ITR Filing 2025: The Income Tax Department has released all Income Tax Return (ITR) forms for FY 2024-25 (Assessment Year 2025-26). Earlier these forms were usually released as soon as the new financial year started. However, this time notes have been notified at the end of April. However, online software or utilities required for ITR filing have not yet been released.
In such a situation, the question arises that when should the taxpayers file a return file? Should they file the Return as soon as they open the portal of ITR filing or wait for some time? Let’s know the answer:
Last date for getting TDS Certificate 15 June
According to the Income Tax Rules, taxpayers should get TDS (TD Deed at Source) certificates, such as Form 16 and Form 16A, maximum by June 15. These forms issue salary class as their employer.
Also, a taxpayers have earned any income from the last three months of the financial year (January to March 2025), on which TDS is implemented, then the payment of that income has to file e-TDS returns by 31 May. This is then updated in Form 26AS of data taxpayers.
It takes time to complete this process and get TDS certificate, so it is difficult to get the right and complete information before June. In such a situation, if you try to file an ITR as soon as you open the portal, then there may be a problem.
SFT and AIS update till June
In the last few years, there have been many changes in the Income Tax Rules. Now many financial institutions have to report large transactions held in the financial year. This is called specified financial transactions (SFT). These reporting is completed by May 31, but the data on the processing and taxpayers’ Annual Information Certificate (AIS) is updated till the second week of June.
This factor also suggests that in a hurry, one should avoid filing income tax returns. This creates a possibility of Missamach in details.
What are the risk in early filing?
When the Income Tax Department issues early ITR utilities, it often has technical flaws. In these, issues of wrong calculation, system failure or data validation can be revealed.
Also, if a taxpayer files ITR before June 15, Form 26AS, Form 16/16A and AIS may report wrong or incomplete information due to lack of complete information. This may have to file revised returns later, which increases time and effort.
What should the taxpayer do?
- Ensure that you get the TDS certificate by June 15.
- Fill ITR with correct information of Form 26AS and AIS.
- Avoid filing in a hurry, so that there is no problem like tax notice, scrutiny or delay in refund.
It is usually better for taxpayers to file ITR after June 15 as all financial data is updated during this period and there is no possibility of mistake in filing. There is no delay in getting refunds and there is no fear of notices from the tax department.
When should the return file early?
- If your income is only from salary, bank interest or other ordinary sources. Also, Form 16 and Form 26AS are already available, so you can file returns quickly.
- If income tax refund is made in your case, then it may be better to file returns quickly. This can provide a quick refund, which improves the cash flow.
- If you need ITR for a home loan, education loan or visa, the quick filing can speed up your process.
- If there is no change in your income, tax details or declaration compared to last year, it is safe to file early.
Also read: ITR Filing: These 5 mistakes are often made in filing income tax returns, what is the way to escape?