Everything You Need to Know About ITR Filing: Forms, Process & Eligibility

Posted on Wednesday, July 23rd, 2025 | By IndusInd Bank

Filing your Income Tax Return (ITR) might sound like a daunting task, but it doesn’t have to be. Whether you’re a salaried professional, freelancer, or business owner, understanding how ITR filing works can help you stay compliant, avoid penalties, and even unlock financial benefits.

Let’s walk through what ITR filing means, which form applies to you, who must file, and how to go about it without breaking a sweat.

What is Income Tax Return (ITR) Filing and Why Does it Matter?

Income Tax Return filing is simply the process of reporting your income and taxes paid during a financial year to the Income Tax Department. It helps you:

• Claim tax refunds, if excess tax was deducted
• Avoid penalties for non-compliance
• Carry forward losses
• Use it as proof of income for loans, visas, and other applications

For Financial Year (FY) 2024–25, the corresponding Assessment Year (AY) is 2025–26—this is when your income gets assessed.

Different Types of ITR Forms: Which One Should You Use?

The Income Tax Department has notified seven ITR forms, but most individuals use ITR-1 to ITR-4. Choosing the correct one depends on your income sources, residential status, and other criteria.

Here’s a quick breakdown:

Other forms like ITR-5, 6, and 7 are meant for partnership firms, companies, and trusts.

Also Read: https://www.indusind.com/iblogs/trends/itr-filing-deadline-and-taxpayer-implications/

Who is Required to File an Income Tax Return?

You must file an ITR if:

• Your gross total income exceeds the basic exemption limit (currently ₹2.5 lakh for individuals below 60)
• You want to claim a tax refund
• TDS was deducted on your income
• You have foreign income or assets
• You’re carrying forward losses from previous years
• You’re a resident with income from abroad

Even if you’re not mandated to file, doing so voluntarily can help when applying for loans, visas, or government tenders.

Step-by-Step Process to File ITR Online

Here’s how to file your return on the Income Tax portal:

• Gather documents: Form 16, Form 26AS, AIS, TDS certificates, interest statements, rent receipts, etc.
• Register/Login: Go to incometax.gov.in and log in or sign up.
• Select “e-File” option: Choose “File Income Tax Return”
• Pick the assessment year: Choose AY 2025–26
• Choose applicable ITR form and pre-fill your data
• Verify and submit: Use Aadhaar OTP, bank EVC, or digital signature
• Download the acknowledgement (ITR-V) for your records

You can also file via authorised tax filing platforms or with help from a Chartered Accountant.

Key Dates to Remember for FY 2024–25 (AY 2025–26)

When it comes to filing your Income Tax Return, timing is everything. The due date depends on who you are—an individual taxpayer, a business, or a company involved in international transactions.

Here’s a quick breakdown of the important ITR deadlines for Assessment Year 2025–26:

A Few Things to Keep in Mind:

• Extension for non-audit taxpayers: The government has extended the filing deadline for individuals and HUFs who don’t need a tax audit to September 15, 2025. This gives you more breathing room—but don’t delay paying any pending Self-Assessment Tax. Interest under Section 234A could still apply if tax dues aren’t cleared on time.
• No change for audit and TP cases: If you run a business that needs to be audited, or you’re dealing with transfer pricing documentation, your deadlines remain October 31 and November 30, respectively.
• Belated return window closes on December 31: If you miss your original due date, you can still file a belated return—but you might face late filing fees under Section 234F (up to ₹5,000, or ₹1,000 if your total income is below ₹5 lakh).

Even with a deadline extension, it’s wise to file early. You’ll avoid interest charges, reduce stress, and increase your chances of a faster refund. Your future self will thank you.

Common Mistakes to Avoid While Filing ITR

Here are some common mistakes taxpayers make while filing ITR:

• Picking the wrong ITR form
• Not reporting interest income from FDs or savings accounts
• Forgetting to e-verify after submission
• Ignoring TDS mismatch with Form 26AS
• Claiming ineligible deductions

Taking a few extra minutes to double-check your form can save you from future hassles.

Make Tax Filing a Breeze This Year

Filing your ITR isn’t just about staying compliant—it’s a chance to take charge of your finances. Whether you’re due for a refund, need proof of income, or just want peace of mind, doing it right and on time is well worth the effort.

And while banks like IndusInd Bank don’t offer tax advice, we do provide you with digital tools like account statements and financial summaries that can help you get your documents in order quickly. So, block some time on your calendar, gather your paperwork, and let tax season be just another thing you check off your to-do list!