10 Key Points Before Filing ITR for FY 2024-25

10 Things to Remember Before Filing Income Tax Return (ITR) for FY 2024-25

Introduction

Filing your Income Tax Return (ITR) is not just a formality—it’s a financial responsibility. Whether you're a salaried employee, freelancer, small business owner, or investor, accurate ITR filing is crucial to avoid penalties and maintain financial transparency.

This guide covers the 10 most important things you should remember before filing your ITR for FY 2024-25 (AY 2025-26). Following these steps will help you stay compliant, claim deductions properly, and avoid last-minute stress.

Know the ITR Filing Deadline

For most individuals, the due date to file ITR for FY 2024-25 is July 31, 2025. Missing this date may result in late fees under Section 234F.

Important ITR Deadlines:

Taxpayer Type	ITR Filing Due Date
Individuals (Non-audit)	15th September 2025
Audit Cases	31st October 2025
Transfer Pricing Cases	30th November 2025

Tip: Set a reminder or file early to avoid server rush and last-minute issues.

Gather All Income Documents

Make sure you collect all income-related documents to avoid underreporting. These may include:

1. Form 16 from employer
2. Form 16A (TDS on other income)
3. Bank interest certificates
4. Capital gains statements
5. Rent receipts (for HRA claims)
6. Dividend and mutual fund statements

Example:

Many salaried individuals forget to report interest earned from savings accounts or fixed deposits. Even small incomes must be reported to avoid scrutiny.

Reconcile with Form 26AS, AIS & TIS

Before filing, match your income and TDS details with:

1. Form 26AS – Summarizes TDS deducted and tax paid.
2. Annual Information Statement (AIS) – Provides a detailed record of financial transactions.
3. Taxpayer Information Summary (TIS) – Summarized view of AIS.

This step ensures that there’s no mismatch between your declared income and data available with the IT department.

Choose the Right ITR Form

Filing the wrong ITR form can lead to rejection. Choose based on your income source:

Income Type	ITR Form
Salary income only	ITR-1 (Sahaj)
Freelancers & professionals	ITR-3
Business income under Presumptive Tax	ITR-4
Capital gains, multiple income heads	ITR-2

Pro Tip: When in doubt, consult a tax expert.

Claim All Eligible Deductions

Don’t miss out on Section 80C to 80U deductions. Some commonly claimed ones:

1. 80C: LIC, PPF, ELSS, Home Loan Principal
2. 80D: Medical insurance premiums
3. 80G: Donations to eligible charities
4. 80TTA/80TTB: Interest on savings accounts

Example:

You can claim ₹1.5 lakh under 80C by investing in ELSS mutual funds and get tax benefits plus market-linked returns.

Disclose All Bank Accounts & Foreign Assets

From FY 2024-25, you are required to:

1. Declare all domestic and foreign bank accounts.
2. Disclose any foreign income or assets, if applicable.

Non-disclosure of foreign assets attracts severe penalties under the Black Money Act.

Report Capital Gains Accurately

Whether you sold shares, mutual funds, or property—capital gains must be reported accurately.

1. Equity investments held >1 year: 10% LTCG tax beyond ₹1 lakh.
2. Real estate: Indexed cost calculation and exemptions (Section 54, 54EC).

Upload your brokerage capital gain statement and cross-verify with AIS.

Declare Income from Other Sources

Other income includes:

1. Freelance or consulting fees
2. Gifts received above ₹50,000
3. Rent from second property
4. Interest from bonds or FDs

Pro Tip: Declare even small amounts to maintain clean financial records.

Verify Tax Payment & Advance Tax (If Any)

If your tax liability exceeds ₹10,000 in a year, advance tax must be paid. Ensure:

1. TDS + Advance Tax ≥ Total Tax Liability
2. Pay self-assessment tax before filing, if needed

E-Verify Your Return

Once filed, e-verification is mandatory within 30 days. If not verified, your ITR is treated as not filed.

Ways to e-verify:

1. Aadhar OTP
2. Net banking
3. Demat account
4. Bank ATM (via EVC)

Let Us File Your ITR Hassle-Free!

Filing ITR can be confusing, especially with multiple income sources, investments, or business income.

We offer expert ITR filing services for individuals, freelancers, NRIs, and businesses.

10 Most Common FAQs about ITR Filing FY 2024-25

Final Words

Filing your ITR for FY 2024-25 doesn’t have to be stressful. Just keep these 10 points in mind, stay organized, and seek professional support when needed.

Need help with accurate and timely ITR filing?