Your Complete Guide to Filing Your Income Tax Return (ITR) for FY 2024-25
May 16, 2025
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Filing your Income Tax Return (ITR) isn't just a compliance requirement—it's a smart financial habit. It can help unlock refunds, support loan applications, and ensure peace of mind. With FY 2024-25 underway, here’s everything you need to know to file your ITR accurately and on time.
📌 Who Should File ITR?
You must file an ITR if:
Your total income exceeds the basic exemption limit.
You want to claim a refund of excess TDS.
You earned capital gains, interest, or foreign income.
You are a company or firm (ITR is mandatory regardless of income).
You have deposited more than ₹1 crore in a bank, spent over ₹2 lakh on foreign travel, or over ₹1 lakh on electricity.
It's essential to understand that filing your ITR is not just about compliance. It also plays a critical role in your overall financial health.
🗂️ Documents Required
Make sure you have the following documents ready:
PAN, Aadhaar, and bank details.
Form 16 (for salaried) and Form 16A/B/C.
Interest certificates from banks, post offices, and fixed deposits.
Capital gains statement from stocks, property, and mutual funds.
Proofs of investments (like ELSS, LIC, PPF).
Loan interest certificates for housing or education.
Donation receipts under section 80G, medical insurance statements, and rent receipts (if claiming HRA).
Documents related to business/profession income and books of accounts.
Form 26AS and Annual Information Statement (AIS).
Having these documents ready can speed up the ITR filing process.
🧮 Choosing the Right ITR Form
Selecting the correct ITR form is crucial. Here’s a breakdown:
ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh.
ITR-2: For individuals with capital gains, foreign assets, or multiple properties.
ITR-3: For those earning from business or profession.
ITR-4 (Sugam): For presumptive income under sections 44AD/44ADA/44AE.
Choosing the right form ensures that you comply with tax regulations and maximize your returns.
🗓️ Important Due Dates for AY 2025-26
Here are the key due dates you need to be aware of:
31st July 2025 – For individuals and Hindu Undivided Families (HUFs) not under audit.
31st October 2025 – For businesses and firms requiring audits.
30th November 2025 – For entities required to furnish a transfer pricing report.
Mark these dates on your calendar to avoid late fees!
⚖️ Old vs. New Tax Regime
The new tax regime offers lower tax rates with no exemptions, while the old regime allows deductions like 80C, 80D, HRA, etc. It's important to evaluate both options carefully. This will help you choose the regime that aligns best with your financial profile. Understanding this difference can lead to significant tax savings.
💡 Benefits of Timely ITR Filing
Filing your ITR on time offers several benefits:
✔️ Avoid late fees and interest under Section 234F.
✔️ Claim refunds promptly.
✔️ Maintain financial credibility, which is often needed for loans, visas, and tenders.
✔️ Carry forward losses, but only if filed on time.
Timely filing not only keeps you compliant but also enhances your financial stability.
🤝 How NIKA Consultancy Can Help
Filing your ITR can be complex and overwhelming—that's where we come in. NIKA Consultancy offers:
End-to-End Assistance: We help you at every step.
Error-Free Filing: Our experts ensure accuracy.
Tax Planning and Refund Optimization: We maximize your savings.
Personalized Regime Comparison: Tailored strategies for your unique situation.
Choosing NIKA Consultancy means you can focus on your core activities, leaving the complexities of tax filing to us.
📞 Ready to File Your ITR?
Book your free consultation with NIKA Consultancy today! Let’s simplify your tax season and help you save more. We aim to make your tax filing experience smooth and hassle-free.
Explore the benefits of filing your ITR accurately and on time. Take the necessary steps today to manage your finances better.
