ITR Filing On Rush? This Five-Point Check-List Helps Breeze Through

Understandably, its a busy Monday and like countless others, you too are keen on filing your ITR, but dont know how to do that yet? Here's a five-point check-list.

Before you skip this process, let us inform you that not filing ITR within deadline could invite a penalty - it could be anywhere from Rs 1,000 to even Rs 5,000. And let us also inform you that Monday, 15th September is the deadline to file for ITRs. Also bear in mind that filing an ITR helps - it can also help improve in borrowing process, should you be interested in a housing or a car loan in the near future.

With that in mind, if you are filing your ITRs on the last minute and need quick tips, here's our important check-list.

STEP 1: GET A ROUGH ESTIMATE OF EARNINGS & COMPENSATION

Filing for an ITR can be breezy, if you have some basic numbers - perhaps salary, or if its business, then earnings. It is also advisable to at least be aware of the various deductions.

STEP 2: WHERE SHOULD I FILE & WHAT ALL FORMS DO I NEED?

Head to the website of the Income Tax Department - incometax.gov.in

If you are a first-time user, register for the service. You are likely to be asked for PAN Card number. It is likely that you may also be prompted for your Aadhar Card number. For verification, you need to have access to your Aadhar-registered mobile phone number.

As regards forms, you need to be aware that broadly, there are four types of ITRs - ITR 1, ITR 2, ITR 3, ITR 4. You will also come across ITR 5, 6, and 7 that are meant to be filed by Firms (LLMs, AoPs, BoIs), Companies, and Charitable trusts respectively.

STEP 3: WHICH ITR TO CHOOSE?

ITR 1: Resident individual income from salary or pension does not exceed more than Rs 50 lakh per annum. Agricultural income up to Rs 5,000 allowed and LTCG of up to Rs 1.25 lakhs.

ITR 2: Individuals or Directors in a Company with incomes more than Rs 50 lakh in the assessment year; has income from salary/pension and income from housing property.

ITR 3: Those who have income from profits or gains made in a business. This ITR form can be filed by an individual or a HuF, but bear in mind that the number of business-profits entered in this form may be subjected to an audit. So, there are deadlines to be kept in mind while entering the audited and the non-audited numbers.

ITR 4: Also called Sugam, ideally preferred by freelancers and professionals offering services.

STEP 4: FASTER ITRs WITH PRE-FILED FORMS

On the Income Tax portal you may download the tax department's application or opt to fill the forms online. Select the appropriate assessment year, that is 2025-26, and start filing details.

Before you start filling the forms it is a good idea to calculate the taxes. The Income Tax Webpage has a handy tax calculator. Also, remember that users may opt either for the Old Tax Regime or the Current Regime, however on the Income Tax webpage, the current regime is the default option. In the "current regime", one may not be entitled to claim relief on some deductions such as rents, standard deduction or mediclaim.

And if you are unaware of what makes the new regime so lucrative, watch this video:

So, choose the right regime. And to do that, calculate the tax liability from the income-tax portal.

Step 5: FILING FORMS

Once you have confirmed which tax regime to opt and estimated the tax liability, ensure to have filed all the necessary forms. For example, if you are opting for the old regime, then Form 10IEA is mandatory. Or, if you are keen to seek relief for rent expenses, then the form 10BA is important.

On the IT website, there is a dedicated page to navigate which documents are important for individuals and businesses.

Forms such as 10BA are mandatory if you wish to claim deduction for rent paid under Section 80GG of the Income Tax Act. Also crucial are Form-16 from the employer.

The ITR is a methodical step and allows one to review before finally submitting to the tax agency. A user may have to either pay the liability (in cases total tax paid is lower than what has estimated) or seek a refund (tax paid is more than the income).

The last important step is to e-verify your ITR digitally. On the income-tax page, there are at least four different methods to e-verify - OTP on mobile registered with Aadhar, EVC through validated bank account, Net Banking, Digital Signature Certificate, and EVC through ATMs if one wishes an offline mode to e-verify.