Income Tax Return Filing for AY 2025–26: Forms, Limits, Refunds, Audit, and Complete Guide

Income Tax Return Filing for AY 2025-26: Complete Guide by CMA Knowledge

Filing your Income Tax Return (ITR) on time is not just a legal obligation—it also offers financial clarity and peace of mind. For the Assessment Year (AY) 2025-26, knowing the latest rules, forms, deadlines, and procedures is crucial. In this article by CMA Knowledge, you’ll find everything you need to file your ITR accurately and efficiently.

1. Who Needs to File ITR?

Here’s who needs to file an income tax return in India:

Category	When Filing is Mandatory
Individuals below 60 years	Income > Rs. 2.5 lakh
Senior Citizens (60-80 years)	Income > Rs. 3 lakh
Super Senior Citizens (>80 years)	Income > Rs. 5 lakh
Businesses & Firms	Irrespective of income

Even if your income is below these limits, you must file ITR if:

• You have foreign assets or income.
• You want to claim a tax refund.
• You’ve deposited over Rs. 1 crore in a bank account.
• Your electricity bill exceeds Rs. 1 lakh in a year.

2. ITR Forms for AY 2025-26

Choosing the correct ITR form is the first step in a smooth filing experience. Below is a detailed table:

ITR Form	Used By
ITR-1 (Sahaj)	Salaried individuals with income up to Rs. 50 lakh
ITR-2	HUFs or individuals with capital gains or multiple properties
ITR-3	Professionals or business owners
ITR-4	Presumptive income scheme (44AD/44ADA)
ITR-5	Firms, LLPs, AOPs
ITR-6	Companies (excluding Sec 11 exempt)
ITR-7	Trusts, Political Parties, Institutions

Visit the official ITR forms portal to download the latest formats.

3. Important Due Dates

Don’t miss the filing deadlines! Here are key dates:

Taxpayer Type	Due Date
Individuals and HUFs (non-audit)	31st July 2025
Taxpayers requiring audit	31st October 2025
Transfer Pricing cases	30th November 2025

Tip: Filing before the due date allows you to revise your return later if needed. Learn more about how to file income tax returns step-by-step.

4. Tax Audit Requirements (Section 44AB)

If your business or professional income crosses a certain threshold, a tax audit is mandatory.

Criteria	Audit Required?
Business turnover > Rs. 1 crore (cash transactions)	Yes
Business turnover > Rs. 10 crore (no cash)	Yes
Profession income > Rs. 50 lakh	Yes

5. Income Tax Refund: How to Track and Get It

Here’s how you get your refund:

1. File your return and verify it using Aadhaar OTP or net banking.
2. Refunds are processed by the Centralized Processing Center (CPC).
3. Track refund status at NSDL Refund Status.

Make sure your bank account is pre-validated and linked to your PAN for smooth crediting of the refund.

6. Do’s and Don’ts

Do’s	Don’ts
Keep all income proofs and Form 16 ready	Don’t use incorrect ITR form
Verify ITR within 30 days	Don’t ignore communication from IT dept
Pre-validate your bank account	Don’t mismatch income and TDS data

7. Frequently Asked Questions

Q1. Can I file ITR after the due date?

Yes, belated returns can be filed till December 31, 2025, with a late fee.

Q2. What if I made a mistake in my return?

You can revise your return before December 31, 2025.

Q3. What’s the penalty for late filing?

Late filing fee up to Rs. 5,000 under Section 234F.

Q4. Is Aadhaar linking mandatory?

Yes, PAN and Aadhaar must be linked before filing.

Q5. How do I get Form 26AS?

Download from the Income Tax Portal using your login credentials.

8. Final Words from CMA Knowledge

Filing your ITR timely not only keeps you legally compliant but also strengthens your financial profile. With this comprehensive guide, you now have clarity on which form to use, key deadlines, refund process, audit limits, and much more.

To further simplify the filing process, check our related guides:

• How to Prepare for CMA Exams
• Cost Audit: Step-by-Step Process

Stay informed, stay compliant – and if you're looking for professional help, reach out to us at CMA Knowledge.