by With the onset of the new financial year, the ITR filing atmosphere is set for the taxpayers across India. Irrespective of being a salaried professional, businessman, or freelancer, timely and proper ITR filing assumes significance to avoid penalties and facilitate refund processing.
A complete assessment of the ITR filing process for Assessment Year 2025-26 has been given.
1. ITR filing last date for AY 2025-26
VIDD day for most individual taxpayers non-audit cases- expected to be 31st July 2025. However, if some extension has to be enforced, such date would be upon the discretion of the Income Tax Department.
2. Timeline for Refund
As an acknowledgment of successful e-filing and of verifying the return, refunds (if any) are normally issued by the Department after processing of the return.
Under normal circumstances for refunds to be processed-would-be-within 7-45 days if e-verification is timely done.
In cases of delay beyond attributable time-lines, refund processing would be held up too-long.
Note: You can check the refund status via the Income Tax e-Filing portal or by contacting your bank.
3. Documents needed for ITR Filing
The following would be handy for the smooth and error-free filing of I-T Returns:.
a) Workers on Salary:
~ Form 16 (by the employer)
~ Salary slips
~ Form 26AS (tax credit statement)
~ Annual Information Statement (AIS)
~ Bank account details
~ PAN & Aadhaar card
~ Proof of investment (for deductions under 80C, etc.)
b) Self-Employed/Business Persons:
~ Current year bank statements
~ Profit and loss statement
~ Balance sheet (if applicable)
~ GST details
~ Form 26AS & AIS
~ Investment proofs
~ Details of any business loans.
c) A few other Important Documents:
~ Capital gains statements (for sale of shares or property or mutual funds)
~ Rental income details
~ Interest certificates (savings, FD, etc.)
~ Receipts for donation amounts paid
~ Home Loan Interest certificate
4. Late Fees
The penalty for late filing is as follows:
~ Rs. 5,000:- for returns filled after due date but before 31st of December 2025.
~ Rs. 10,000:- ( if filled after 31st of December 2025.
~ Rs. 1,000:- if your total income is below 5 lakh.
5. Benefits of Filing Early
~ Quick refunds
~ Less paperwork errors from last-minute file
~ Adequate time to fix and refile any mistakes
~ Total peace of mind
Conclusion
A timely filing of the ITR has passed beyond being a mere matter of compliance; it is now adroitly a financial habit. With unprecedented spread, digitization, and process facilitation, tax return filing has become ever so easy. File your papers, verify your return on time, and leave the deadlines well behind, for a thoroughly enjoyable tax season in 2025.
Disclaimer:-
The information provided in this blog post is for general informational purposes only and does not constitute professional financial, tax, or legal advice. While we strive to ensure the accuracy and reliability of the content, laws and regulations may change, and individual circumstances vary. We recommend consulting with a qualified financial advisor, tax professional, or legal expert before making any financial or tax-related decisions. Your Money Mantra is not responsible for any errors or omissions, or for any losses or damages resulting from the use of this information.
