ITR Filing Season Begins: Start Collecting Key Documents Even as Form 16 & Utilities Are Awaited
ITR Filing Season Begins: Start Collecting Key Documents Even as Form 16 & Utilities Are Awaited
The ITR filing season for AY 2025–26 has commenced. Learn why it's crucial to start gathering essential documents now, even if Form 16 and tax utilities are pending. This guide offers a detailed process, official links, and steps to ensure a smooth filing experience.
Introduction
The Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26 is underway. While many taxpayers await the issuance of Form 16 from employers and the release of updated ITR utilities from the Income Tax Department, it's imperative to begin preparations early. Proactive organization can prevent last-minute hassles, ensure accurate filings, and expedite potential refunds.
Key Deadlines for AY 2025–26
- Form 16 Issuance: Employers are mandated to issue Form 16 by June 15, 2025.
- ITR Filing Deadline (Non-Audit Cases): The due date for filing ITR without audit requirements is July 31, 2025.
- Belated Return Filing: If you miss the initial deadline, you can file a belated return by December 31, 2025, subject to applicable penalties.
Why Start Preparing Before Receiving Form 16 and Utilities?
Even without Form 16 and updated ITR utilities, initiating the preparation process offers several advantages:
- Avoid Last-Minute Errors: Early preparation reduces the risk of mistakes due to time constraints.
- Ensure Accurate Reporting: Gathering documents in advance ensures all income sources and deductions are accurately reported.
- Faster Refund Processing: Early filers often receive refunds sooner.
- Ample Time for Corrections: Identifying discrepancies early provides time to rectify them before submission.
Essential Documents to Collect Now
1. Personal Information
- PAN Card: Ensure your Permanent Account Number (PAN) is active and linked with Aadhaar.
- Aadhaar Card: Mandatory for ITR filing; ensure it's linked with PAN.
- Bank Account Details: Keep account numbers and IFSC codes handy for refund processing.
2. Income Proofs
- Salary Slips: Collect payslips from April 2024 to March 2025 to estimate income and deductions.
- Form 16A: For TDS on income other than salary, such as interest or professional fees.
- Interest Certificates: Obtain from banks and post offices for savings and fixed deposits.
3. Investment and Deduction Proofs
- Section 80C Investments: PPF, NSC, ELSS, life insurance premiums, etc.
- Section 80D: Health insurance premiums and preventive health check-up receipts.
- Section 80G: Donation receipts to eligible charities.
- Home Loan Statements: For interest and principal repayment details.
4. Capital Gains Documents
- Sale/Purchase Agreements: For property, shares, or mutual funds.
- Brokerage Statements: Detailing transactions and gains/losses.
5. Tax Statements
- Form 26AS: Consolidated tax statement available on the Income Tax portal.
- Annual Information Statement (AIS): Detailed financial transactions reported to the tax department.
Understanding the Applicable ITR Forms
Selecting the correct ITR form is crucial:
- ITR-1 (Sahaj): For individuals with income up to ₹50 lakh from salary, one house property, and other sources.
- ITR-2: For individuals and HUFs not having income from business or profession.
- ITR-3: For individuals and HUFs having income from business or profession.
- ITR-4 (Sugam): For presumptive income from business or profession.
For detailed applicability, refer to the Income Tax Department's guide.
Step-by-Step Guide to Filing ITR Online
Step 1: Access the e-Filing Portal
Visit the official Income Tax e-Filing portal.
Step 2: Log In or Register
- Existing Users: Enter your PAN, password, and captcha code to log in.
- New Users: Click on 'Register' and follow the prompts to create an account.
Step 3: Navigate to 'File Income Tax Return'
- Click on the 'e-File' tab.
- Select 'Income Tax Returns' > 'File Income Tax Return'.
Step 4: Select Assessment Year and Filing Type
- Choose Assessment Year 2025–26.
- Select the appropriate ITR form based on your income sources.
- Choose the filing type: Original or Revised return.
Step 5: Fill in the Required Details
- Personal Information: Auto-populated; verify for accuracy.
- Income Details: Enter income from salary, house property, capital gains, etc.
- Deductions: Input eligible deductions under various sections.
- Tax Paid: Verify TDS, advance tax, and self-assessment tax details.
Step 6: Validate and Submit
- Review all entered information.
- Click on 'Preview and Submit'.
- After submission, verify the return using Aadhaar OTP, EVC, or Digital Signature Certificate (DSC).
Post-Filing: Verification and Acknowledgment
After filing, it's mandatory to verify your return within 30 days:
- Aadhaar OTP: Instant verification using registered mobile number.
- EVC: Generated through bank account, demat account, or ATM.
- Physical ITR-V: Send the signed acknowledgment to CPC, Bengaluru.
Updates for AY 2025–26
Introduction of ITR-U
The Central Board of Direct Taxes (CBDT) has introduced the ITR-U form, allowing taxpayers to update returns within four years from the end of the relevant assessment year. This is beneficial for those who missed filing or need to correct errors.
Changes in ITR Forms
- ITR-1: Now accommodates reporting of long-term capital gains up to ₹1.25 lakh.
- ITR-2: Enhanced sections for capital gains and increased asset reporting threshold to ₹1 crore.
Common Mistakes to Avoid
- Incorrect ITR Form Selection: Ensure the chosen form aligns with your income sources.
- Mismatch in TDS Details: Cross-verify TDS entries with Form 26AS and AIS.
- Omitting Income Sources: Report all income, including interest and capital gains.
- Neglecting Verification: Unverified returns are considered invalid.
Official Resources and Links
Conclusion
Starting your ITR preparation early, even before receiving Form 16 and updated utilities, ensures a stress-free filing experience. By organizing essential documents and understanding the filing process, you position yourself for timely compliance and potential refunds.
For more insights, updates, and expert guidance, stay connected with CMAKnowledge.in.
Note: This article is for informational purposes only.
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