- By Shreyansh Mangla
- Fri, 11 Jul 2025 07:22 PM (IST)
- Source:JND
ITR Filing 2025: The deadline for income tax return filing for the Financial Year (FY) 2024-25 (Assessment Year (AY) 2025-26) has been extended to September 15, 2025, for certain categories of taxpayers, including salaried individuals, HUFs, and those whose accounts are not required to be audited. While this extension provides some breathing room, advisories suggest that taxpayers should fulfil their duties as soon as possible to avoid last-minute rushes.
Tax filing can be an elaborate process and a significant burden for many. However, it is crucial to file your Income Tax Return (ITR) accurately and without major errors.
The Indian government introduced the "New Tax Regime" in the Union Budget 2020-21, offering lower tax rates but without common deductions and exemptions (like those for investments in PF, life insurance, or claiming HRA, home loan interest, etc.). However, the tax portal still provides individuals with the option to choose the "Old Tax Regime," which has the potential for higher tax savings as it permits a wide range of deductions and exemptions.
Once you have submitted your tax return, there are some important steps to take to ensure your finances are secure and to plan for your future:
1. E-Verify your tax return: You must confirm your tax return online using your Aadhaar credentials, net banking, or by generating an Electronic Verification Code (EVC) through your pre-validated bank account/demat account, or even via a bank ATM (for select banks). If you don't e-verify your return within 30 days of filing, your tax return will be considered invalid.
2. Check your Refund Status (if applicable): If the Income Tax Department owes you money (which happens when you've paid more tax than your actual liability), you can check your refund status on the official Income Tax e-filing website or the NSDL website (National Securities Depository Limited). Refunds are typically processed and credited to your bank account within a few weeks after your return is processed.
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3. Compare Your Tax Details: You should ensure that the information you filled in your income tax return perfectly matches the data in Form 26AS and your Annual Information Statement (AIS). Form 26AS provides details of TDS/TCS, while AIS is a more comprehensive statement including other financial transactions like interest, dividends, and mutual fund transactions.
4. Save the acknowledgement form: After successfully e-verifying your return, you should download and keep a copy of your ITR-V form (which is essentially a confirmation slip or acknowledgement). This document is very important for various purposes, such as applying for a visa, obtaining loans, or simply for your personal records.
