The 31st of July has always been a crucial date for Indian taxpayers to file their income tax returns (ITRs). However, the IT Department has extended the deadline for non-audit taxpayers to 15th September 2025, for FY 2024-25 (AY 2025-26).
Although this is a welcome extension, you should begin planning ahead of time to ensure a seamless and error-free filing process. Waiting until the last minute may result in penalties or other issues like missed deadlines & deductions. The following items are necessary to collect and get ready for your ITR filing:
Essential Personal Details:
PAN & Aadhaar Card: For tax purposes, your primary IDs are your PAN & Aadhaar card. Since it is frequently needed for e-verification, confirm that your PAN is connected to your Aadhaar. Also, double-check if your Aadhaar is updated with your current mobile number for OTP-based verification.
Bank Details: Keep your bank details, along with the IFSC, ready for all active accounts. For any potential tax refunds, this is essential. Ensure that the e-filing portal displays your primary bank account correctly.
Income-Related Documents:
Form 16 (for Salaried Individuals): This certificate is provided by your employer and details your pay, the amount of TDS withheld, and any claimed exemptions. Verify that your Form 16 and the pre-filled information on the e-filing portal match. Make sure bonuses, allowances, and benefits are accurately reflected as well.
TDS on non-salary income: TDS on non-salary income, such as interest from fixed deposits (16A), property sales (16B), or rent (16C), is covered by Forms 16A, 16B, and 16C (Other TDS Certificates). If applicable, don't forget to include the TDS that fintech platforms deduct.
Bank Statements/Passbooks: Passbooks and bank statements are helpful for accurately reporting interest income from fixed deposits and savings accounts. Additionally, they can assist in locating dividend credits or other sources of income that are not covered under Form 26AS.
Taxpayer Information Summary (TIS) and Annual Information Statement (AIS): These statements, which are accessible through the income tax portal, offer a thorough summary of every financial transaction you have made that has been reported by mutual funds & banks. Compare this information with the records you have on file.
Keep an eye on irregularities in large credit card payments or overseas remittances.
Capital Gains Statement: To ascertain your capital gains or losses, obtain statements from your broker or fund house if you have sold stocks, mutual funds, or real estate. Where appropriate, take into account STT-paid proof.
Details of income from rent: If you receive rental income, maintain a record of all rental receipts, tenant information, and property addresses. Make sure that interest on any home loans and paid municipal taxes are deducted from rental income.
Investment & Deduction Proofs (If opting for the Old Tax Regime):
Investments under Section 80C: Gather documentation for investments such as PPF, ELSS, NPS, life insurance premiums, and child tuition. If you qualify, don't pass up 5-year tax-saving FDs or Sukanya Samriddhi Yojana deposits.
Section 80D Medical Insurance Premiums: Maintain records of all health insurance premiums you have paid for your parents, family, and yourself. Bills for preventive medical examinations (up to ₹5,000), if claimed, should also be included.
Section 80E Education Loan Interest Certificate: Ask your bank for the interest certificate if you are repaying an education loan.
Home Loan Interest Certificate: To claim deductions for principal repayment under Section 80C and interest paid under Section 24, you must obtain this certificate if you have a home loan. Divide the certificate according to the ownership stake if the loan is joint.
Donation Receipts: If you have made donations to charities, be sure to save the receipts so you can, if necessary, claim deductions under Section 80G. For the full benefit, donations must be made in a non-cash manner (cash donations are limited to ₹2,000).
Other Important Considerations:
Selecting the Right ITR Form: Depending on your income sources and residency status, the IT Department offers a variety of ITR forms (ITR-1, ITR-2, ITR-3, ITR-4, etc.). To avoid rejection, select the appropriate form. For example, people who earn money from their business or profession might have to file an ITR-3 or ITR-4. Avoid filing an ITR-1 if you have capital gains from cryptocurrency or NFTs, or if you have changed jobs.
Old vs. New Tax Regime: The new tax regime is the default for FY 2024–2025. You must explicitly indicate on your return that you wish to claim various deductions under the old regime. While those with business income can switch only once, salaried individuals must choose the previous regime each year when filing.
Foreign Assets/Income: Be sure to accurately report any foreign assets or income in your ITR if you are a Resident and Ordinarily Resident (ROR). This includes foreign bank accounts, stocks, ESOPs, or even virtual digital assets held abroad. Non-disclosure can invite hefty penalties.
Conclusion:
By gathering these documents & understanding the basics, you can handle the ITR filing process with ease. Remember, filing your ITR on time is important for keeping a good financial record and avoiding penalties. Don’t wait until the last minute because the deadline is extended; start preparing at the earliest.
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