Income Tax Filing FY 2024-25: July 31 Deadline Confirmed

Income Tax Filing FY 2024-25: July 31 Deadline Confirmed

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The Income Tax Department has officially set July 31, 2025, as the last date for filing Income Tax Returns (ITR) for the financial year 2024–25. Taxpayers across income groups are advised to file their returns on or before this date to avoid late fees, penalties, and possible scrutiny from the department.

Income Tax Filing FY 2024-25: July 31 Deadline Confirmed

As the new assessment year approaches, several changes have been introduced in ITR forms and filing procedures. Understanding these changes is essential to ensure error-free compliance.

Choosing the Right ITR Form: A Critical First Step

One of the most important aspects of tax filing is selecting the correct ITR form. The Income Tax Department has different forms based on income type and taxpayer category:

  • ITR-1 (Sahaj): For salaried individuals, pensioners, and small taxpayers with income up to ₹50 lakh.

  • ITR-4 (Sugam): For professionals and businesses opting for presumptive income schemes.

  • ITR-7: For trusts, charitable organizations, and similar entities.

New updates now allow taxpayers with long-term capital gains (LTCG) under ₹1.25 lakh to file using ITR-1 or ITR-4. Earlier, such individuals were required to use ITR-2. This modification provides greater convenience to small investors and salaried professionals.

Those unsure about the appropriate form are advised to consult a certified tax advisor to prevent mistakes.

Old vs New Tax Regime: Make an Informed Choice

Taxpayers now have the option to choose between two tax regimes:

  • Old Tax Regime: Allows for deductions and exemptions under various sections (such as 80C, 80D, HRA, etc.).

  • New Tax Regime: Offers lower tax rates but does not provide exemptions or deductions.

While filing ITR, taxpayers can select either regime. A change in regime is allowed even if a different choice was made at the beginning of the financial year. Making the right decision can lead to substantial tax savings.

Declare All Sources of Income, No Matter How Small

Neglecting to report minor incomes can lead to serious issues. According to the Income Tax Department, every rupee of income must be declared, including:

  • Interest from savings accounts or fixed deposits

  • Rental income or gifts

  • Returns from small investments

Accurate reporting ensures transparency and prevents any potential notices or penalties in the future.

Avoid Penalties: File on Time

Filing after the July 31, 2025 deadline can attract late filing fees of up to ₹5,000 under Section 234F of the Income Tax Act. Moreover, any expected tax refunds may be delayed, causing financial inconvenience.

To stay compliant:

  • Collect all necessary documents early

  • Verify income statements and deductions

  • File returns well before the deadline

Timely and accurate filing not only protects you from penalties but also contributes to maintaining a clean tax record.

Author Profile

Kuldeep Singh Chundawat
Kuldeep Singh Chundawat
My name is Kuldeep Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.