Filing your Income Tax Return (ITR) is more than just a statutory obligation – it is a crucial part of responsible financial management. Whether you are a salaried individual, a business owner, or a professional, timely and accurate filing of your ITR ensures compliance with the law and provides several long-term benefits.
Why is ITR Filing Important?
- Legal Compliance – Filing your ITR within the due date helps you stay compliant and avoid penalties.
- Proof of Income – ITR serves as a documented proof of income, often required for loan approvals, visa
applications, and financial transactions. - Carry Forward of Losses – If you have incurred business or capital losses, filing your ITR on time allows
you to carry forward those losses to set off against future income. - Avoid Penalties & Notices – Late filing attracts interest and penalties, while accurate filing reduces the
chances of scrutiny or notices from the Income Tax Department. - Refund Claims – If you have paid excess tax through TDS or advance tax, you can only claim a refund
by filing your ITR.
Who Should File ITR?
- Salaried Individuals with income above the basic exemption limit.
- Business Owners & Professionals whose total income exceeds the threshold.
- Individuals with Foreign Income/Assets.
- Persons Claiming Refunds or having TDS deducted.
- Companies and Firms, irrespective of profit or loss.
Types of ITR Forms
- ITR-1 (Sahaj) – For salaried individuals with income up to n50 lakhs.
- ITR-2 – For individuals and HUFs without business/professional income.
- ITR-3 – For individuals/HUFs with business or professional income.
- ITR-4 (Sugam) – For presumptive income taxpayers (business/profession).
- ITR-5, 6, 7 – For firms, LLPs, companies, and trusts.
Steps for ITR Filing
- Collect Necessary Documents – Form 16, salary slips, bank statements, investment proofs, etc.
- Choose the Correct ITR Form based on your income type.
- Compute Your Total Income after considering exemptions and deductions (like 80C, 80D, etc.).
- Pay Any Pending Tax Liabilities through challan.
- File ITR Online through the Income Tax e-filing portal.
- Verify ITR via Aadhaar OTP, net banking, or by sending a signed ITR-V to CPC, Bengaluru.
Due Date for ITR Filing (AY 2024–25)
The last date to file your Income Tax Return (ITR) is 15th September 2025.
- Avoid late filing penalties.
- Claim refunds on time.
- Carry forward eligible losses.
- Stay stress-free without last-minute rush.
Consequences of Late Filing
- Penalty under Section 234F (up to n5,000).
- Interest on pending taxes under Sections 234A, 234B, 234C.
- Ineligibility to carry forward certain losses.
How a CA Firm Can Help You?
Filing ITR can be confusing due to frequent tax law updates and multiple forms. At B N Modi & Associates
LLP, we assist individuals, professionals, and businesses with:
- Choosing the correct ITR form.
- Tax planning to minimize liability.
- Accurate and timely filing.
- Handling notices and assessments.
Conclusion
Filing your ITR is not just about compliance – it is about building financial credibility and securing your financial future. Avoid the last-minute rush and consult a professional to ensure smooth and error-free filing.
Need Help with ITR Filing? Contact our experts at B N Modi & Associates LLP today.