Filing your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26) is done online through the Income Tax e-filing portal. The portal provides pre-filled data from Form 26AS, Annual Information Statement (AIS), and employer Form 16, simplifying the filing process. The due date for non-audit individual taxpayers is September 16, 2025. Selecting the correct form (ITR-1 through ITR-7) and choosing between the old and new tax regimes are critical decisions that affect your tax liability and available deductions.
When Is ITR Filing Mandatory?
ITR filing is mandatory for individuals and entities whose gross total income exceeds the basic exemption limit.
| Tax Regime | Basic Exemption Limit | Standard Deduction (Salary) |
| New regime (Section 115BAC) | Rs. 3,00,000 | Rs. 75,000 (from FY 2024-25) |
| Old regime (below 60 years) | Rs. 2,50,000 | Rs.50,000 |
| Old regime (60 to 80 years) | Rs. 3,00,000 | Rs.50,000 |
| Old regime (above 80 years) | Rs.5,00,000 | Rs.50,000 |
Filing is also mandatory regardless of income level if you hold foreign assets, deposited more than Rs. 1 crore in current accounts, spent more than Rs. 2 lakh on foreign travel, paid electricity bills above Rs. 1 lakh, or your TDS/TCS exceeds Rs. 25,000 (Rs. 50,000 for senior citizens).
Choosing the Right ITR Form
| Form | Who Should File | Key Criteria |
| ITR-1 (Sahaj) | Salaried individuals | Income up to Rs. 50 lakh from salary, one house property, other sources; no capital gains |
| ITR-2 | Individuals and HUFs | Capital gains, foreign assets, multiple properties, and income above Rs. 50 lakh |
| ITR-3 | Individuals and HUFs | Business or professional income, including F&O trading |
| ITR-4 (Sugam) | Individuals, HUFs, firms | Presumptive income under Sections 44AD, 44ADA, 44AE |
| ITR-5 | Firms, LLPs, AOPs, BOIs | Non-individual, non-company entities |
| ITR-6 | Companies | All companies except Section 11 trusts |
| ITR-7 | Trusts, institutions | Entities under Sections 139(4A), 139(4B), 139(4C), 139(4D) |
Step-by-Step Online Filing Process
Step 1: Gather documents. Collect Form 16, Form 26AS, AIS/TIS, bank interest certificates, capital gains statements, investment proofs (80C, 80D, 80G), and property income documents.
Step 2: Log in to the portal. Visit www.incometax.gov.in and log in using your PAN and password.
Step 3: Start ITR filing. Navigate to e-File, then Income Tax Returns, then File Income Tax Return. Select AY 2025-26, the applicable ITR form, and filing mode (online or offline).
Step 4: Choose tax regime. Select old regime (with deductions like 80C, 80D, HRA) or new regime (Section 115BAC, lower rates, limited deductions). The new regime is in effect from FY 2023-24.
Step 5: Review pre-filled data. The portal pre-fills salary details from Form 16, TDS credits from Form 26AS, and financial transactions from AIS. Verify all figures against your records and correct discrepancies.
Step 6: Enter income details. Complete each applicable schedule: salary income, house property income, business income, capital gains, and income from other sources. Enter all income heads accurately.
Step 7: Claim deductions (old regime). Under the old regime, claim deductions under Section 80C (up to Rs. 1.5 lakh for investments in PPF, ELSS, LIC, etc.), Section 80D (health insurance premiums), Section 80G (donations), Section 24(b) (housing loan interest), and other applicable sections.
Step 8: Verify tax computation. The portal automatically calculates total income, tax liability, TDS/TCS credits, advance tax paid, and the balance of tax due or refund. Pay any remaining tax through a challan before filing.
Step 9: Submit and e-verify. Submit using Aadhaar OTP, net banking EVC, bank account EVC, demat EVC, or DSC. E-verification must be completed within 30 days. An ITR-V acknowledgement is generated upon submission.
Old vs New Tax Regime for FY 2024-25
| Income Slab | Old Regime Rate | New Regime Rate (Section 115BAC) |
| Up to Rs. 3,00,000 | Nil (up to Rs. 2.5 lakh) | Nil |
| Rs. 3,00,001 to Rs. 7,00,000 | 5% to 20% (multiple slabs) | 5% |
| Rs. 7,00,001 to Rs. 10,00,000 | 20% | 10% |
| Rs. 10,00,001 to Rs. 12,00,000 | 30% | 15% |
| Rs. 12,00,001 to Rs. 15,00,000 | 30% | 20% |
| Above Rs. 15,00,000 | 30% | 30% |
The new regime offers lower tax rates but eliminates most deductions (80C, 80D, HRA, LTA). The standard deduction for salaried individuals increased from Rs. 50,000 to Rs. 75,000 under the new regime from FY 2024-25. Taxpayers should compare their effective tax under both regimes before making a choice.
Filing Deadlines and Penalties
| Filing Type | Deadline | Late Fee (Section 234F) |
| Non-audit individuals | September 16, 2025 | Rs. 5,000 (Rs. 1,000 if income below Rs. 5 lakh) |
| Audit cases (Section 44AB) | October 31, 2025 | Rs.5,000 |
| Transfer pricing cases | November 30, 2025 | Rs.5,000 |
| Belated return | December 31, 2025 | Rs.5,000 + interest under 234A |
| Updated return (ITR-U) | Within 24 months from the end of AY | 25% to 50% additional tax |
Interest under Section 234A (1% per month on unpaid tax from due date), Section 234B (1% per month for shortfall in advance tax), and Section 234C (1% per month for deferment of advance tax instalments) may also apply.
Common Filing Mistakes to Avoid
Frequent errors include not reconciling pre-filled data with actual records (AIS may contain transactions you need to verify), filing the wrong ITR form (using ITR-1 when capital gains exist), not reporting all bank interest income (many taxpayers forget savings account interest from multiple banks), claiming deductions under the new regime (80C, 80D, HRA are not available), not paying advance tax on capital gains or other non-salary income, and missing the 30-day e-verification deadline (un-verified returns are treated as not filed).
Download your AIS from the Income Tax portal before starting the filing process. Compare every transaction in AIS with your records. Unexplained mismatches frequently trigger demand notices during processing.
Key Terms
• Form 26AS: The consolidated tax credit statement showing TDS, TCS, advance tax, and self-assessment tax credited to the taxpayer’s PAN
• AIS: Annual Information Statement, the comprehensive report of all financial transactions reported by third parties to the Income Tax Department
• Section 115BAC: The new tax regime provision offering lower slab rates with reduced deductions, effective from FY 2023-24
• E-Verification: The electronic verification of a filed ITR within 30 days using Aadhaar OTP, net banking, or other approved methods
• ITR-V: The acknowledgement generated upon ITR submission, serving as proof of filing until e-verification is completed
Filing Your ITR for FY 2024-25?
Ensure accurate reporting and timely filing. Use WFYI tools to compare tax regimes, verify pre-filled data, and submit your return before the deadline.
| Disclaimer: This article is for informational purposes only and does not constitute legal or tax advice. Consult a qualified tax professional for advice specific to your situation. |
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Frequently Asked Questions
Q1: What is the ITR filing deadline for FY 2024-25?
The deadline for non-audit individual taxpayers is September 16, 2025. Audit cases have until October 31, 2025. Transfer pricing cases have until November 30, 2025. Belated returns can be filed until December 31, 2025.
Q2: Is the new tax regime mandatory?
No. The new regime is the default from FY 2023-24, but taxpayers can actively opt for the old regime when filing their return. Salaried individuals must inform their employer about the regime choice for TDS purposes.
Q3: What happens if I miss the filing deadline?
Late filing attracts a fee of Rs. 5,000 under Section 234F (Rs. 1,000 if total income is below Rs. 5 lakh). Additionally, interest under Section 234A applies at 1% per month on unpaid tax from the due date until the actual filing date.
Q4: Can I file ITR without Form 16?
Yes, Form 16 simplifies salary income reporting, but it is not mandatory for filing. You can use your salary slips, bank statements, and Form 26AS to compute salary income and file the return. Pre-filled data on the portal also helps.
Q5: What is the standard deduction under the new regime for FY 2024-25?
The standard deduction for salaried individuals under the new tax regime increased from Rs. 50,000 to Rs. 75,000 from FY 2024-25. This is one of the few deductions available under the new regime.
