As the tax season begins, it’s crucial for individuals to understand their filing responsibilities for the Assessment Year 2025–26 (FY 2024–25). Whether you’re a salaried employee, freelancer, or investor, filing your return correctly ensures compliance and smooth processing of refunds.
✅ Who Must File an Income Tax Return (ITR)?
Filing is mandatory if:
- Gross total income exceeds:
- ₹2.5 lakh (old tax regime)
- ₹3 lakh (new tax regime)
- You have foreign income or assets
- You want to claim a refund
- You want to carry forward losses
- You’re a resident individual holding unlisted shares
- TDS/TCS has been deducted and reconciliation is required
🧾 Which ITR Form Should You Use?
| Form | Who Should Use |
|---|---|
| ITR-1 (Sahaj) | Salaried individuals with income up to ₹50 lakh, one house property, other income (interest) |
| ITR-2 | Individuals with capital gains, multiple properties, foreign income/assets |
| ITR-3 | Individuals with business/professional income |
| ITR-4 (Sugam) | Presumptive income (Sections 44AD, 44ADA) for small businesses and professionals |
Note: NRIs, directors in companies, or individuals with foreign assets cannot use ITR-1 or ITR-4.
🗓️ Important Deadlines for AY 2025–26
| Filing Type | Due Date |
|---|---|
| Individuals (Non-audit cases) | 31 July 2025 |
| Audit cases (business/profession) | 31 October 2025 |
| Revised/Belated Return | 31 December 2025 |
Late filing may attract:
- ₹1,000 to ₹5,000 penalty under Section 234F
- Interest on tax payable under Section 234A/B/C
🔄 Key Updates for FY 2024–25
- New Tax Regime is now default, unless opted out
- Standard deduction of ₹50,000 allowed even under new regime
- Rebate under Section 87A for income up to ₹7 lakh (new regime)
- Changes in capital gains taxation (especially debt mutual funds)
- Updated TDS limits for freelance, rent, commission income
📂 Documents Needed to File
- PAN, Aadhaar
- Form 16 / Salary slips
- AIS/TIS (Annual Information Statement)
- Interest certificates
- Capital gains statement (if applicable)
- Investment proofs (80C, 80D, etc.)
- Bank statements
📞 Contact Us
Need help filing your return or planning your taxes?
🧠 Shiviniti Consulting
Tax Advisory | ITR Filing | Wealth Structuring
📧 Email: info@shiviniti.com
🌐 Website: www.shiviniti.com
