ITR Filing 2025 Deadline for AY 2025-26: Just 17 Days Left – Don’t Delay Your Tax Return
As the deadline for filing Income Tax Returns (ITRs) for the financial year (FY) 2024-25, assessment year (AY) 2025-26, approaches, taxpayers are reminded that only 17 days remain to submit their returns. The government has extended the ITR filing deadline to September 15, 2025, for individuals and entities not required to have their accounts audited. However, it is crucial to utilize this extension wisely and file returns on time to avoid last-minute hassles and potential errors.
Deadline Extension Offers Some Relief, But Preparation is Vital
For taxpayers who are not required to undergo a statutory audit of their accounts, the extended due date to file ITRs this year is September 15, 2025. Nonetheless, individuals and businesses whose accounts require auditing must adhere to the original deadline, which has not been extended.
Tax experts emphasize that despite the extension, early preparation is key to smooth filing. Many taxpayers face stress and delays due to missing or disorganized documents when rushing at the last moment. Starting the filing process early ensures accurate reporting and reduces the likelihood of mistakes.
Key Documents to Keep Ready Before Filing
To facilitate hassle-free ITR filing, it is essential for taxpayers to collect and organize the following crucial documents:
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Form 16: Issued by the employer, this form details salary income, allowances, and tax deducted at source (TDS). Though the Income Tax Department’s e-filing portal pre-fills much of this data, having Form 16 handy helps verify accuracy.
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Capital Gains Statement: If you have sold equity shares, mutual funds, or other assets, obtain the capital gains statement from the respective stockbroker or mutual fund house. This is necessary to correctly classify gains as short-term or long-term, impacting tax calculations.
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Annual Information Statement (AIS), Tax Information Summary (TIS), and Form 26AS: These documents, downloadable from the Income Tax e-filing portal, provide comprehensive details of your incomes including interest, dividends, rent, securities transactions, and foreign remittances. Cross-checking these statements against your records ensures consistency and completeness in your tax return.
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Interest Certificates and Bank Statements: Collect interest certificates from banks, post offices, or other financial institutions to verify interest income reported in AIS and avoid omission of any income sources.
Special Considerations for Foreign Income and Investments
Taxpayers with foreign income or unlisted shares should exercise extra caution. Resident taxpayers with foreign assets or income are mandated to file ITRs regardless of whether their income exceeds the taxable threshold. Maintain relevant documentation such as foreign bank account details and shareholder records of unlisted companies to comply fully.
For those opting for the old tax regime, documents substantiating tax-saving investments under Sections 80C, 80D, and 80TTA, along with proofs for eligible expenses like House Rent Allowance (HRA) and Leave Travel Allowance (LTA), should be prepared to claim appropriate deductions.
Ensure Accuracy of Personal Details for Timely Refunds
Besides financial documents, keep your PAN, Aadhaar, and bank account information up to date and accurate while filing your tax returns. Correct bank details are particularly crucial to ensure you receive any tax refunds without delay.
Final Words: Don’t Delay Your Tax Return
Although the government’s extension provides taxpayers with some breathing room, it is advisable to avoid procrastination. Early filing not only relieves stress but also provides ample time to rectify any discrepancies and respond to queries from the tax department if needed. Taxpayers are urged to organize their documents, verify details carefully, and submit their ITRs well before the deadline to ensure a seamless tax filing experience for AY 2025-26. —
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