The income tax return (ITR) filing season for FY 2024-25 (AY 2025-26) is approaching. Whether you are a salaried individual, a freelancer, a business owner, or a company director, understanding which ITR form applies to you, what documents you need, and what the key deadlines are can save you time, penalties, and unnecessary notices from the Income Tax Department.

Which ITR Form Should You File?

The Income Tax Department prescribes different forms for different categories of taxpayers. Using the wrong form can result in a defective return notice.

• ITR-1 (Sahaj): Salaried individuals with income up to ₹50 lakhs from salary, one house property, and other sources (not capital gains or business income).
• ITR-2: Individuals and HUFs with income from salary, multiple house properties, capital gains, or foreign assets — but no business/professional income.
• ITR-3: Individuals and HUFs with income from business or profession (along with salary, capital gains, etc.).
• ITR-4 (Sugam): Individuals, HUFs, and firms opting for presumptive taxation under Sections 44AD, 44ADA, or 44AE.
• ITR-5: Partnership firms, LLPs, AOPs, and BOIs.
• ITR-6: Companies other than those claiming exemption under Section 11.
• ITR-7: Trusts, NGOs, and institutions registered under Section 12AB / 10(23C).

Key Deadlines for AY 2025-26

Missing the ITR deadline attracts late fees, interest, and in some cases, loss of carry-forward of losses. Mark these dates:

• 31st July 2025: Due date for individuals, HUFs, and non-audit cases (ITR-1, 2, 3, 4).
• 31st October 2025: Due date for companies, firms, and taxpayers requiring audit (ITR-5, 6) and partners of firms requiring audit.
• 30th November 2025: Taxpayers required to furnish transfer pricing reports (Form 3CEB).
• 31st December 2025: Last date for filing belated or revised return for AY 2025-26.

Documents to Keep Ready

Preparing your documents in advance makes the filing process smooth and reduces errors.

• Form 16 from employer (for salaried individuals)
• Form 26AS and Annual Information Statement (AIS) from the IT portal
• Bank statements for all accounts
• Interest certificates from banks and post offices
• Capital gains statements from brokers / mutual fund platforms
• Rental income details and home loan interest certificate
• Investment proofs for Section 80C, 80D, 80G deductions
• Foreign asset and income details (if applicable)

Common Mistakes to Avoid

• Wrong ITR form: Always match your income sources to the correct form before filing.
• Not reconciling with AIS: The Income Tax Department cross-checks your return against AIS data. Unexplained mismatches trigger notices.
• Missing exempt income disclosure: Even exempt income (PF, gratuity, PPF maturity) must be disclosed in the return.
• Not filing Schedule FA: Residents with foreign bank accounts, shares, or property must mandatorily disclose in Schedule FA.
• Forgetting to e-verify: A return is not valid until e-verified (Aadhaar OTP, net banking, or physical ITR-V sent to CPC within 30 days of filing).