Important Points to Keep in Mind While Filing Your ITR for AY 2025-26

Filing your Income Tax Return (ITR) is an important task every taxpayer in India must complete. If you earn money, you must report it to the Income Tax Department. For the Assessment Year (AY) 2025-26, which is for income earned between 1st April 2024 to 31st March 2025, here are some key points to remember while filing your ITR.

1. Choose the Correct ITR Form

There are different ITR forms like ITR-1, ITR-2, ITR-3, etc. Pick the right one based on your income sources:

ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh from salary, one house property, and other sources (like interest).
ITR-2: For people with income from capital gains, foreign assets, or more than one house property.
ITR-3: For business owners or professionals.

Using the wrong form can lead to rejection, so check carefully!

2. Gather All Necessary Documents

Before filing, keep these documents ready:

Form 16 (if you are a salaried employee)
Bank statements
Investment proofs (PPF, ELSS, NSC, etc.)
Rent receipts (if you have rental income)
Interest certificates (from FD, savings account, etc.)
Aadhaar & PAN card

3. Report All Income Sources

Many people forget to include small incomes like:

Interest from savings accounts or fixed deposits (FD)
Income from freelancing or part-time work
Rental income (even if it’s from one house)
Capital gains from selling stocks, mutual funds, or property

Remember: Not reporting any income can lead to penalties.

4. Claim Deductions Correctly

You can save tax by claiming deductions under:

Section 80C (₹1.5 lakh): PPF, LIC, ELSS, NSC, home loan principal repayment, etc.
Section 80D (₹25,000–₹1 lakh): Health insurance premiums.
HRA (House Rent Allowance): If you live in a rented house, provide rent receipts.
Home Loan Interest (Section 24): Up to ₹2 lakh can be claimed if you have a home loan.

5. Verify Your Bank Account & Pre-validate It

Make sure your bank account is linked with your PAN and pre-validated on the Income Tax e-filing portal. This helps in:

Faster refunds (if any)
Avoiding payment issues

6. File Before the Deadline

The last date to file ITR for most individuals is 31st July 2025. Late filing can lead to penalties:

₹5,000 if filed after July but before December
₹10,000 if filed after December

7. Double-Check All Details

Before submitting, check:

PAN & Aadhaar details (should match)
Bank account number & IFSC
Income & deductions entered correctly

8. E-Verify Your ITR

After filing, you must verify your return within 30 days. You can do this via:

Aadhaar OTP
Net banking
EVC through bank ATM or Demat account

If you don’t verify, your ITR is not considered filed!

Final Tips

Use the Income Tax e-filing portal (www.incometax.gov.in) for easy filing.
If confused, take help from a CA or tax expert.
Keep a copy of your filed ITR for future reference.

Filing ITR on time avoids stress and penalties. Follow these steps, and you’ll be done smoothly!

Need help? Visit Taxservicemitra.com for expert guidance!

Key Differences: Old vs New Tax Regime

1. Choosing Between Tax Regimes

Old Regime: Allows deductions (80C, 80D, HRA etc.) but has higher tax rates
New Regime: Lower tax rates but very few deductions allowed (basic exemption of ₹50,000 under Section 87A still applies)

Pro Tip: Salaried individuals can switch regimes yearly, while business owners must stick to their choice.

2. Important Deadlines

31 July 2025: For most individual taxpayers
31 October 2025: For taxpayers requiring audit
30 November 2025: For revised returns

3. Documents Required (Both Regimes)

Form 16 (for salaried)
Bank statements
Investment proofs (for old regime)
Rent receipts (if claiming HRA)
Capital gains statements (if applicable)

4. Special Considerations

For Old Regime Filers:

✔ Maximize deductions under:

Section 80C (₹1.5 lakh): PPF, ELSS, insurance premiums
Section 80D (₹25,000-₹1 lakh): Health insurance
HRA exemption (with proper rent receipts)
Home loan interest (Section 24)

For New Regime Filers:

✔ Remember:

Standard deduction of ₹50,000 available
No LTC, HRA or most other deductions
Lower tax rates but fewer savings options

5. Common Mistakes to Avoid

Not reporting interest income (even from savings accounts)
Forgetting to pre-validate bank account
Missing the verification step after filing
Choosing wrong ITR form
Not reconciling Form 26AS with actual income

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At TaxServiceMitra.com, we make ITR filing simple:
✓ Expert guidance on regime selection
✓ Maximum tax savings under both regimes
✓ Error-free filing guaranteed
✓ Dedicated support for any queries

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Final Checklist

✅ Decide your tax regime
✅ Collect all documents
✅ Reconcile Form 26AS
✅ File before deadline
✅ E-verify within 30 days

Need help deciding between regimes or filing your return? Visit TaxServiceMitra.com today for professional assistance!

Remember: Proper tax filing saves money and prevents future notices from the IT department.