simply log in using your PAN, password, and the captcha code. Once you’re logged in, find the “e-File” tab and click on “Income Tax Returns,” then “File Income Tax Return.”
<img src="image1.jpg" alt="A screenshot showing the steps to access ITR filing options on the Income Tax Department's e-filing portal, highlighting the importance of accurate ITR filing.”/>
Next, you’ll select the Assessment Year (2025-26) and the filing mode (Online). Then choose “Individual” and “ITR-1” as the applicable ITR form. You’ll be asked why you are filing the return. Select the appropriate option. Usually “Taxable income is more than basic exemption limit” is the correct choice for most taxpayers.
Demystifying the ITR-1 Form
The ITR-1 form is structured into several sections, each requiring specific information. Here’s a breakdown to help you prepare:
* Personal Information: This section requires your basic details like PAN, name, address, contact information, and bank details. Ensure accuracy, as any discrepancies can lead to processing delays.
* Gross Total Income: Here, you’ll declare all your income sources. This includes your salary (Form 16 is your best friend here!), income from house property (if any), and income from other sources like interest from savings accounts or fixed deposits.
* Deductions: This is where you can reduce your taxable income by claiming deductions under various sections of the Income Tax Act. Popular deductions include those under Section 80C (investments like PPF, LIC), Section 80D (health insurance premium), and Section 80G (donations).
* Tax Paid: This section details the taxes you’ve already paid, such as TDS (Tax Deducted at Source) from your salary or advance tax. Cross-check this with your Form 26AS to ensure everything matches.
* Tax Computation and Tax Liability: The system will automatically calculate your tax liability based on the information you’ve provided. You can then verify the calculations and proceed to pay any remaining tax due.
Verification is Key: Don’t Skip This Step!
Once you’ve filled out the form and paid any outstanding taxes, the final crucial step is verification. You can verify your ITR through several methods:
* Aadhaar OTP: This is the quickest and easiest method. An OTP will be sent to your Aadhaar-registered mobile number.
* Net Banking: You can verify through your net banking account.
* Demat Account: If you have a demat account, you can use it for verification.
* EVC (Electronic Verification Code): Generate an EVC through the portal and use it to verify.
* Offline: You can also verify offline by sending a signed copy of ITR-V (Income Tax Return Verification form) to the Centralised Processing Centre (CPC), Bengaluru. However, this method is slower.
Remember, your ITR is only considered filed once it’s verified. So, don’t skip this critical step!
What if I Miss the Deadline?
Missing the deadline can lead to penalties. Late filing fees can range from ₹1,000 to ₹5,000, depending on your income. Plus, you might lose out on certain benefits, like the ability to carry forward losses. So, while there’s still time, make every effort to file your ITR before the clock runs out.
Even if you’re reading this after the deadline, don’t panic. You can still file a belated return, although penalties will apply. It’s always better to file late than not at all. And remember to keep all your documents organized – it will save you time and stress next year! Refer to our guide on tax-saving investment options to help prepare for the next financial year.
Filing your ITR might seem daunting, but with the right preparation and a step-by-step approach, it’s definitely manageable. This guide should give you a solid foundation for navigating the process. Good luck getting those returns in on time!
