{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.indusind.com\/iblogs\/trends\/itr-filing-forms-process-and-eligibility\/#BlogPosting","mainEntityOfPage":"https:\/\/www.indusind.com\/iblogs\/trends\/itr-filing-forms-process-and-eligibility\/","headline":"Everything You Need to Know About ITR Filing: Forms, Process & Eligibility","name":"Everything You Need to Know About ITR Filing: Forms, Process & Eligibility","description":"Filing your Income Tax Return (ITR) might sound like a daunting task, but it doesn\u2019t have to be. Whether you\u2019re 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\u2019s walk through what ITR filing means, which form applies to...","datePublished":"2025-07-23","dateModified":"2025-07-24","author":{"@type":"Person","@id":"https:\/\/www.indusind.com\/iblogs\/author\/indusind_bank_pfx_team_indperformics-com\/#Person","name":"CONVONIX Antony","url":"https:\/\/www.indusind.com\/iblogs\/author\/indusind_bank_pfx_team_indperformics-com\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/7d15b864167d3868c12ffdda340cc1c9?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/7d15b864167d3868c12ffdda340cc1c9?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"IndusInd","logo":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","width":201,"height":86}},"image":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/Income-Tax-Return-Filing-Types-Process-and-Who-Must-File-002.jpg","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/Income-Tax-Return-Filing-Types-Process-and-Who-Must-File-002.jpg","height":288,"width":764},"url":"https:\/\/www.indusind.com\/iblogs\/trends\/itr-filing-forms-process-and-eligibility\/","about":["Trends"],"wordCount":1423,"articleBody":"Filing your Income Tax Return (ITR) might sound like a daunting task, but it doesn\u2019t have to be. Whether you\u2019re 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\u2019s 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 deductedAvoid penalties for non-complianceCarry forward lossesUse it as proof of income for loans, visas, and other applicationsFor Financial Year (FY) 2024\u201325, the corresponding Assessment Year (AY) is 2025\u201326\u2014this 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\u2019s a quick breakdown:ITR FormWho Can Use ItApplicable ForITR-1 (Sahaj)Resident individuals (income up to \u20b950L)Salary, pension, one house property, interest incomeITR-2Individuals\/HUFs not having income from business\/professionCapital gains, more than one house property, foreign assetsITR-3Individuals\/HUFs having income from business\/professionProprietors, freelancers with professional incomeITR-4 (Sugam)Individuals\/HUFs\/firms under presumptive taxationSmall businesses or professionals under Section 44AD, 44ADAOther forms like ITR-5, 6, and 7 are meant for partnership firms, companies, and trusts.Also Read: Filing Your ITR on Time: Key Deadlines & Taxpayer Implications for FY 2024\u201325Who is Required to File an Income Tax Return?You must file an ITR if:Your gross total income exceeds the basic exemption limit (currently \u20b92.5 lakh for individuals below 60)You want to claim a tax refundTDS was deducted on your incomeYou have foreign income or assetsYou’re carrying forward losses from previous yearsYou’re a resident with income from abroadEven if you\u2019re not mandated to file, doing so voluntarily can help when applying for loans, visas, or government tenders.Step-by-Step Process to File ITR OnlineHere\u2019s 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\u201326Choose applicable ITR form and pre-fill your dataVerify and submit: Use Aadhaar OTP, bank EVC, or digital signatureDownload the acknowledgement (ITR-V) for your recordsYou can also file via authorised tax filing platforms or with help from a Chartered Accountant.Key Dates to Remember for FY 2024\u201325 (AY 2025\u201326)When it comes to filing your Income Tax Return, timing is everything. The due date depends on who you are\u2014an individual taxpayer, a business, or a company involved in international transactions.Here\u2019s a quick breakdown of the important ITR deadlines for Assessment Year 2025\u201326:Taxpayer CategoryITR Due DateIndividuals, HUFs, AOPs, and BOIs not requiring auditSeptember 15, 2025 (Extended from July 31)Businesses and professionals requiring auditOctober 31, 2025Companies and entities requiring transfer pricing reports (Section 92E)November 30, 2025Filing a belated or revised returnDecember 31, 2025A Few Things to Keep in Mind:Extension for non-audit taxpayers: The government has extended the filing deadline for individuals and HUFs who don\u2019t need a tax audit to September 15, 2025. This gives you more breathing room\u2014but don\u2019t delay paying any pending Self-Assessment Tax. Interest under Section 234A could still apply if tax dues aren\u2019t cleared on time.No change for audit and TP cases: If you run a business that needs to be audited, or you\u2019re 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\u2014but you might face late filing fees under Section 234F (up to \u20b95,000, or \u20b91,000 if your total income is below \u20b95 lakh).Even with a deadline extension, it\u2019s wise to file early. You\u2019ll 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 ITRHere are some common mistakes taxpayers make while filing ITR:Picking the wrong ITR formNot reporting interest income from FDs or savings accountsForgetting to e-verify after submissionIgnoring TDS mismatch with Form 26ASClaiming ineligible deductionsTaking a few extra minutes to double-check your form can save you from future hassles.Make Tax Filing a Breeze This YearFiling your ITR isn\u2019t just about staying compliant\u2014it\u2019s a chance to take charge of your finances. Whether you\u2019re 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\u2019t 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!Share This:"}