The Income Tax Department released the IT return forms earlier this month, officially marking the start of the ITR filing season. However, avoid filing returns in a hurry. The IT department is yet to release the online ITR filing utilities on its official portal (incometax.gov.in), and salaried employees are yet to receive their Form-16.

There are still two months to go before the last date (31 July 2025) to file IT returns for the financial year 2024-25 (assessment year 2025-26), but it would be wise to make good use of this period and gather the required documents.

Choosing the right ITR form is very important

The Income Tax Department has released all the ITR forms. Make sure you are selecting the right form, as filling the wrong form may result in your return being declared ‘defective’.

Capital gains holders can also fill out ITR-1 (Sahaj)

This year, under certain conditions, individuals with capital gains can also opt for the ITR-1 (Sahaj) form. For instance, if your annual profit after the sale of equity shares or mutual fund units is less than ₹1.25 lakh or you do not want to carry forward any loss, you can opt for this form.

Budget 2024 changes included

The new form also incorporates the changes announced in Budget 2024 (especially those related to capital gains tax on various assets).

You may need these important documents

  • Bank Account Statements
  • TDS Certificates issued by bank
  • Aadhaar and PAN
  • Form 26AS
  • Annual Information Statement (AIS
  • Form 16 issued by employers
  • Previously Filed Tax Returns
  • Salary Slips
  • Foreign Bank Account Statements and Transaction Statements of Foreign Investments
    Form 67
  • Asset-Liability Schedule

Proof of tax exemption

Can the tax regime be changed while filing ITR_ Know the whole thing here
Can the tax regime be changed while filing ITR_ Know the whole thing here

After the announcement of Budget 2025, taxpayers can now opt for the New Tax Regime as the tax exemption limit has been increased to ₹12 lakh and the tax slabs have also been liberalized. However, the returns that are to be filed before 31 July 2025 will be for the financial year 2024-25.

Make sure you keep proof of all the tax saving investments you have made

Remember, you do not need to attach these documents with the ITR form, but if there is any problem in matching Form-16 and Form-26AS or AIS, then with the help of these documents you can answer the department’s questions.

Special circumstances

This is especially important if you have opted for the new tax regime in the declaration given to the employer, but opted for the old regime while filing the return.

Proof is required for various deductions

For deductions under Section 80C and 80CCD(1B)

Proof of investment in equity-linked savings scheme (ELSS).

Proof of contribution to the National Pension System (NPS).

Receipt of life insurance premium.

Other 80C investments like PPF, NSC, ELSS, home loan principal payment, etc.

Section 80D

Receipt of health insurance premium.

For Section 80E

Interest certificate from the bank providing education loan.

For Section 24B

Interest certificate from the bank (for deduction up to ₹2 lakh undern Section 24(B)).

For Section 80G

Receipt of donations made to charitable institutions (if they are exempted under Section 80G).

For other sources of income

  • Capital gain/loss statement issued by the mutual fund house or broker.
  • Bank account details and TDS certificate.
  • Crypto investment i.e. Virtual Digital Assets (VDA) transaction details.
  • Gathering all these documents on time and selecting the right ITR form will ensure a smooth and successful tax filing experience for you.