ITR Filing 2025 : With the beginning of the new fiscal year on April 1, 2025, taxpayers started preparing to file returns for income taxes for the assessment year 2025-26. If you do not require your account audited, the latest date to file your ITR is July 31, 2025. However, you must file your return on time and without error by this deadline. However, ITRs can be filed after the deadline, but a fine will apply.
When does the ITR filing procedure begin?
Every year, the Income Tax Department sends out step-by-step instructions for the income tax return form. Typically, the filing utility for ITR-1 and ITR-2 becomes live on the income tax portal in the first or second week of May. Once activated, you can file your ITR. In such a case, retain all relevant documentation until the ITR process begins.
These crucial documents for salaried individuals
If you are a salaried employee, Form 16 is your most crucial paperwork. This form contains information about the tax at source (TDS) that was deducted from the salary throughout the fiscal year. This form will allow you to simply determine your total tax liability and refund (if applicable). But you can still file your return without it. Important documents such as Form 26AS and a salary slip must be used for this purpose.
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Who will be receiving a tax refund?
Allow us to inform you that if you deposited more tax than your tax liability for the whole fiscal year, you are eligible for a tax refund. The amount of your tax refund will be based on your total income, deductions, and exemptions. The account for your tax refund will also be determined by the tax system you choose.
How long does it take for my refund to arrive?
Actually, the previous tax had many different types of exemptions, but the tax rate was substantial. At the same time, the new tax structure reduces deductions and exemptions while maintaining a low tax rate. It is typically deposited to your account within a month of submitting an ITR. This, however, requires e-verification.
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