Income Tax Return eFiling

Income Tax Return (ITR) filing is a vital obligation of every taxpayer in India, ensuring adherence to the nation’s tax rules and regulations. It involves providing details of all sources of income, eligible deductions, and tax liabilities for a comprehensive report to the Income Tax Department. The last date to file your Income Tax Return for the Financial Year 2024-25 (Assessment Year 2025-26) without incurring a late fee is July 31, 2025.

Advantage of Early ITR filing

Avoid errors and last-minute technical glitches, ensuring a smoother submission process.  At DisyTax, we streamline the ITR e filing process, enabling you to submit your ITR returns online with ease. Our services simplifies each step, ensuring a faster, more efficient, and secure Income tax e filing experience.

With expert assistance available throughout the process, DisyTax ensures that your ITR e filing is hassle-free, allowing you to fulfil your tax obligations seamlessly.

What is Income Tax Return (ITR)

An Income Tax Return (ITR) is a form that taxpayers use to report their all heads income details and tax payments to the income tax department. There are seven different types of ITR forms available for ITR e filing: ITR 1 to ITR 7. The appropriate form for a taxpayer depends on various factors, including their sources of income, the total amount earned, and the type of taxpayer they are (such as individuals, Hindu Undivided Families (HUFs), companies, Trust and Societyetc.). Each taxpayer must accurately complete and submit their income tax filing by a specified deadline to comply with tax laws.

Who Needs to eFile an Income Tax Return?

Income tax return filing is not only a legal duty but also a financial obligation that applies to various groups under different circumstances. Here’s a detailed look at who is required for income tax e filing:

Salaried Individuals

If your total income before deductions under Sections 80C to 80U exceeds the basic exemption limit, then you are mandated for income tax filing.

Companies/Firms

All corporate entities, including private limited companies, LLPs (Limited Liability Partnerships), and traditional partnerships, must file their ITR e filing annually, regardless of profit or loss.

Directors and Partners

Individuals serving as directors in private limited companies or partners in LLPs are required to do income tax filing reflecting their income and financial activities within the company.

Dividend Earners

If you receive dividends from sources such as mutual funds, bonds, equities, fixed deposits, and interest, you need to done the ITR e filing. This Income tax filing ensures that all sources of income are properly reported and taxed, if applicable.

Charity and Religious Trusts

Income received from managing charity funds, religious trusts, or voluntary contributions also necessitates the Income tax e filing meant to maintain transparency and adherence to tax laws.

Tax Refunds

Those eligible for tax refunds, including individuals and businesses, should do income tax filing online to claim refunds on taxes previously overpaid.

NRIs and Tech Professionals

Non-resident Indians (NRIs) and technology professionals must complete income tax filing if their income derived from India surpasses the exemption limit or involves specific financial transactions.

Trust and Society

Eligibility for Income Tax Return Filing

In India, the obligation to do ITR e filing arises under certain conditions. One of the primary criteria for Income tax e filing is when your Gross total income exceeds the basic exemption limits, which are age-dependent:

• Individuals under 60 years: Rs 2.5 lakh
• Individuals between 60 and 80 years: Rs 3.0 lakh
• Individuals over 80 years: Rs 5.0 lakh

However, there are other specific circumstances that required for an income tax filing, even if your income is below these thresholds limit:

High-value Transactions: You are required to do Income tax filing if you have:

• Deposited Rs 1 crore or more in one or more current bank accounts.
• Deposited Rs 50 lakh or more in one or more savings bank accounts.
• Spent over Rs 2 lakh on foreign travel.
• Incurred electricity expenses exceeding Rs 1 lakh during the financial year.
• Had TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) exceeding Rs 25,000 (or Rs 50,000 for senior citizens).

Business and Professional Income:

• Businesses: Mandatory if your total sales, turnover, or gross receipts exceed Rs 60 lakh during the financial year.
• Professionals: Mandatory if gross receipts exceed Rs 10 lakh during the financial year.

Income Tax Return Forms in India

In India, the process of ITR e filing is streamlined through various types of e filing forms, each designed forms to cater to different types of taxpayers. Here’s a comprehensive overview of these income tax return forms:

ITR-1: SAHAJ

This Income tax return form is designed for individuals whose annual income from salary or pension is below Rs. Fifty lakhs who own just one house property.

ITR-2: Beyond Business

Ideal for Non-Resident Indians (NRIs), directors of companies, and shareholders of private ltd companies. This ITR form is used if you have capital gains income or foreign income or own two or more house properties and if your income exceeds Rs.50 lakhs.

ITR-3: Professionals and Proprietorships

This ITR form Suitable for professionals and individuals running a proprietorship business in India.

ITR-4: Presumptive Taxation

This Income tax return form is for individuals opting for the presumptive taxation scheme, where business income is below Rs. 2 crores or professional income is below Rs. 50 lakhs.

ITR-5: Partnerships, LLPs, and More

This income tax form must be filed by partnership firms, Limited Liability Partnerships (LLPs), associations, and bodies of individuals.

ITR-6: Companies

This ITR e filing form is Applicable to companies that are registered in India.

ITR-7: Special Entities

ITR-7 is a form for persons who are exempted from tax under various sections of the Income Tax Act. This ITR e filing is used by entities such as charitable/religious trusts, political parties, scientific research institutions, and colleges/universities.

Due Date for ITR Filing

For the Assessment Year (AY) 2025-26, the last date for an Income tax filing (Income tax returns) under section 139(1) is July 31, 2025, unless extended by the government. It’s important for taxpayers to note that merely paying taxes does not fulfil all obligations; timely income tax e filing is also mandatory to avoid penalties. Starting from the financial year 2017-18, a late ITR filing fee is imposed for returns filed after the deadline.

Here’s a summary of the key Income tax e-filing last dates or due dates for various categories of taxpayers for the Financial Year (FY) 2024-25:

• ITR Filing for Individuals and Entities Not Liable for Tax Audit: Due by July 31, 2025.
• ITR Filing for Taxpayers under Tax Audit (excluding those involved in transfer pricing): Due date October 31, 2025.
• ITR Filing for Taxpayers Covered Under Transfer Pricing: Due date November 30, 2025.

Advantages of Income Tax e Filing

Income tax e filing provides a wider range of financial and legal benefits. Here are some key advantages of ITR e filing:

• Legal Documentation

Your income tax filing or ITR serves as an official record of your income and taxes paid, acting as crucial proof for:

• Identity Verification: It is accepted as valid identity proof by various government and financial entities.
• Income Verification: It details your financial earnings and deductions, essential for major financial transactions like buying property or applying for a loan.
• Claim Tax Benefits

Income tax e filing allows you to claim tax deductions and exemptions under various sections of the Income Tax Act, effectively reducing your tax liability.

• Essential for Financial Transactions

ITRs are often required for:

• Loan Applications: Banks and financial institutions typically require the last few years’ ITRs as proof of income.
• Visa Applications: Many countries require proof of financial records, such as ITRs, for visa applications to ensure the applicant’s financial stability.
• Avoid Penalties

Failing to do income tax filing can result in penalties ( Late fees Sec 234F and Interest Under Section 234A/B/C ), especially if you are liable to pay tax. Timely Income tax e filing helps avoid these unnecessary burden of late fees and interest.

• Carry Forward Losses

If you incur any financial losses, these can be carried forward to subsequent years to be offset against future profits. This benefit is only available if you did income tax filing.

• Quick Loan and Card Approvals

Demonstrating a consistent tax record through file taxes online can speed up the approval process for loans and credit cards by showcasing financial reliability and regular income.

• High-Value Investments and Transactions

For transactions involving high values, such as the purchase of property or high-premium insurance, having a filed ITR is often mandatory.

• Refund Claims

If you’ve paid more tax than you owe (through TDS, etc.), Income tax e filing is necessary to claim a refund. The refund process is straightforward and generally swift in e file taxes.

Who has to mandatorily file income tax return?

There are certain instances where ITR filing is mandatory for individual taxpayers. The income tax laws mandate the situations in which ITR must be filed mandatorily.

• If gross total income exceeds basic exemption limit
• To claim income tax refunds

By doing Income tax e filing, you not only comply with the law but also solidify your financial footprint, which can aid in many aspects of financial planning and obligations.

Documents Required for ITR e Filing

When preparing for your e Filing of Income Tax Return in India, it’s important to have all necessary documents handy to ensure a smooth and accurate ITR Computation and submission process. Here’s a comprehensive list of the documents you may require for Income tax e filing:

General Documents for ITR filing

• PAN (Permanent Account Number):Essential for every kind of financial transaction and tax-related activity.
• Aadhaar (Linked to PAN):Required for verification and linking to your tax records.
• Bank Account Details:We need to process any potential refunds or verify financial details.

Income-Related Documents

• Salary Slips:To verify your income from employment.
• Rent Receipts:If you are claiming House Rent Allowance (HRA).
• Form 16:Issued by your employer, detailing the tax deducted at source on your salary.
• Form-16A:For TDS on Income other than salary.
• Form-16B:For TDS on the sale of the property.
• Form-16C:For TDS on rent.
• Form 26AS:Your tax credit statement, which shows all taxes that have been deposited against your PAN.

Deductions and exemptions-related documents:-

• Interest Certificates:These are from banks and post offices for savings accounts and fixed deposits.
• Home Loan Details:If you’re claiming deductions on home loan interest.
• Proof of Tax-Saving Instruments:Includes life insurance, health insurance, Public Provident Fund (PPF), National Savings Certificates (NSC), ELSS mutual funds, etc.
• Income from Capital Gains:Documents related to the sale of assets like stocks (share market) or property.
• Rental Income:Lease agreements and rent receipts if you have rental property.
• Foreign Income and Dividend Income Proofs:Documents verifying income from foreign sources and dividends.

Penalty for Late Filing Income Tax Returns

When filing your Income Tax Return (ITR), it’s crucial to meet the Income tax return filing last date to avoid penalties and maximise benefits:

• Interest:

If you miss the deadline for Income tax filing, you will incur an interest as under-

• • Section 234A –

    • Delay in filing of Tax Returns

  • Section 234B –

    • Delay in payment of Advance Tax

  • Section 234C –

    • Deferred Payment of Advance Tax

• Late Fee:

  • As stipulated by Section 234F, a late filing fee is imposed if you missed the last date to file ITR. The fee is Rs. 5,000 but is reduced to Rs. 1,000 for those with a total income below Rs. 5 lakh.
  • Loss Adjustment:

Timely income tax e filing allows you to carry forward losses from investments or business activities, which can be offset against future income tax liabilities. Failing to file your Income tax returns on time results in forfeiting this benefit.

Procedure for eFiling of ITR in India

Income tax e filing in India can be accomplished through two primary methods: offline to online and entirely online. Here’s a step-by-step guide on how to file income tax return online and offline to online:

eFiling ITR Offline utility to Online Method:

• Download the Appropriate ITR Form: Visit the official Income Tax Department website. Based on your income sources and category, download the correct ITR form using the Excel Utility or Java Utility available on the portal.
• Fill Out the Form Offline: After downloading, fill out the form on your computer. This allows you to work through your tax details at your own pace without needing an internet connection.
• Save the Form in XML Format: Once completed, save the form in XML format, as this is the required format for uploading to the e-filing portal.
• Upload the XML File to the e-Filing Portal: Log into your account on the e-filing portal. Navigate to the appropriate section to upload the XML file and submit your ITR.

Process of Filing of Income Tax Returns Online

E-filing your Income Tax Returns (ITR) is a straightforward process once you’ve registered at the Income Tax e filing portal and gathered all necessary documents. Follow these steps for your e file Income tax return efficiently:

Step 1: Log in to the Portal

Visit the official Income Tax Department e-filing website and click on “Login” at the top right corner.

Step 2: Enter Login Credentials

Input your registered username (usually your PAN) and password in the designated fields. Be mindful of case sensitivity in the password. Click “Continue” to proceed.

Step 3: Access E-Filing Services

After logging in, navigate to the “e-File” tab on the dashboard and select “File Income Tax Return” from the dropdown menu to start e file income tax return.

Step 4: Choose the Assessment Year and Filing Mode

On the “File Income Tax Return” page, specify the Assessment Year (AY) for the return you are filing. For example, AY 2025-26 corresponds to income earned from April 1st, 2024, to March 31st, 2025.

Select “Online” as the Mode of Filing. An offline option using the “Income Tax Utility” is available for certain scenarios.

Step 5: Select Taxpayer Category

Indicate whether you are filing as an Individual, Hindu Undivided Family (HUF), or other entity types. Click “Continue” after making your selection.

Step 6: Choose the Right ITR Form

Based on your taxpayer category and income details, the portal will suggest appropriate ITR forms. Choose the one that matches your income sources:

• ITR-1 (Sahaj) for salaried individuals with income from salary, one house property, and other sources such as interest.
• ITR-2 for individuals and HUFs with capital gains or foreign income, but no income from business/profession.
• ITR-4 (Sugam) for individuals with business income from business or profession under presumptive taxation.

Step 7: Reason for ITR Filing

Select your reason for income tax e filing, which might include regular assessment, claiming a refund, or filing a revised return.

Step 8: Review and Edit Pre-Filled Information

The portal may pre-fill certain sections based on data from employers, banks, etc. Verify each entry for accuracy and edit any incorrect information before proceeding.

Step 9: Review and Confirm ITR Return Details

Review a detailed display of your ITR, including income, deductions, and tax liability. Ensure all data is correct before moving forward.

Step 10: Make Tax Payment

If applicable, settle any tax dues via the e-payment gateway. Select your bank and preferred payment method, such as net banking or debit/credit card.

How to e-verify Income Tax Return

After you filed your ITR e filing form, the next crucial step is to e-verify your return. This is an mandatory part of the ITR e filing process, as it confirms the authenticity of your submission to the Income Tax Department. You can e-verify your ITR in several ways:

• Electronic Verification Code (EVC): Generated through your bank account, Demat account, or registered mobile number and email.
• Aadhar OTP: A one-time password sent to the mobile number linked to your Aadhaar, used for verification.
• Sending a Signed ITR-V: If electronic verification isn’t possible, you can mail a signed copy of ITR-V (Income Tax Return Verification) form through normal or speed post to the Centralized Processing Center, Income Tax Department in Bengaluru within 120 days from the date of filing.

DisyTax experts are here to help you effortlessly file your ITR with comprehensive support and guidance.

File ITR If You Missed the ITR Filing Deadline

If you missed the Income Tax Return (ITR) deadline, there are still option available to address the oversight:

1.File a Belated Return

According to Section 139(4) of the Income Tax Act, you can file a belated return for the Financial Year 2024-25 (Assessment Year 2025-26) up until December 31, 2025. Be aware that filing late can result in late fees and interest charges. It’s also important to note that most types of losses (except those related to house property) cannot be carried forward if you file a belated e filing of income tax return.

2.File an ITR-U (Updated Return)

The Finance Act of 2022 introduced the ITR-U Section 139 (8A) of income tax Act, which allows taxpayers to update their tax returns within two years from the end of the relevant assessment year. This is useful for correcting any omissions or errors in the originally filed or belated returns. However, filing an updated ITR return incurs additional tax liabilities: a tax and interest charge of 25% if filed within the first year and 50% if filed during the second year after the original deadline.

To avoid the stress and additional costs associated with these options, it’s best to start your ITR e filing process early.

Common Mistakes While e-Filing Income Tax Return

Your e Filing of Income Tax Return (ITR) in India, several common mistakes can complicate the process or even lead to penalties. Being aware of these pitfalls can help ensure a smooth ITR e filing experience:

• Choosing the Wrong Tax Form: Different ITR forms cater to various income sources and taxpayer statuses. It’s crucial to select the correct income tax return form based on your income types, as specified on the Income Tax Department’s website.
• Incorrect PAN or Personal Information: Errors in entering your PAN, name, address, or date of birth can lead to the rejection or delayed processing of your tax return.
• Incorrect Bank Account Details: Providing wrong bank details can delay your ITR refund. Make sure to accurately enter your bank account number, IFSC code, and other relevant information.
• Not Claiming All Eligible Deductions: Many taxpayers miss out on reducing their tax liabilities by not claiming all eligible deductions for savings, investments, and certain expenses allowed under The Income Tax Act 1961.
• Failing to Disclose All Income Sources: All income earned during the year must be disclosed. Failure to report all income sources can lead to penalties and is considered tax evasion.
• Not E-verifying the Return: After filing your ITR, it must be verified electronically within the prescribed time limit. An unverified return is treated as if it has not been filed at all.
• Filing After the Deadline: Late submissions can incur penalties and fines. It’s important to file your return before the due date to avoid these additional costs.
• Omitting Capital Gains from Mutual Funds: Both long-term and short-term capital gains from mutual funds are taxable. Ensure these gains are reported correctly to avoid issues with the tax authorities.

By avoiding these errors, you can ensure that your ITR filing process is error-free and compliant with the tax laws, ultimately securing your peace of mind. At DisyTax, our experts can help you navigate the complexities of the Income-tax efiling process with ease.

ITR Filing Made Easy with DisyTax!

Stay ahead of the curve and ensure your financial compliance by e-filing your Income Tax Return (ITR) via DisyTax. Beat the rush and avoid late fees and interest charge by submitting your ITR well before the July 31, 2025 deadline with affordable income tax return filing charges. With our expert guidance and easy-to-use platform, you can navigate the ITR filing process smoothly and efficiently. Don’t wait until the last minute—secure your financial future today with DisyTax.

Start now to take advantage of our comprehensive support and hassle-free filing experience!

Income Tax E-Filing FAQ’s

What is the ITR filing?

An income Tax Return (ITR) is a formal document submitted to the Income Tax Department of India detailing an individual’s income and taxes payable for a given financial year. This process involves reporting income earned from various sources, such as salary, house property, and other financial assets, for the period spanning from April 1 to March 31 of the following year. Filing an ITR ensures compliance with tax regulations and helps assess the correct tax liability.

Who is eligible for e filing?

Eligibility for filing ITR varies based on the form used. For example, ITR-1 is designed for Resident Individuals with income from salary, a single house property, family pension, agricultural income (up to Rs.5,000), and other sources, including interest from savings accounts, deposits, and income tax refunds. Individuals falling into these categories are eligible to file ITR-1, provided they meet the criteria specified for this form.

Is it compulsory to file an ITR?

Yes, filing an ITR is mandatory under certain conditions. As per Section 139(1) of the Income-tax Act, it is compulsory for resident individuals who own assets like shares or bonds in foreign companies, have a house abroad, or receive income from foreign sources such as dividends, interest, or rent. Non-compliance can result in penalties or legal issues, making it crucial to adhere to these requirements.

What is the last date for ITR filing in 2024?

The deadline to file your Income Tax Return (ITR) for 2024 is July 31, 2024. It is essential to complete your filing before this date to avoid any late fees or penalties. Gather all necessary documents and submit your return on time to ensure a smooth tax filing process.

How to file an income tax return in India?

You can file your income tax returns online through the official Income Tax Department website or DisyTax.com. Remember, the deadline to e-file your income tax returns for the assessment year 2024-2025 is July 31, 2025. Ensure you file before this date to avoid penalties. Simplify your ITR filing process with DisyTax.

Which type of income tax return form should I choose for e-filing?

When e-filing your income tax return, selecting the correct form based on your taxpayer category is crucial. The Income Tax Department provides seven forms: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. Individuals and Hindu Undivided Families (HUFs) should choose from ITR-1 to ITR-4 based on income sources. For partnership firms, LLPs, AOPs, BOIs, and other specific entities, ITR-5 is applicable. Companies should file ITR-6, except those claiming exemption from income related to charitable or religious purposes, who must use ITR-7.

How can I verify the status of my income tax e-filing?

To check your income tax e-filing status, follow these steps:

• Log in to the new income tax e-filing portal using your PAN as the user ID and your login password.
• Navigate to the ‘e-File’ section in the top menu and select ‘Income Tax Returns’. Then, choose ‘View Filed Returns’ from the dropdown menu.
• After selecting ‘View Filed Returns’, you will see a list of all your past returns filed, sorted by year. You can download your ITR-V acknowledgement and ITR forms from this section. Click on ‘View Details’ to check the status of your return, including e-verification and any refund status.

By following these steps, you can easily track the status of your filed income tax returns

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Can I e-file my ITR after the deadline?

Yes, you can e-file your Income Tax Return (ITR) after the deadline, but it will be categorized as a belated return. Filing after the due date will incur a late filing fee and interest charges. Filing your ITR on time is best to avoid these additional costs and potential issues.

What should I know about ITR filing charges?

Understanding ITR filing charges is essential for every taxpayer. At DisyTax, we provide transparency and affordability in our ITR filing charges to suit the diverse financial situations of our clients. Whether you are an individual taxpayer or a corporate entity, our customized ITR filing charges are designed to help you comply with tax regulations efficiently and without any hidden costs.

What are the ITR filing fees at DisyTax?

DisyTax offers a transparent and competitive fee structure for ITR filing. Our ITR filing fees are designed to cater to both individuals and corporations, providing access to high-quality tax filing services without hidden costs. The fees cover a range of services, including expert consultations and the use of our user-friendly online platform, ensuring an efficient and stress-free tax filing process. By choosing DisyTax, you can manage your tax obligations effectively and affordably.

What are the benefits of e-filing ITR early?

E-Filing your ITR early offers several advantages:

• Tax-Saving Opportunities: Early filing allows you to identify and take advantage of tax-saving investments and deductions.
• Faster Refunds: Early filers typically receive their refunds quicker.
• Avoiding Penalties: Filing on time helps you avoid late fees and interest.
• Ensuring Accuracy: More time allows for thorough checks and corrections, ensuring your return is accurate.
• Facilitating Loan Applications: Lenders often prefer early filers as it reflects financial discipline.
• Speeding Up Visa Processing: Early filing can expedite visa and other official processes.

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