With major updates to India’s income tax return (ITR) process for FY 2024-25 (AY 2025-26), it’s crucial for taxpayers to understand the new deadlines, rules, and form changes—especially if you’re expecting a refund. Here’s a comprehensive guide to help you file your ITR smoothly and maximize your refund under the latest regulations.
1. New ITR Filing Deadline for FY 2024-25
- Revised Due Date: The last date to file your ITR for FY 2024-25 (non-audit cases) is now 15th September 2025, extended from the original 31st July 2025.
- Belated Return: If you miss this deadline, you can still file a belated return by 31st December 2025, but you’ll face penalties and interest.
2. Who Can File for a Refund?
Anyone who has paid excess tax—either through TDS, advance tax, or self-assessment tax—can claim a refund by filing their ITR. Refunds are processed only after the return is filed, verified, and processed by the Income Tax Department.
3. Key Changes in ITR Forms for FY 2024-25
- Expanded Eligibility for ITR-1 and ITR-4: Taxpayers with long-term capital gains (LTCG) up to ₹1.25 lakh from listed equity/equity mutual funds can now use ITR-1 or ITR-4, making filing simpler for small investors.
- LTCG Exemption Limit Raised: The exemption limit for LTCG under Section 112A has increased from ₹1 lakh to ₹1.25 lakh.
- Default Tax Regime: The new tax regime is now the default, with limited deductions allowed (mainly NPS employer contributions under Section 80CCD(2)).
4. Step-by-Step Guide to File ITR and Claim Refund
a. Gather Documents
- Form 16 (for salaried individuals)
- Interest certificates, capital gains statements, investment proofs
- Bank account details for refund credit
b. Choose the Right ITR Form
- Use ITR-1 or ITR-4 if eligible (see above)
- Use ITR-2/3 for more complex income (multiple properties, higher capital gains, business income)
c. File Online
- Visit the Income Tax e-filing portal (incometax.gov.in)
- Fill in your details, income, deductions, and taxes paid
- Validate and submit the return
d. E-Verify Your Return
- Use Aadhaar OTP, net banking, or other available methods
- E-verification is mandatory for processing your refund
e. Track Your Refund
- After processing, check refund status on the e-filing portal or TIN-NSDL website.
5. Penalties for Late Filing
- Late Fee: ₹5,000 if filed after 15th September 2025; ₹1,000 if total income is below ₹5 lakh.
- Interest: Additional interest may be charged on the refund amount for delayed filing.
6. Frequently Asked Questions (FAQs)
Q1: Can I revise my return after filing?
Yes, you can revise your return under Section 139(5) if you discover any mistake, but you must do so before 31st December 2025.
Q2: What if I miss the belated return deadline?
After 31st December 2025, you cannot file a regular or belated return. In extreme cases, you may request permission from your Assessing Officer under Section 119.
Q3: Can I claim a refund by filing an Updated Return (ITR-U)?
No, ITR-U is for declaring omitted income and paying additional tax; refunds cannot be claimed through ITR-U.
Q4: What’s new for small investors?
You can now use simpler ITR forms even if you have LTCG up to ₹1.25 lakh, making filing and refunds easier.
7. Pro Tips for a Smooth Refund
- File early to avoid last-minute rush and delays in refund processing
- Double-check bank details to ensure refund credit
- E-verify promptly after filing
Stay updated with Stox n Tax for all the latest on tax rules, deadlines, and smart filing tips!
Stox N Tax 
Leave a comment