ITR Filing 2025: For first-time income tax return (ITR) filers, the process may seem daunting, but with the right preparation, it can be completed easily. Here is a detailed checklist.
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ITR Filing 2025: Tax season is here again. For first-time income tax return (ITR) filers, the process may seem daunting, but with the right preparation, it can be a breeze. Here’s a detailed checklist.
Keep these documents ready before filing
Form 16: TDS certificate obtained from your current and former employer (if you have changed jobs).
Identity proof: PAN card and Aadhaar card (both should be linked).
Proof of investments: Bank deposits, PPF, home loan interest certificate, and insurance premium receipts.
Form 26AS: Download from the TRACES portal. It shows a summary of all TDS deductions.
AIS (Annual Information Statement): Available on the income tax portal, which contains details of interest income, dividends, share transactions, etc.
Key points to remember while filing ITR
Filing requirement: All Indian residents have to report all their income (salary, business, capital gains, etc.).
Deadline: File without penalty by 15 September 2025 for financial year 2024-25 (AY25-26). Late filing by 31 December 2025 may attract a penalty of ₹1,000 to ₹10,000.
How to file: Log in to the income tax e-filing portal with your user ID (PAN) and password. Register as a new user.
New vs old tax regime: Decide based on your income and deductions. Consult an online tax calculator or CA.
Correct the error
After filing the original return, errors can be corrected by filing a Revised Return.
Avoid these common mistakes while filing
Not having PAN-Aadhaar linking.
Not verifying the refund receiving bank account.
Selecting the wrong ITR form.
Not filing ITR within the stipulated time limit and not doing e-verification.
Not responding to the Income Tax Department’s notice.
Most importantly
Make sure to do e-verification (through Aadhaar OTP, Net Banking, or EVC) within 30 days of filing the return. Without verification, the return will be considered ‘invalid’ and refund will be delayed.
