The Income Tax Department has notified the ITR forms for Financial Year 2024–25 (Assessment Year 2025–26) this year, in May 2025. However, as of now, the ITR utility is still awaited on the income tax e-filing portal (https://www.incometax.gov.in).
Watch below video to know the changes made this year in ITR forms
With the last date for ITR filing for non-audit cases being 31st July 2025, taxpayers are eagerly waiting for the utility release so they can start the filing process, because already these are 2 months delayed and ITR utility is expected to be made available in early June 2025.
Now is the right time to prepare yourself and ensure a smooth and accurate filing process.
✅ Important Things to Do Before You File Your ITR
Here’s a comprehensive checklist to help you gear up for ITR filing:
📄 1. Gather Your Documents
Start collecting the necessary documents that will be required to file your ITR:
- Form 16 from employer(s)
- Salary slips
- Interest certificates from banks and post office
- Form 16A for TDS on other income (like fixed deposits)
- Form 26AS (Tax Credit Statement)
- Annual Information Statement (AIS) and Taxpayer Information Summary (TIS)
- Capital gain statements from mutual funds or stock brokers
- Home loan statement
- Rent receipts, if claiming HRA
- Insurance premium, LIC statements
- Investment proofs for deductions under Section 80C, 80D, etc.
- Donation receipts for 80G claims
- Aadhaar and PAN card details
🔍 2. Check Form 26AS, AIS & TIS Thoroughly
- Form 26AS: It shows the TDS deducted and deposited with the government. Make sure it matches your income.
- AIS (Annual Information Statement): It reflects your complete financial profile—bank interest, dividends, securities transactions, etc.
- TIS (Taxpayer Information Summary): A summarised view of AIS.
👉 If any discrepancies are found, get them corrected before filing.
💡 3. Check Whether You Need to File ITR
ITR filing is mandatory if:
- Your gross total income exceeds the basic exemption limit (₹2.5 lakh/₹3 lakh/₹5 lakh as per age).
- You deposited more than ₹50 lakh in a savings account.
- You spent more than ₹2 lakh on foreign travel or ₹1 lakh on electricity.
- You have foreign assets or income.
🏦 4. Reconcile Bank Accounts and Passbooks
Ensure all interest income and other inflows are considered. Don’t miss savings account interest or recurring deposits—it’s taxable.
📈 5. Calculate Capital Gains (if applicable)
- For sale of shares, mutual funds, property, or crypto.
- Use your brokerage capital gain statement to avoid manual errors.
- Set off capital losses against gains if applicable.
- In case of sale or purchase of property detail of same to calculate capital gain
🏠 6. Check Deduction Eligibility
Plan your deductions properly under:
- 80C – LIC, PPF, ELSS, tuition fees, principal on home loan
- 80D – Mediclaim premiums
- 80E – Education loan interest
- 80TTA/80TTB – Interest on savings account
- 80G – Donations
👨👩👧👦 7. Update KYC & Linkages
- PAN–Aadhaar linking should be completed.
- Check if all bank accounts are correctly linked for refund purposes.
📅 8. Know the Correct ITR Form
Select the right ITR form as per your income sources:
- ITR-1 (Sahaj) – Salary/pension, one house, other income (interest), total income ≤ ₹50 lakh
- ITR-2 – Capital gains, more than one property, etc.
- ITR-3 – Business or profession
- ITR-4 (Sugam) – Presumptive taxation
🖥️ 9. Create/Update Your Profile on Income Tax Portal
Ensure that your email ID, phone number, address, and bank account for refund are updated.
🧾 10. Consult a Professional if Needed
If you have complex income sources (capital gains, foreign income, business), consult a CA or expert to ensure error-free filing.
You can contact team of Tax Experts to file Your ITR at 9150010300 or visit www.legalsahayak.com
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