Income Tax Return (ITR) Filing Guide for FY 2024-25: Documents, Forms & Benefits

As the financial year ends, it’s time to organize your earnings, receipts, and documents to fulfil one of your most crucial responsibilities as a citizen—filing your Income Tax Return (ITR). Whether you earn a salary, run a business, or make profits from investments, submitting your ITR is more than just compliance—it’s a step toward financial discipline, tax savings, and long-term benefits.

Why Filing ITR is Essential (Even If Your Income is Below Taxable Limit)

1. Claim tax refunds if excess TDS was deducted.
2. Adjust losses against future income.
3. Improve financial credibility for loans, visas, and credit approvals.
4. Avoid penalties for missing the due date.

Introduction: Your Journey into the World of ITR

In this article, we’re going to take you on a journey through the world of Income Tax Returns (ITR) — not in a dry, technical way, but through a lens that makes it easy to understand and relate to. Filing taxes might seem intimidating at first, but once you understand the process, it becomes an empowering part of managing your finances.

Why ITR Matters

Filing your Income Tax Return (ITR) is more than just a legal obligation—it’s a powerful financial tool that helps you build credibility, save taxes, and secure future opportunities. Whether you're a salaried professional, freelancer, or business owner, understanding why ITR matters can transform your financial journey.

Who Needs to File ITR?

We’ll begin by breaking down who should file an ITR — whether you’re a salaried employee, a freelancer, a business owner, or someone earning passive income like rent, dividends, or capital gains. Filing isn’t limited to high-income individuals; even those below the taxable limit can benefit from voluntary filing.

Choosing the Right ITR Form

Next, we’ll explore the different ITR forms — ITR-1 to ITR-7 — and help you understand which one aligns with your income sources and taxpayer category. Choosing the right form is crucial to ensure your return is processed smoothly without issues.

Understanding Income Types and TDS Basics

We'll also discuss the various types of income that need to be reported, such as income from salary, house property, business, or investments. Special focus will be given to TDS (Tax Deducted at Source), especially how it works for salaried individuals and why checking Form 26AS is important.

Key Deadlines and Compliance

Missing deadlines can lead to penalties and missed opportunities. We’ll highlight all the important dates you need to keep in mind while planning your ITR filing, including the standard due date of July 31st and provisions for late filing.

Documents Checklist for Each ITR Type

To make your filing process smooth and stress-free, we’ll walk you through the documents required for each ITR form. Whether it’s your Form 16, bank statements, or proof of deductions under various sections, having the right paperwork ready can save you time and hassle.

Your Guide to Confident Filing

Whether you're filing your ITR for the first time or just want a clearer understanding of the process, this article is designed to be your go-to guide. With the right information, you can file your return confidently, stay compliant with tax laws, and unlock a range of financial benefits.

📊Who Needs to File ITR? – AY 2025–26 Summary Table

📘Which ITR Form Should You File?

Types of ITR Forms available on https://www.incometax.gov.in for F.Y 24-25.

✔ ITR-1 (Sahaj) – Simplest form for salaried individuals with basic income sources.

✔ ITR-2 & ITR-3 – For complex incomes like capital gains, foreign assets, or business earnings.

✔ ITR-4 (Sugam) – Best for small businesses under presumptive taxation.

✔ ITR-5 – For entities like LLPs, AOPs, and partnership firms.

🧾 How to File Your ITR Online (Without Stress!)

Filing your Income Tax Return (ITR) might seem like a big task, but trust me, once you know the steps, it’s easier than you think! Whether you're a salaried person, a freelancer, or just someone trying to stay tax-compliant — here’s a simple, step-by-step guide to help you file your ITR online like a pro.

👉 Step 1: Visit the Income Tax Website and Log In

• Start by visiting the official Income Tax e-filing website.
• Use your PAN (Permanent Account Number) as your login ID, enter your password, and solve the captcha to log in.
• Once you're in, you're ready to begin!

👉 Step 2: Start Your Return Filing

On the homepage, go to the top menu and click ‘e-File’ → ‘Income Tax Returns’ → then select ‘File Income Tax Return’. This opens the door to the ITR filing section.

👉 Step 3: Choose the Right Assessment Year

If you’re filing for income earned between April 2024 and March 2025, Select Assessment Year 2025–26. You’ll also need to choose whether you're filing a return for the first time (Original) or correcting an earlier return (Revised).

👉 Step 4: Select Your Filing Status

You’ll now be asked to choose your filing status. For most individuals, select ‘Individual’.

If you’re filing on behalf of a HUF (Hindu Undivided Family) or under ‘Others’ (like trusts or firms), pick accordingly.

👉 Step 5: Pick the ITR Form That Matches Your Income

This step is important. Choose the correct ITR form based on how you earn your income:

• ITR-1: For salaried individuals with income up to ₹50 lakh
• ITR-2: For those with capital gains or more than one house
• ITR-3: For business owners or professionals
• ITR-4: For those opting for presumptive taxation

If you're unsure, you can refer to the ITR form comparison on our site or consult a tax expert.

👉 Step 6: Mention Why You're Filing the Return

Next, tell the portal why you’re filing:

• Your total income is above the basic exemption limit
• You're required to file as per income tax laws
• You're filing voluntarily (for a visa, loan, or just to be on the safe side)

Choose the reason that fits your situation best.

👉 Step 7: Check, Fill, and Submit Your Return

At this stage, some of your details will be auto-filled — like your PAN, name, Aadhaar, and bank account. You’ll need to enter your income details, declare any deductions (like investments, insurance, etc.), and check for any tax balance. If tax is due, you’ll be guided to pay it before submission.

Important: Double-check everything. Mistakes can lead to processing delays or notices.

👉 Step 8: E-Verify Your Return (Don’t Skip This!)

Once you’ve submitted your return, you must verify it within 30 days. You can e-verify using:

• Aadhaar OTP
• Net banking
• Pre-validated bank account
• Demat account

Verifying your return is mandatory without it, your return is considered invalid.

✅ Quick Tip:

Always download a copy of your ITR and the e-verification acknowledgment. It’s proof that you’ve filed and can come in handy for things like loans, visas, and financial planning.

📂 Essential Documents Required for ITR Filing in India (2024-25)

Before you sit down to file your Income Tax Return (ITR), it’s super helpful to keep all your documents ready. This makes the filing process smooth, accurate, and less stressful.

Here’s a breakdown based on different income sources:

ITR Filing for Salaried Employees: Essential Documents & Pro Tips (FY 2024-25)

Filing your Income Tax Return (ITR) as a salaried employee? Ensure a smooth and error-free process with this step-by-step document checklist tailored for salary earners.

📌 Must-Have Documents for Salaried ITR Filing

1. PAN & Aadhaar (Mandatory)

✔ PAN Card – Your Permanent Account Number (tax identification).

✔ Aadhaar Card (Linked with PAN) – Required for e-verification.

2. Salary & TDS Documents

✔ Form 16 (Part A & B) – Issued by your employer, contains:

Part A: Salary breakup, TDS deducted, employer details.

Part B: Detailed tax computation & exemptions claimed.

✔ Monthly Salary Slips – Helps cross-verify income & deductions.

3. Tax-Saving Proofs (If Applicable)

✔ HRA Exemption – Rent receipts + landlord PAN (if rent > ₹1 lakh/year).

✔ LTA Claims – Travel bills/tickets (if availed).

✔ Section 80C Investments – PPF, ELSS, NSC, life insurance premium receipts.

✔ Section 80D (Health Insurance) – Premium payment proofs.

4. Additional Income & Deductions

✔ Interest Income (Savings/FDs/Bonds) – Bank interest certificates.

✔ Capital Gains (Stocks/Mutual Funds/Property) – Broker statements.

✔ Home Loan Interest Certificate (If claiming deduction under Section 24).

💡Expert Tips for Hassle-Free ITR Filing

✅ Form 16 is Your Best Friend – It consolidates your salary, TDS, and deductions—making e-filing easier.

✅ File Before July 31 – Avoid last-minute rush and penalties (up to ₹5,000 for late filing).

✅ Double-Check TDS Mismatches – Compare Form 26AS with Form 16 to ensure correct tax credits.

✅ Use Pre-Filled ITR Option – Auto-fill income details from AIS (Annual Information Statement).

🏠 Filing your Income Tax Return (ITR), If You Have Income from House Property during the financial year

Whether you’re earning rent or claiming deductions on a home loan, these documents are key:

• Rent Agreement or Rental Income Details
• Tenant Info – Name, PAN or Aadhaar of the tenant (if available)
• Address of the Property – Along with co-owner details if shared
• Loan Interest Certificate – Provided by your bank or lender
• Pre-construction Interest Statement – If you’ve claimed this benefit
• Municipal Tax Receipts – Proof of property tax paid

💰 If You’ve Sold Property or Other Capital Assets

Capital gains from selling property, shares, or mutual funds? Here’s what you need:

🏘️ Filing your Income Tax Return (ITR) , For Real Estate Sales (like land, house, flat) during the financial year:

• Sale & Purchase Agreements – Legal documents showing transaction details
• Improvement Cost Bills – For any upgrades or renovations
• Transfer Charges – Brokerage, legal fees, etc.
• Buyer Details – PAN, Aadhaar, and address of the buyer
• Exemption Proofs (if claiming) – Such as Section 54 or 54EC for reinvestments

📈 Filing your Income Tax Return (ITR) , Sale of Mutual Funds or Shares and Other Securities during the financial year:

• Capital Gain Statement – You can download a consolidated one from CAMS or KFintech for mutual funds
• Equity Sales Report – Ask your broker for a Tax P&L or capital gain summary
• Purchase & Sale Records – For any other capital asset (like gold, jewellery, etc.)

🔍 Tip: Even if you made a loss, it's still important to report your capital transactions.

🏦 Filing your Income Tax Return (ITR) , If You Earn Interest Income during the financial year

If you earned interest from your bank account, deposits, or other investments:

• Bank Passbook or Statements – For savings interest
• FD Interest Certificates – Provided by your bank for fixed deposits
• TDS Certificates – In case tax was already deducted on your interest income

✅ Note: If you earned savings interest under ₹10,000, don’t forget to claim your benefit under Section 80TTA!

📌 Final Reminder:

You may not need every document listed here — it depends on your income sources. But having these ready will help you file your return faster and with full accuracy.

📌Income Tax Return (ITR) – Frequently Asked Questions (FAQs)

1. If my income is below ₹2.5 lakh, am I under any obligations to file ITR?

Filing below ₹2.5 lakh is not compulsory (this is the basic exemption limit). However, it is advisable to prepare and file. It aids in developing financial records required while applying for loans, refunds, visas, etc.

2. How do I choose the correct ITR form?

The correct ITR form is based on the source of income.

ITR-1: For salaried individuals, total income shouldn’t exceed ₹50 lakh

ITR-2: For capital gain, foreign income, ownership of more than one property

ITR-3: For income earned through business or profession

ITR-4: For presumptive income covered under sections 44AD/44ADA

Choosing the correct form in accordance with your income and occupation is essential to ensure there are no processing difficulties.

3. Does ITR need to be filed by NRIs in India?

Yes. NRIs are supposed to file ITRs if their income earned in India is more than ₹2.5 lakh. This comprises rent received from the Indian property, capital gain, or interest on bank accounts in India.

4. If I have been granted ESOPs by a startup, do I need to report them under ITR?

You are required to do so. Regardless of whether tax on ESOPs is deferred, this liability has to be included in the return. Full reporting as a measure of the income tax obligations must be made because of the likelihood of penalties further down the line.

5. I suffered stock losses this year. Is filing my return still necessary?

Absolutely. Filing allows for the recovery of losses by offsetting them against future capital gains. Not filing means these benefits will not be realized.

6. What documents are needed for filing ITR?

Prepare the following:

PAN and Aadhaar

Interest bearing bank accounts statement CAPG 16 (For employed clients) Capital Gains Statements Domain Receipts for Rent, Loan Agreements for Houses Deductible Expenses Claim Vouchers such as those from 80C and 80D

Although these documents are not submitted with the return, they aid in filing. These documents are not needed with the submission of the taxes, however, they aid in ensuring the filing is accurate.

7. Even though my foreign income level will not be above ₹2.5 lakh, I still need to declare my foreign possessions. Should I file?

Without a doubt. Having foreign assets does classify you as a resident which means declaring these possessions in the ITR, becomes compulsory, no matter your income bracket.

8. If IFS deductible TDS has been taken from my saving accounts tax deposits, do I need to apply for a refund?

For sure, provided that there are funds held in an account under my name. Filing becomes necessary if the amounts held and deemed non taxable.

9. When is the deadline for filing ITR for the A.Y. 2025-26?

For most individual taxpayers, the deadline is set for 31st July, 2025. Failing to meet this deadline could result in late payments, interest charges, and the forfeiture of certain tax incentives.

10. After filing, how can I confirm my ITR?

After filing, you have 30 days to confirm your ITR using:

OTP for Aadhaar

Online banking

Verification of a bank or Demat account is required. Your return is deemed invalid without it.

11. If I don't owe any taxes, is it still beneficial to file an ITR?

Indeed. Even with no taxes, filing an ITR is beneficial:

Create financial evidence

Apply for loans and visas.

Request reimbursement if TDS was withheld.

It's a wise choice for long-term planning.

12. After filing, is it possible to correct an error in my ITR?

Indeed. To add missing information or fix mistakes, you can submit a revised return. This needs to be completed prior to the revision deadline, which is usually December 31 of the assessment year.

13. I lost money on my startup. Do I still need to submit my ITR?

Indeed. Even companies that are losing money have to submit returns. It enables you to later take advantage of startup-specific tax benefits and carry forward losses.

14. Describe Form 26AS and explain its significance.

Your tax passbook is Form 26AS. It displays:

TDS by banks, employers, and other parties

Self-assessment tax or advance tax paid

Issued refunds

Verifying it guarantees that you don't overlook any income or taxes that have already been paid.

15. Is it challenging to submit an ITR for the first time?

Absolutely not. Filing is simple with the income tax portal's step-by-step guidance. For extra peace of mind, newcomers can also seek assistance from online resources or a tax advisor.

✅ Final Thoughts: File Smart, Stay Ahead!

Filing your Income Tax Return isn't just a rule—it’s a smart step toward managing your finances better. Whether you're earning a salary, running a business, or making gains from investments, staying tax-compliant keeps you in control and future-ready. It helps you avoid penalties, unlock financial benefits like smoother loan approvals, and most importantly, gives you peace of mind.

Yes, the process may seem overwhelming at first—but with the right documents in hand, clear steps to follow, and awareness of the right ITR form to use, it becomes way simpler than you think. And the good news? You don’t have to be a tax expert to get it done right.

👉 So don’t wait until the last minute—gather your details, pick the right form, and file your return confidently.

Need a helping hand? Visit [Connect For ITR] for simplified guides, expert tips, and hassle-free ITR filing solutions designed just for you.

Remember, when you file your ITR on time, you're not just fulfilling a duty—you're building financial credibility and taking charge of your future. 💼✨