ITR Filing: Filing income tax return is not just a legal requirement but also your financial responsibility. Many times we ignore the interest received on savings account or the income from any small investment. But, according to the Income Tax Department, every income matters. The last date for filing income tax return is 31 July 2025.
ITR Filing: Filing income tax return is not only a legal requirement but also your financial responsibility. Many times we ignore the interest received on savings account or the income earned from a small investment. But, according to the Income Tax Department, every income matters. The last date for filing income tax return is 31 July 2025.
ITR Filing: If you are a taxpayer then this information is very important for you. The last date for filing Income Tax Return (ITR) is 31 July 2025. Memorize this last date. Like every year, this time also some changes have been made in the rules and forms of income tax return, which is very important to understand, so that you can avoid mistakes and do not fall prey to penalty.
Choosing the right ITR form is the first and most important step
The Income Tax Department has issued different ITR forms for different income groups. First of all, you have to decide which form should be filled according to your income and profile.
ITR-1: For salaried persons, pensioners and small taxpayers
ITR-4: For those with income from business or profession
ITR-7: For trusts or charitable institutions
If you are in doubt about which form is suitable for you, it would be better to take the help of a tax advisor.
Changes in ITR form
This year, some changes have been made which have brought relief to taxpayers. Now those people whose long term capital gain (LTCG) is less than Rs 1.25 lakh can also use ITR-1 or ITR-4. Earlier, ITR-2 had to be filled in this situation. This is especially beneficial for those whose income is from salary or small business.
Which is better, old or new tax system? Now taxpayers have two tax options to file ITR.
Old tax regime: Where various types of exemptions and deductions are available.
New tax regime: Where there are low tax rates, but no exemptions are available.
You can choose any of these options while filing returns. If you had chosen any option at the beginning of the financial year, then it is now possible to change it.
Do not ignore small income
Many times we ignore the interest received on savings account or income from any small investment. But, according to the Income Tax Department, every income matters. It includes many things.
Bank interest
- Income from rent or gift
- Income from any investment
- It is important to give correct details of all these sources, so that no notice or penalty comes in future.
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Avoid penalty and fine by filing on time
If you do not file ITR by 31 July 2025, then you may have to face late fees and penalty. Along with this, tax refund may also be delayed. So gather documents in time and file ITR.
Take ITR filing seriously
Filing income tax return is not only a legal requirement but also your financial responsibility. With the right information, correct form and timely filing, you follow the law and can also avoid future tax problems.
