The financial year 2024-25 has been wrapped up, marking the beginning of the FY 2025-26. With taxpayers now mostly concerned about filing their income tax returns (ITR), an awareness of the deadlines, processes, and refund timings is crucial. While this guide may help streamline the process of ITR filing for the year and fast-track refunds, it digs deeper into everything you need to know.
ITR Filing for FY 2024-25: When Does It Begin?
The online ITR forms are usually put up for the Assessment Year 2025-26 by the Income Tax Department on 1st April. Last year, they came out much earlier in February, while e-filing started in April. Expect a timeline similar to that this year. Watch out for the updates on the official e-filing portal (incometax.gov.in).
Income Tax Filing Last Date 2025
Taxpayers have until 31 July 2025 to file their return to avoid penalties. However, a lot of employed people file their ITR only in June. Why? They wait for receiving Form 16, the TDS certificate given by employers, mentioning the salary income and the tax deducted on that.
Form 16 should be provided by employers, who have to do this by 15 June 2025, which is why June and July are the busiest months for filing.
Pro Tip: File your ITR yourself well in advance of obtaining Form 16, based on your payslips and bank statements. This will help speed up your refund!
How Long Will It Take to Receive a Tax Refund?
The Income Tax Department offers TDS or advance tax refunds as quickly as possible in case of any tax overpayment. Under the best circumstances:
Refunds can be processed in 7 to 20 days, where your return is free of any errors and is verified without delay.
The main reasons for delay may be incorrect details, linking of bank accounts, or pending verification.
4 Steps to Ensure Your Tax Refund Is Fast
- File Early: Don’t wait until July. Many early filers witness refunds quickly.
- Verify immediately: Go for e-verification using an Aadhaar OTP or through net banking. Do not send the physical copy of ITR-V by post.
- Pre-Validate Your Bank Account: Have a pre-validated bank account linked to your PAN for direct credit.
- Double-Check: Ensure that the filing includes no mistakes in your income, deductions, or personal information.
Why Early Filing Is Good for Your Financial Health
Filing your ITR early is not only about satisfying the requirements; it exhibits sensible financial behavior. Since a quicker refund means prompt access to cash, this becomes useful in emergencies, investments, or paying off debts. It also helps to reduce the stress of hurried last-minute work and, therefore, errors.
Concluion
With the ITR filing window about to emerge, sample your documents, pre-validate your bank details, and mark your calendar.