The Income Tax Department has started the process of filing income tax return for the financial year 2024-25 (assessment year 2025-26). An offline utility has been released in Excel format for filing ITR-1 (Sahaj) and ITR-4 (Sugam). The last date for filing the returns, which normally falls on July 31, has been extended to September 15, 2025. This is due to the delay in releasing the utility and structural changes. However, the self-assessment tax has to be paid by July 31, 2025. Penalty interest will be charged on the tax paid after this date.
1. Choose the right ITR form It is essential to ensure that you choose the right ITR form. Most salaried individuals can file their return using ITR-1 (Sahaj) if their income comes from salary, a house rent and other sources (like interest). The total income should not exceed Rs 50 lakh. If there is capital gains, foreign income or income from more than one house rent, then ITR-2 should be used. If the return is filed using the wrong form, it will be invalid and you will have to file it again.
2. Choose between old and new tax regimes You need to decide whether you want the old tax regime with exemptions and deductions or the new tax regime with lower slab rates and lower deductions. The old regime may be more beneficial for those who receive House Rent Allowance (HRA). Also, those who invest in schemes like PPF and NSC will get tax relief only under the old regime. If you are opting for the old regime, inform your employer, otherwise the new regime will be automatically selected.
3. Collect and check the documents The Form 16 provided by the employer will contain the salary and TDS. Take a printout of Form 26AS and check whether all the tax credits are included in it. Make sure that it includes the TDS on salary and interest income and whether they match your Form 16. This information will help in preventing delay in return processing.
4. How to file the return?
The Income Tax Department provides an offline utility (Excel-based) for filing returns. This allows you to prepare your return offline. Some online portals offer simplified options for filing ITR-1 and ITR-4. These are more convenient as they pre-fill the Form 16 information and deposit details.
5. Deadline and late filing
The Income Tax Department has extended the deadline for filing non-audit cases (such as salaried individuals) to September 15, 2025. However, if the self-assessment tax is paid after July 31, 2025, then penalty interest and fees will be charged for each day of delay.
Late returns are allowed with penalty. Those who forgot to file returns in previous years can file late returns for the last two years using ITR-U.
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