Table of Contents
- Who Needs to File ITR?
- Documents Required Before Filing
- Choosing the Right ITR Form
- Step-by-Step Process to File ITR Online
- Common Mistakes to Avoid
- What to Do After Filing
- FAQs
1. Who Needs to File ITR?
You must file an ITR for FY 2024–25 if any of the following apply:
- Your gross total income exceeds the basic exemption limit (₹2.5 lakh for old regime, ₹3 lakh for new regime)
- You want to claim a refund of TDS deducted
- You have income from capital gains, freelancing, crypto, or foreign income
- You are a company or LLP
- You received income exceeding ₹2 lakh from foreign travel or electricity bill payments
- You’re carrying forward a loss (e.g. stock loss) to future years
2. Documents Required Before Filing
Gather these documents before starting the filing process:
| Document Type | Example / Use |
|---|---|
| Form 16 | For salaried individuals |
| Form 26AS / AIS / TIS | Summary of TDS, income, SFT transactions |
| Bank account details | For refund crediting |
| Capital gains statement | From brokers or CAMS/KFintech |
| Interest certificates | From banks or post office |
| Proofs for deductions | LIC, PPF, tuition fees, medical bills, etc. |
| Aadhaar and PAN | Mandatory for e-verification and linking |
3. Choosing the Right ITR Form
Choosing the right ITR form is key. Here’s a quick breakdown:
| Form | Suitable For |
|---|---|
| ITR 1 | Salaried individuals, pensioners, one house property, income < ₹50 lakh |
| ITR 2 | Capital gains, multiple house properties, NRIs, income > ₹50 lakh |
| ITR 3 | Business/professional income (CA, doctors, traders, etc.) |
| ITR 4 | Presumptive income under Sections 44AD/44ADA/44AE (freelancers, shop owners) |
4. Step-by-Step Process to File ITR Online
Step 1: Login to Income Tax Portal
Visit https://incometax.gov.in and login using PAN/Aadhaar and password. Use Aadhaar OTP or net banking if needed.
Step 2: Choose “e-File” → “Income Tax Return”
Select “Assessment Year 2025–26” and choose “Online Mode”.
Step 3: Select Appropriate ITR Form
Based on your income sources, pick ITR-1, ITR-2, etc.
Step 4: Check Pre-filled Data
Verify details prefilled from Form 26AS, AIS, and your employer/bank:
- Salary
- Interest income
- TDS credits
- Mutual fund sales
Important: Check if pre-filled capital gains are correct — often mismatched.
Step 5: Declare Deductions (Under 80C, 80D, 80G, etc.)
Enter eligible deductions manually:
- LIC, PPF, ELSS
- Medical insurance
- Donations
- Home loan principal
Step 6: Choose Old or New Tax Regime
New regime (Section 115BAC) is default from FY 2023–24. Choose old regime if claiming deductions.
Step 7: Validate Summary and Compute Tax
The portal will show you tax payable or refund. Review this carefully.
Step 8: Submit and e-Verify
Choose e-verification by Aadhaar OTP, net banking, or bank account. No need to send ITR-V physically if verified electronically.
5. Common Mistakes to Avoid
- Not reporting interest from savings account (use 80TTA)
- Ignoring crypto or stock trading gains
- Forgetting to switch tax regime
- Entering incorrect bank account for refund
- Duplicate deduction claims from employer and self
6. What to Do After Filing
- Download and save ITR-V (Acknowledgement)
- Keep records of all income and deductions for 6 years
- Track refund status under “My Account” → “Refunds”
- If verification is pending, complete within 30 days of filing
7. FAQs
Q1. Can I revise my ITR after filing?
Yes, revised returns can be filed before December 31, 2025.
Q2. What if I missed the due date (July 31, 2025)?
You can still file a belated return till December 31, 2025, with a late fee of ₹1,000 or ₹5,000.
Q3. Is it mandatory to e-verify?
Yes. If not done within 30 days, your ITR is considered invalid.
Q4. Can I file ITR without Form 16?
Yes. You can use Form 26AS, AIS, and salary slips to file accurately.
Q5. Do I need a CA to file ITR?
Not always. Most salaried individuals and small investors can file easily.However for any assistance, you can reach out at stoxntaxblog@gmail.com
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