Filing your Income Tax Return (ITR) is not just a legal obligation but a financial responsibility that helps you stay transparent and claim benefits. For the assessment year 2025–26, the process is smoother than ever, thanks to the upgraded Income Tax Portal by the Government of India.
Understanding the Basics of Income Tax
Income: Any financial earnings you receive, whether from salary, business, property, or investments, are categorized as income.
Income Tax: This is a tax levied by the government on your income. The amount of tax you pay depends on your income slab and the applicable tax regime.
Income Tax Login Portal: The official website https://incometax.gov.in is where users can file returns, check status, and more.
Filing Income Tax Return (ITR)
Income Tax Filing: The process of declaring your earnings and paying the due taxes.
Income Tax E-Filing: Filing your ITR online via the Income Tax Portal. You can e-file through ITR-1 to ITR-7 depending on your source of income.
ITR 2: Suitable for individuals and HUFs not having income from business or profession.
How to File:
- Log in to https://incometax.gov.in
- Go to e-File > Income Tax Returns > File Income Tax Return
- Choose the applicable ITR form
- Fill in the details, upload documents, and submit
Income Tax Calculator & Tax Slabs
Income Tax Calculator: This online tool helps you estimate your tax liability under the Old or New Tax Regime.
New Income Tax Slab Rates for Individuals (FY 2024–25):
- Up to ₹2.5 lakh: NIL
- ₹2.5 lakh – ₹5 lakh: 5%
- ₹5 lakh – ₹12.5 lakh: 10%
- ₹12.5 lakh – ₹15 lakh: 15%
- Above ₹15 lakh: 30%
Section 112A of Income Tax Act: Covers long-term capital gains (LTCG) tax on equity shares and mutual funds. LTCG exceeding ₹1 lakh is taxed at 10%.
Section 234C of Income Tax Act: Deals with interest payable on deferred advance tax payments.
Important Dates
ITR Filing Last Date 2025: July 31, 2025 (for most individuals).
Income Tax Return Last Date 2025: Same as above unless extended.
Income Tax Refund Last Date: You must file your return before the due date to be eligible for a refund.
Income Tax Refunds
Income Tax Refund: If you’ve paid more tax than required, you can claim a refund.
Income Tax Refund Status: Can be checked on the e-filing portal under the ‘My Account’ section.
Other Key Terms
Panchayat Income Certificate: A document used to validate income for local schemes or educational purposes. It is not used for ITR but helps in claiming certain benefits.
Income Claimed for Relief from Taxation u/s 89A: Applies to income from specified foreign retirement benefit accounts.
YouTube Income: Must be reported under “income from business or profession.”
FAQ on Income Tax Return Filing 2025
Q1. What is the last date to file Income Tax Return for FY 2024–25?
A. July 31, 2025, unless extended by the Income Tax Department.
Q2. How can I check my income tax refund status?
A. Log in to the income tax portal > My Account > Refund/Demand Status.
Q3. Which ITR form should I use?
A. Most salaried individuals will use ITR-1; if you have capital gains or multiple properties, you may need ITR-2.
Q4. What happens if I miss the last date?
A. You may file a belated return with a penalty or miss out on refunds and carry-forward of losses.
Q5. How do I use the Income Tax Calculator?
A. Visit the portal, select your regime, enter income details, and get estimated tax liability.
Q6. Is YouTube income taxable?
A. Yes, it is considered business income and must be reported in your return.
