Deadline, penalties, and who must file
The clock is ticking. With the ITR filing deadline on September 15, 2025 for FY 2024-25 (AY 2025-26), individuals and Hindu Undivided Families not needing an audit have only days left. The Central Board of Direct Taxes (CBDT) pushed the original July 31 date after rolling out new return forms and back-end changes so that TDS credits and prefilled data flow correctly.
Miss the date and you’re looking at a late fee under Section 234F: Rs 5,000 if taxable income exceeds Rs 5 lakh, and Rs 1,000 if it’s up to Rs 5 lakh. If you still have tax to pay, interest under Section 234A stacks up at 1% per month or part thereof until you file and clear dues. Besides the money, expect slower refunds and the loss of some benefits, like carrying forward certain losses if you file late.
There is a Plan B. You can file a belated return until December 31, 2025, but the late fee and interest remain. If you spot an error after filing, a revised return is also allowed until December 31, 2025. And if you discover income later, an “updated return” window runs until March 31, 2030, though additional costs apply.
Deadlines now vary by taxpayer category. Non-audit individual/HUF cases: September 15, 2025. Businesses or professionals needing audit: October 31, 2025. Cases requiring a transfer pricing report: November 30, 2025. Belated and revised returns: up to December 31, 2025.
Even if you owe no tax, you may still have to file. You must file if you spent Rs 2 lakh or more on foreign travel, paid Rs 1 lakh or more in electricity bills, or deposited Rs 1 crore or more into current accounts during the year. You also need to file if you are a resident with foreign assets or signing authority in overseas accounts, want a refund of TDS/TCS, or your gross income before deductions crosses the basic exemption limit.
Why the extension this year? The return forms were updated and the e-filing system needed fresh testing. By now, TDS statements due by May 31 should be fully processed, so Form 26AS and AIS/TIS reflect credits correctly. That helps reduce mismatches and speed up refunds.
How to file your ITR yourself: a step-by-step, no-CA guide
Filing on your own is very doable if you prepare well. Think of it as a short weekend project with a clear checklist.
Step 1: Gather documents
- Form 16 from your employer; relief under Section 89(1) if applicable.
- Form 16A for TDS on bank interest or other incomes; Form 26AS and AIS/TIS for a full view of TDS/TCS and reported transactions.
- Bank interest certificates; Post Office interest passbooks; FD/RD interest details.
- Capital gains statements from your broker or mutual fund RTA (equity, debt, gold, ETFs, international securities).
- Home loan interest certificate, municipal taxes paid, and rental income details for house property.
- Rent receipts and landlord PAN for HRA claims; leave travel allowance proofs if used.
- Donation receipts with 80G details; Section 80C proofs (EPF/PPF/ELSS/LIC/tuition fees, etc.).
- Health insurance premiums (80D), NPS (80CCD(1B)), education loan interest (80E), and any other eligible deductions.
- Advance tax and self-assessment tax challans (CIN details).
Step 2: Pick your tax regime
The new regime remains the default. It offers lower slab rates and a standard deduction for salaried and pensioners, but allows limited deductions (for example, employer’s NPS contribution under 80CCD(2)). The old regime permits popular deductions like 80C, 80D, HRA, and home loan interest under Section 24(b). Compare both—use your Form 16 working and AIS to see where you pay less.
Step 3: Choose the correct ITR form
- ITR-1 (Sahaj): Salary/pension, one house property, and other income; total income up to Rs 50 lakh; no capital gains/business income.
- ITR-2: If you have capital gains, more than one house property, foreign assets, or income above Rs 50 lakh—but no business/profession.
- ITR-3: Business or professional income, including intraday or F&O trading treated as business.
- ITR-4 (Sugam): Presumptive income (44AD/44ADA/44AE), subject to limits and conditions.
Step 4: Log in and prefill
Sign in to the e-filing portal. Pull in the prefilled data. Cross-check it against Form 26AS and AIS/TIS—pay special attention to interest income, dividends, capital gains, TCS on foreign travel or credit card spends, and any high-value deposits.
Step 5: Report income under the right heads
Put salary in “Income from Salary” (use Form 16 break-up, not just the take-home). Report house property income, including notional if applicable. For capital gains, use the proper schedules—equity (listed/unlisted), debt, property, gold. Under “Other Sources,” include bank/post office interest, dividends, gifts, winnings, or crypto staking income, if any.
Step 6: Claim eligible deductions correctly
Under the old regime, deductions include 80C, 80CCD(1B), 80D, 80E, 80G, 80TTA/80TTB, and more. In the new regime, deductions are limited, though the salary standard deduction applies. Don’t double count. Keep proofs handy—you don’t upload most of them, but you should be able to produce them if asked.
Step 7: Compute tax and pay any balance
Use the computation sheet on the portal. If tax is payable, generate a challan and pay self-assessment tax. Interest under Section 234A applies at 1% per month if you file after the due date with outstanding tax. Interest under 234B/234C may also apply if advance tax wasn’t paid adequately.
Step 8: Validate and pick the refund account
Preview every schedule, especially capital gains and TDS credits. Select a pre-validated bank account for refund. Ensure your name, PAN, and bank details match exactly to avoid refund holds.
Step 9: E-verify within 30 days
E-verify using Aadhaar OTP, net banking, bank account EVC, demat EVC, or a DSC (mandatory in audit cases). If you don’t e-verify within 30 days of filing, the return is treated as not filed and penalties can follow.
Step 10: Save your acknowledgement
Download the ITR-V acknowledgement and computation for your records. Keep them with your proofs for at least a few years.
Common mistakes to avoid
- Selecting the wrong assessment year—choose AY 2025-26 for income earned in FY 2024-25.
- Skipping small interest incomes—banks and AIS usually show them; misses trigger notices or refunds being reduced.
- Claiming deductions in the new regime that aren’t allowed—check the rules before you assume.
- Mismatch between TDS in Form 16/16A and what you enter—always reconcile with 26AS and AIS/TIS.
- Ignoring capital gains statements—especially on mutual fund switches or bonus/redemptions.
- Not reporting foreign assets or signing authority if you are a resident—this can lead to serious notices.
- Not e-verifying on time—your return won’t count until it’s verified.
What changes this year mean for you
The CBDT extended the timeline because the ITR forms and systems were updated. More data now pre-fills, and TDS/TCS credits from statements due by May 31, 2025, have had time to sync into AIS/TIS and 26AS. That should cut down mismatches, but it also means your reported numbers need to agree with what banks, employers, and brokers have filed. If they don’t, fix the source or add a note where the form allows.
If you still miss the date
- Belated return: File by December 31, 2025, with late fee and interest. Note that most losses (like capital losses and business losses) can’t be carried forward if you file late. Loss from house property is an exception and may still be carried forward.
- Revised return: If you made a mistake in a filed return, correct it by December 31, 2025.
- Updated return: If you later discover undeclared income, you can use the updated return facility until March 31, 2030, with additional charges.
Quick checks before you hit submit
- Residential status is accurate (especially if you travelled or worked abroad).
- Capital gains tax rates applied correctly (listed equity vs debt/property have different rules).
- HRA claims backed by rent receipts and landlord PAN where required.
- Refund account is pre-validated and set as primary.
- All challan numbers for advance/self-assessment tax entered correctly.
The best reason to file on time? Peace of mind and faster refunds. With forms stable, data synced, and the portal geared for prefill, most salaried taxpayers and straightforward cases can file in one sitting. Take an hour, keep your documents nearby, and close it out before September 15.
