How to File Your ITR for FY 2024-25: Step-by-Step Guide, Deadlines, and Fast Refund Process
Filing an Income Tax Return (ITR) is an essential responsibility for every eligible taxpayer in India. With the financial year 2024-25 underway, the Income Tax Department has introduced a more streamlined and user-friendly process for ITR filings. This year, the deadline to file your return is extended to September 15, 2025, giving individuals and businesses ample time to fulfill their obligations. Importantly, many taxpayers have reported exceptionally fast tax refunds, sometimes credited within hours, thanks to advancements in digital processing. This article provides a simple overview of the ITR filing process, highlights improvements for 2025, and offers practical tips to make your experience hassle-free.
Key Highlights for ITR Filing in 2025
- Deadline Extended: The last date for filing ITR for individuals (not requiring audit) is September 15, 2025.
- Fast Refunds: Digital systems now enable some refunds to be processed within hours of filing.
- Updated Forms: Revised ITR forms (including ITR-2 and ITR-3) are available for different categories of taxpayers.
- Penalties for Late Filing: There are penalties for filing after the deadline, so it’s important to act early.
Why You Should File Your ITR Early
Filing your ITR early comes with several benefits:
- Avoid Penalties: Filing before the deadline helps you avoid late fees.
- Quick Refunds: The earlier you file and e-verify your return, the sooner you may receive any refunds owed to you.
- Peace of Mind: You can correct mistakes and revise your return before the due date if necessary.
Step-by-Step Guide to Filing Your ITR
Filing your return is straightforward when you follow these essential steps:
- Visit the Official Portal
- Go to the official income tax website: incometax.gov.in.
- Go to the official income tax website: incometax.gov.in.
- Log in with PAN
- Use your Permanent Account Number (PAN) as your user ID.
- Use your Permanent Account Number (PAN) as your user ID.
- Navigate to the Filing Section
- Under the “e-file” tab, select “Income Tax Returns” and then “File Income Tax Return.”
- Under the “e-file” tab, select “Income Tax Returns” and then “File Income Tax Return.”
- Select Assessment Year
- Choose ‘Assessment Year 2025-26’ for income earned during FY 2024-25.
- Choose ‘Assessment Year 2025-26’ for income earned during FY 2024-25.
- Choose Your Filing Status and ITR Form
- Indicate your category (Individual, HUF, etc.).
- Pick the correct form (for most salaried individuals, ITR-1; for more complex incomes, ITR-2, ITR-3, or ITR-4, as applicable).
- Indicate your category (Individual, HUF, etc.).
- Fill in Your Details
- Most personal and income details are auto-filled from your PAN and linked records.
- Verify all entries, including salary, deductions, and bank account details.
- Most personal and income details are auto-filled from your PAN and linked records.
- Review Summary and Pay Dues
- Check if any tax is payable and settle it before submitting the return.
- Check if any tax is payable and settle it before submitting the return.
- E-Verify Your Return
- Complete e-verification using Aadhaar OTP, net banking, or Electronic Verification Code (EVC).
- E-verification must be done within 30 days of filing for your return to be valid and for refunds to be processed.
- Complete e-verification using Aadhaar OTP, net banking, or Electronic Verification Code (EVC).
Tips to Get Quick Refunds
- Ensure Bank Details Are Accurate: Refunds are transferred directly to your bank, so double-check your account information.
- Prompt E-Verification: The refund process only starts after the return is e-verified.
- Pre-fill Data Carefully: Cross-check auto-filled data to prevent mismatches and delays.
- File Early: Early filers often experience faster processing.
What’s New for FY 2024-25?
- Updates to ITR Forms: Forms have been updated to capture new details and ensure better compliance, especially if you have capital gains or foreign income.
- Faster Processing: Technological advancements are making it possible for the system to process and approve returns at record speed.
- Extended Deadlines: More time has been given for taxpayers to ensure accuracy and compliance.
Important Deadlines You Should Remember
- Individuals (not requiring audit): September 15, 2025
- Businesses (requiring audit): October 31, 2025
- Transfer pricing cases: November 30, 2025
- Revised/belated returns: December 31, 2025
Consequences of Missing the Deadline
- A penalty of up to ₹5,000 may be levied for belated returns.
- Refunds can be delayed if you file after the due date.
- In certain circumstances, a return may be filed up to March 31, 2030, with additional penalties for updated returns.
Common Mistakes to Avoid
- Forgetting to link PAN with Aadhaar before filing.
- Entering incorrect bank account or personal details.
- Not e-verifying the return within 30 days.
- Ignoring mismatches in income data from Form 16, Form 26AS, or Annual Information Statement.
With significant improvements to the filing system and faster refunds, filing your ITR for FY 2024-25 has never been more convenient. To enjoy early refunds and avoid penalties, act soon and ensure your details are accurate. By following a step-by-step approach and staying mindful of deadlines, you can complete your tax filing quickly and efficiently.
