ITR Filing for FY 2024-25: Who all need to file ITR by July 31, 2025 and other finer details
ITR Filing (FY 2024-25): As the deadline for filing nears, check if you also need to file taxes for the previous fiscal year (AY 2025-26).
ITR Filing (FY 2024-25): Filing ITR or income tax return is crucial not only from the standpoint of the government's requirement but its timely execution also helps an assessee or tax filer to be eligible for a number of advantages such as in the case of being eligible for certain tenders and other such moves.
So, here is a quick take on how should be filing taxes by July 31, 2025 deadline
Primarily non-audit assessees need to be meeting this deadline
Non-audit assessees are those who are not liable for tax audit under the Income tax act
Who are non-audit assessees in India?
Indiviuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), and Bodies of Individuals (BOIs). This category of taxpayers include salaried individuals, pensioners, freelancers, small taxpayers, and professionals whose accounts do not require audit.
Taxpayers whose income exceeds basic exemption limit
Taxpayers whose total income exceeds the basic exemption limit and who do not fall under the audit category.
Why tax filing should be completed by this date?
It is to avoid penalty together with interest on unpaid tax dues.
Belated return filing also a possibility if you miss the deadline
In case if you miss the opportunity to file the ITR by this timeline, December 31 is the next due date by which you can file the belated ITR.
In case if you miss the opportunity to file the ITR by this timeline, December 31 is the next due date by which you can file the belated ITR.
Nature of transactions and ITR filing deadline timeline
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Assessee Category |
ITR Filing Deadline (FY 2024-25 / AY 2025-26)
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Individuals, HUFs, AOPs, BOIs (Non-Audit)- |
July 31, 2025 |
|
Businesses/Professionals Requiring Audit |
October 31, 2025
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Companies (Domestic) |
October 31, 2025
|
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Taxpayers with Transfer Pricing Reports |
November 30, 2025
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Belated/Revised Returns |
December 31, 2025
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Updated Returns |
March 31, 2026 |
Belated ITR filing and its associated fees and penalty
In case of belated ITR filing, individuals with low income are required to pay up to Rs 1,000 penalty while others may have to shell out Rs 5,000 together with 1 per cent monthly interest on any unpaid tax from the original due date until the date of filing.
Most important benefit of filing ITR
Other than all the other advantages such as grant to carry forward losses among others, ITR is a proof of your income stream and is also a symbol of taxpayers responsibility.
Filing ITR is rewarding
It is a tool whereby you meet government's compliance and also it aids your general financing planning including refund claim etc.
ITR filing- A 3-step process
- Collect important documents like Form 16, Form 26AS, investment proof , bank details and PAN
- Check for the relevant ITR form based on income sources and taxpayer category
- After filing in the ITR, verify the same.