Author: PEAK Business Consultancy Services | Category: Income Tax Filing – India
As the new tax season begins, individuals, professionals, and businesses must prepare to file their Income Tax Returns (ITRs) for the financial year 2024–25 (Assessment Year 2025–26). Filing on time ensures you stay compliant with Indian tax laws and unlocks benefits such as refund claims, loan approvals, and financial credibility.
In this comprehensive guide, we explain all key aspects of ITR filing for FY 2024–25, including eligibility, due dates, documents, form selection, changes in tax rules, and expert filing tips. Need help? File your ITR with our experts today.
1. Who Needs to File ITR for FY 2024–25?
- Individuals with income above the basic exemption limit:
- Below 60 years: ₹2.5 lakh
- 60–80 years: ₹3 lakh
- Above 80 years: ₹5 lakh
- Those with foreign income or assets
- Companies, firms, LLPs (regardless of income level)
- Residents who deposited ₹1 crore+ in a bank account, spent ₹2 lakh+ on foreign travel, or paid ₹1 lakh+ in electricity bills
- To claim a tax refund or carry forward losses
2. Due Dates for ITR Filing – FY 2024–25
- 31st July 2025: Individual taxpayers and HUFs not requiring audit
- 31st October 2025: Businesses and professionals subject to audit
- 30th November 2025: Taxpayers filing transfer pricing reports (Form 3CEB)
Tip: Filing before the deadline helps avoid late fees, interest, and rejection of loss carryforward.
3. Key Documents Required
- PAN and Aadhaar Card
- Form 16 (for salaried individuals)
- Form 26AS and AIS (Annual Information Statement)
- Bank account details and IFSC code
- Interest certificates (FD, savings account, etc.)
- Capital gain statements (for stocks, MFs, or property)
- Rental income details and home loan interest
- Investment proofs (80C, 80D, 80G, etc.)
- Foreign income or asset details (if applicable)
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4. ITR Forms for FY 2024–25
- ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh, one house property, and no capital gains
- ITR-2: For individuals with capital gains, more than one property, or foreign assets
- ITR-3: For individuals with income from business/profession
- ITR-4 (Sugam): For presumptive income under Sections 44AD, 44ADA, 44AE
- ITR-5: For LLPs, firms, and AOPs
- ITR-6: For companies (except those claiming exemption under Section 11)
- ITR-7: For trusts and charitable institutions
Confused about form selection? We’ll help you pick the correct form based on your income profile.
5. What’s New in FY 2024–25?
- New default tax regime remains in effect (lower slab rates unless opted out)
- Higher deduction limit under 80C for specified government schemes (expected changes)
- AIS and TIS reconciliation will be more critical than ever
- Faster refund processing through prefilled ITRs and improved CPC systems
6. Common Mistakes to Avoid
- Using the wrong ITR form
- Not reconciling AIS or Form 26AS with income
- Forgetting to declare interest or exempt income
- Claiming ineligible deductions without proof
- Not verifying the ITR after submission
Solution: Let our professionals ensure a 100% accurate and compliant return.
7. Step-by-Step ITR Filing Process
- Gather all income, deduction, and investment documents
- Log in to the Income Tax e-filing portal
- Choose the correct ITR form
- Pre-fill or enter income details, deductions, and taxes paid
- Pay self-assessment tax (if any)
- Submit and e-verify the return using Aadhaar OTP or net banking
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8. Benefits of Filing Early
- Faster refund processing
- Avoid last-minute server slowdowns
- More time to correct errors or revise
- Peace of mind and reduced stress
9. Why Choose OurTaxPartner.com?
- Expert filing for salaried, freelancers, NRIs, and business owners
- Form selection, deduction assistance, and document preparation
- Secure data handling and quick turnaround
- Refund tracking, notice resolution, and year-round support
Click here to get your FY 2024–25 ITR filed by professionals you can trust.
Conclusion
The ITR filing season for FY 2024–25 is your chance to take control of your financial record, ensure compliance, and benefit from lawful tax savings. Don’t wait for the deadline—start preparing now with the right documents and guidance.
Need help filing? Hire PEAK Business Consultancy Services for expert ITR filing at affordable rates.
Still have questions? Visit www.ourtaxpartner.com/filing-service/income-tax-efiling to speak with our experienced consultants and get started today.
