New Delhi, July 27 UDN}: Income Tax Return (ITR) filing for the financial year 2025–26 has begun. For general taxpayers, the last date for filing the return is July 31. However, for certain categories of taxpayers, particularly those required to file ITR-3 and ITR-4, the deadline has been mentioned as August 31.
If a taxpayer fails to file the Income Tax Return by July 31, a belated return can be filed by December 31, subject to applicable late fees and penalties. The ITR serves as an official record of a taxpayer’s overall income, investments and financial transactions. After filing the return, taxpayers must also complete the e-verification process. E-verification can be completed using Aadhaar OTP, net banking, a demat account or a digital signature. Failure to verify the return within the prescribed time may result in the return being treated as invalid.
The Income Tax Department is increasingly using Artificial Intelligence (AI), data analytics and information collected through various portals to obtain details relating to bank accounts, TDS, shares, mutual funds, properties and foreign travel. These details may be compared with the information declared in the ITR.
Following changes in income tax rules, taxpayers should not rely solely on Form 16 while filing their returns. Many salaried individuals believe that Form 16 is sufficient. However, Form 16 primarily provides details of salary income and the TDS deducted from it. If a taxpayer has income from fixed deposits (FDs), recurring deposits (RDs), savings account interest, dividends, rent, freelance work, shares, mutual fund gains or foreign sources, such income must also be properly reported in the ITR.
It is also important for taxpayers to select the correct ITR form. Choosing the wrong form may result in an invalid or defective return and could potentially be treated as if the taxpayer had not filed the return correctly.
Belated Return Can Be Filed by December 31
ITR-1 is generally meant for individuals with income from salary or pension and certain simple sources of income, such as interest. ITR-2 is applicable to taxpayers who have income involving capital gains, multiple house properties, foreign assets or foreign income. ITR-3 is intended for individuals engaged in business, professional activities or freelancing, while ITR-4 is generally meant for eligible taxpayers with income from certain small businesses and professions under the presumptive taxation scheme.
Before filing the return, taxpayers should carefully cross-check their Form 16, Form 26AS, Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). If the income or transaction details shown in these records differ from the information reported in the ITR, the Income Tax Department may seek an explanation from the taxpayer.
If any information displayed in these statements is incorrect, taxpayers can raise a complaint or submit feedback through the relevant income tax portal to request correction.
Taxpayers who change jobs during a financial year must also ensure that their salary income from both employers is included while filing the ITR. If an individual has worked for two different employers during the same financial year, the salary received from both the previous and the current employer should be combined and correctly reported in the income tax return.
Therefore, taxpayers are advised to review all sources of income, verify their financial information across the available tax statements, select the appropriate ITR form and complete both filing and e-verification within the prescribed deadlines to avoid penalties, notices or complications.
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