ITR Filing: If you are a taxpayer then this information is very important for you. The last date for filing Income Tax Return (ITR) is 31 July 2025. Remember this last date. Like every year, this time also some changes have been made in the rules and form of income tax return, which are very important to understand, so that you can avoid mistakes and do not suffer penalty.
Choosing the right ITR form is the first and most important step
The Income Tax Department has issued different ITR forms for different income groups. First of all, you have to decide which form should be filled according to your income and profile.
ITR-1: For salaried persons, pensioners and small taxpayers
ITR-4: For people with business or profession
ITR-7: For trusts or charitable institutions
If you suspect which form is suitable for you, then it would be better to seek the help of a tax advisor.
ITR Filing Last Date: Change in ITR form
Some such changes have been made this year which has given relief to the taxpayers. Now those whose long-term capital gains (LTCG) are less than Rs 1.25 lakh can also use ITR-1 or ITR-4. Earlier ITR-2 had to be filled in this situation. This is especially beneficial for those who have income from salary or small business.
Who is better, old or new tax system?
Now taxpayers have two options for filing ITRs.
Old tax system: Where different types of discounts and cuttings are available.
New tax system: Where tax rates are low, but there is no discount.
You can choose any of these options while filing returns. If you opted for an option at the beginning of the financial year, it is now possible to change it.
Do not ignore small income
Many times we ignore the interest received on the savings account or the income from any small investment. However, according to the Income Tax Department, every income matters. It includes many things.
- Bank interest
- Income from rent or gift
- Income from any investment
It is important to give correct details of all these sources, so that there is no notice or fine in the future.
Avoid penalty and penalty by filing applications on time
If you do not file ITR till 31 July 2025, then you may have to face late fees and penalty. Also, tax refund can also be delayed. Therefore, collect documents in time and file ITR.
Take ITR filing seriously
Filing income tax returns is not only a legal requirement, but also your financial responsibility. By filing the correct information, correct form and time, you follow the law and can also avoid tax related problems in future.
