Income Tax Filing FY 2024-25: Which ITR form should you choose based on your income?

The nation’s Income Tax Department has extended the ITR-filing deadline for the current assessment year to 15th September, 2025. This extension provides taxpayers additional breathing room beyond the original 31st July cutoff date.

Furthermore, by early August, some 2.51 crore returns have already been filed, with 2.43 crore verified and 1.13 crore processed. The objective for the taxpayers, hence, is to ensure that they submit their returns within the stipulated time, following the laid-down guidelines efficiently.

Who can file which ITR form?

Taxpayers must choose the correct ITR form based on their past tax filing history and current income profile. The e-filing portal and downloadable Excel/JSON utilities are readily available for all forms. These forms are briefly explained below:

How to file ITR online for FY 2024-25

1. Log in to the Income Tax e-filing portal by entering your PAN and password.
2. Select the applicable ITR form in your case based on your income sources.
3. Enter or import details using the Excel or JSON utility. This helps in preventing common mistakes and errors.
4. Carefully check, validate, and preview your return to ensure complete accuracy.
5. E-verify the return through Aadhaar-based OTP. Keep in mind that e-verification is crucial within the stipulated time to avoid invalidation of your return.

It is indispensable to ensure that there are no errors in bank details, a mismatch in TDS data, or an omission of exempt income. These irregularities can delay refunds, create complications, and even result in the issuing of tax notices.

Taxpayers, hence in their best interest, are advised to cross-check Form 26AS, AIS, and bank statements before final submission. Focus on ensuring accuracy that could prevent future notices or penalties.

Common mistakes to keep a tab on

1. Don’t submit incorrect bank details, incorrect income, or TDS data.
2. Don’t omit exempt income data, bank interest, PPF interest, or agricultural income.
3. Carefully match Form 26AS, Annual Information Statement (AIS), and other related documents.

Hence, as a prudent taxpayer, always take professional help and cross-verify all financial data before submission to ensure quick refunds and avoid notices.

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Disclaimer: This article is for informational purposes only and should not be construed as tax advice. Readers are advised to consult a qualified tax professional or refer to official Income Tax Department resources before filing their returns.