Imagine, you are going to file Income Tax Return (ITR) for the first time. The online process has become easy, yet newcomers feel a little intimidated. Don’t worry. This guide will explain you step by step, like a story, how to fill ITR, how to get a copy of it and what mistakes to avoid. Remember, every Indian citizen must file his ITR, whether the income is from salary, business, property sale, shares or interest-dividend.

Deadline for filing ITR

Last day to pay no penalty: CA Santosh Mishra says that the last date to file ITR is 15 September 2025. If you file ITR by this date (for financial year 2024-25 / assessment year 2025-26), then you will not have to pay any late penalty.

What happens if you file late?

Mishra says, “Suppose for some reason you file ITR after September 15, but before December 31, 2025, in such a case you will have to pay a fine. This fine can start from ₹ 1,000 and go up to ₹ 10,000. It will depend on how much you have delayed and what your taxable income is. That is, delay can be costly.”

Let us now know the easy way to file ITR online

1. Log in to the website

First of all, go to the official website of Income Tax Department (incometax.gov.in). If you are already registered, log in by entering your user ID and password.

2. If you are new then register like this

If you are filing for the first time, you will have to register first. For this, you will have to provide your PAN, Aadhaar number and some other important information, like you do while opening a new bank account.

3. Select Menu

After logging in, you will see the ‘e-File’ menu. Go to it and click on ‘ Income Tax Returns’ and then select ‘File Income Tax Return’. Now your ITR filing journey has begun.

4. Select AY and mode

You will now be asked for the Assessment Year (AY). Since we are filing the return for FY 2024-25, select AY 2025-26. Then, select your preferred mode of filing.

5. Status and ITR Form

On the next page, you will have to specify which category you fall under. Are you an individual, Hindu Undivided Family (HUF) or any other? Select your status and press the ‘Continue’ button. Then, choose the right ITR form for you (like ITR-1, ITR-2, etc.) and also decide whether you want to remain in the old tax slab (old regime) or the new one (new regime).

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Till now these forms were only available offline. However, now the Income Tax Department has given information about their availability online through a tweet. To make it easier for the taxpayers to fill the form, a lot of information related to them will be pre-filled in the form.

Most of the people who file income tax returns are salaried people or individual taxpayers. The last date for filing ITR without penalty for these people is 31 July 2023. Those filling the form after July 31 may have to pay a fine.

Last date for filing ITR for different categories of taxpayers-

1. For individual taxpayers, Hindu Undivided Family (HUF), Association of Persons (AOP) or Body of Individuals (BOI) whose books of accounts are not required to be audited, the last date for filing returns is 31 July 2023 .

2. The last date for filing ITR for businesses whose accounts need to be audited is 31 October 2023.

3. The last date for filing ITR for businesses with international transactions or certain domestic transactions is 30 November 2023.

4. The last date for filing revised ITR and belated returns has been fixed as December 31, 2023.

What will happen if ITR is not filed on time?

Interest: If you file your return after the last date, you will be required to pay interest at the rate of 1% per month on the unpaid tax amount under section 234A of the Income Tax Act.

Late fee: A fine of Rs 5,000 has to be paid under section 234F. This will be reduced to Rs 1,000 if the total income is less than Rs 5 lakh.

Loss Adjustment: If you have incurred loss in stock market, mutual funds, properties or any of your business, then you can carry it forward and adjust it against next year’s income. This helps in reducing your tax liability significantly. Adjustment of loss is allowed only if you declare the loss in your ITR and file it with the Income Tax Department before the due date.

Belated Return: If you are not able to file the ITR form till the last date and file it after that then it is called belated return. In belated returns also, taxpayers have to pay penalty and interest, but they are not allowed to adjust the loss in future. This year you can fill belated ITR till 31 December 2023.

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Although many times the date is not extended further by the government. In such a situation, April 30 is also the last date for many tax filings, about which you need to know.

TDS Payment Due Date for March 2023

TDS is the tax deduction that is levied at the source of your income. This means that TDS is deducted from income from other sources, including bank deposit interest, rent, consultancy fees, commission, cryptocurrency or virtual digital assets, and stamp duty. It is deposited with the government. The normal TDS rate on certain incomes and investments can be as low as 1 percent, and can be as high as 30 percent (such as in the case of gains on cryptocurrencies). The last date for TDS payment for March 2023 is April 30, 2023.

GSTR-4 Last Date for FY 2022-23

GSTR-4 is a return under the Goods and Services (GST) system for taxpayers who have opted for the composition scheme. Till FY 2018-19 when returns were filed every quarter. Now filing is done in a year. The last date for filing annual GSTR-4 return for FY 2022-23 is April 30, 2023. After this date, a late fee of Rs 50 per day is levied on taxpayers for liabilities up to Rs 2,000. Where there is no liability, the maximum late fee is Rs.500. Composition scheme is a system for filing GST for small taxpayers. This includes those people whose total turnover in the previous financial year did not exceed Rs 1.5 lakh.

Last date for filing 15G and 15H for Q4 FY23

If you have earned more than Rs 40,000 in a year by way of interest on your money deposited in the bank, then the bank will deduct TDS on it. For senior citizens, this limit is Rs 50,000 per annum. However, there is a way to save TDS on interest income. If your annual income is less than the taxable income, you can submit self-declaration Form 15G and 15H requesting the bank not to deduct TDS from the interest. The last date for submission of Form 15G and 15H to save TDS on interest income for the quarter January-March 2023 is April 30, 2023.

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Now you have to file your ITR by 31st July. If you do not do this, then you can also get into trouble. This time, along with legal action against those who do not file ITR, the government has also made a provision to increase the amount of fine.

Last date will not be extended further

The government said that this time the last date for filing Income Tax Return (ITR) will not be extended further. Because of which it is necessary for all tax payers to file their ITR before the last date. Taxpayers who do not file ITR will also not be able to carry forward the losses of the current financial year. Apart from this, if you file your ITR later, then you will also have to pay a hefty penalty on it.

That’s why it is necessary to file ITR

According to experts, if a person has regular income. Also, if he comes in the tax slab set by the government, then he is required to file income tax return. If he does not do this, then he can also be blacklisted by the department. Apart from this, if this happens, he will not be offered loan from any bank. Along with this, legal action can also be taken against you on the matter of tax evasion.

Works like documents too

ITR filing also serves as a document. You can use it as a proof in different financial applications. Many times, while applying for a loan, bankers ask for a copy of ITR for verification. This also shows your regular income. Apart from this, ITR also helps you in credit card, insurance policy and other such important work.

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This is the last date

At the same time, individual income tax payers are required to file income tax by 31 July. If you file income tax after this, then penalty can also be imposed. If someone’s age is less than 60 years and his income is less than 2.5 rupees per annum, then such people do not have to pay tax but still such people can file income tax return. Income tax can be filed even if the income is not taxable.

keep documents with you

At the same time, let us tell you that for the income tax filing process, you do not need to upload any document while filing the income tax return. It is a process in which documents are not uploaded. However, in case of any inquiry through the prescribed officer, documents and certificates should be with you so that you can avoid any action.

Benefits of filing ITR

• Ease of availing loan.
• Can claim TDS.
• ITR copy can be used as a document for loan or credit card application.
  Visa application process can be easy.
• Comes to work to show proof of income.
• ITR is also used to show identity
• Penalty can be avoided.
• Loss of capital gains may be covered.
• May also indicate loss or damage to property.

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