Income Tax Return Filing Begins: Should You File Early or Wait?

Income Tax Return (ITR) Filing for FY 2024-25 (AY 2025-26) Begins: Essential Information for Taxpayers

The Income Tax Department has officially commenced the filing process for Income Tax Returns (ITR) for the Financial Year 2024-25 (Assessment Year 2025-26). Taxpayers can now access and submit their returns through the official e-filing portal: www.incometax.gov.in.

Extended Deadline for ITR Filing

The Central Board of Direct Taxes (CBDT) has extended the due date for filing ITRs from July 31 to September 15, 2025. This extension applies to most taxpayers, including salaried individuals and those not requiring audits. The extension aims to accommodate significant revisions in ITR forms and ensure system readiness for a smoother filing experience.

Advisory: Delay Filing Until Mid-June

Tax experts advise taxpayers to wait until after June 15 before filing their ITRs. This recommendation is based on the following reasons:

• Form 16: Employers typically issue this form by mid-June, which is essential for salaried individuals.
• Form 26AS and AIS: These statements, which provide details of tax deducted and financial transactions, are usually updated by mid-June.
• ITR Utilities: The necessary software and utilities for filing may not be fully operational before mid-June, potentially leading to errors.

Filing returns before these documents are available may result in discrepancies or the need for revisions.

Key Reminders for Taxpayers

• Accurate Reporting: Ensure all sources of income, including salary, interest, dividends, and capital gains, are accurately reported.
• Verify TDS Details: Cross-check tax deductions using Form 26AS and AIS to avoid mismatches.
• Choose the Correct ITR Form: Select the appropriate ITR form based on your income type and category.
• Update Bank and PAN Details: Confirm that your bank account and PAN information are correctly mentioned to facilitate refunds and communications.

By adhering to these guidelines and waiting until all necessary documents are available, taxpayers can ensure a smoother and more accurate ITR filing process.