Know the answers to many important questions related to ITR filing …
ITR Filing 2025: Whenever it comes to Income Tax Return (ITR) filing, many types of questions arise in the minds of many people like, do we need to fill ITR? How to fill it? How much does it cost?
If you are also looking for answers to these questions, then let us understand in easy and straight language what ITR is, who should be filled, when it is necessary, and how much it costs.
What is ITR?
Through ITR i.e. Income Tax Return, the taxpayer informs the Income Tax Department about its year -long earnings and tax given on it. According to this information, if you have given more tax, then you get its refund.
Which people need to fill ITR?
Usually, if your annual income is higher than the income tax limit, then you need to fill ITR. This limit depends on whether you have chosen old tax system or new tax system. The tax free income limit in the old tax system is Rs 2,50,000 and the new system (after 2025) is Rs 4,00,000.
When does ITR have to fill?
The last date for filling ITR is usually 31 July. But this year the Income Tax Department has extended the last date of tax filling for salary employees, small businessmen, or people whose audit is not necessary to 15 September, if you delay, then you may be charged late fees and penalty.
What documents are required to fill ITR?
For ITR filing, it is necessary to keep information like PAN card, Aadhaar card, bank statement, form 16 (if you work), Investment Proof (LIC, PPF, Mutual Fund etc.), details of TDS and information like business or freelance income record.
How do ITR fill?
You can also fill ITR yourself online or you can get help from a CA or tax expert. To fill yourself, you can visit https://incometax.gov.in website.
How much money does it take to fill ITR?
This process is absolutely free on filing ITR itself. But on filling CA, you will have to pay fees based on income and complexity of the case.
Why should ITR fill?
ITR filing has many advantages, this provides tax refund easily. At the time of taking a loan, it is an important document and it is useful while applying the visa. Apart from this, there is transparency in tax records in future.