The Easy Way to File Your ITR For FY 2024-25

• What is ITR filing and why is it essential?
• Who should file ITR for FY 2024-25?
• Which documents are needed for ITR filing?
• How does one file ITR online for FY 2024-25 in India?
• Make tax payments easy with DCB Tax Payment Solution
• Steps to pay tax via DCB Tax Payment Solution:
• Final thoughts: File your ITR efficiently

Income Tax Return or ITR is a form used to show your gross taxable income for the given fiscal year. The form is used by taxpayers to formally declare their income, deductions claimed, exemptions and taxes paid. Therefore, it calculates your net income tax liability in a fiscal year. 

Filing an Income Tax Return (ITR) is essential for nation-building and offers several benefits. It helps you claim TDS refunds, makes loan applications easier, and allows you to carry forward losses. Additionally, you can claim deductions and exemptions under the Income Tax Act, 1961.  

In Income Tax, the Financial Year (FY) is the 12-month period (1 April to 31 March) in which you earn your income, while the Assessment Year (AY) is the year immediately following the FY, in which your income is assessed and tax returns are filed. For example, income earned in FY 2024–25 is assessed in AY 2025–26. Since returns are filed after the FY ends, the ITR form asks for the AY, not the FY.

Filing your ITR is a mandatory requirement if your income crosses a certain threshold. But beyond the legal angle, it’s your financial hygiene check. All individuals and entities with a taxable income are required to file ITR. It is mandatory for all taxpayers whose income exceeds the exemption limit. It helps you:

•    Stay compliant with the Income Tax Department
•    Claim tax refunds where applicable
•    Build a valid income record for future financial applications
•    Avoid penalties and interest on unpaid taxes
•    Monitor income and savings more effectively 

You should file ITR if:

•    Your annual income exceeds the taxable limit 
•    You have income from more than one source (like salary + rental income)
•    You are a freelancer or self-employed professional
•    You want to claim deductions under Sections 80C or 80D, or other
•    You are carrying forward losses or want a Tax Deduction at Source (TDS) refund
•    You hold foreign assets or receive income from abroad

What are the key deadlines for ITR filing FY 2024-25?

•    15th September 2025: Deadline for salaried and non-audit cases (only for FY 2024-25, otherwise it is 31 July of the Assessment year)
•    31st October 2025: For businesses and professionals requiring audit
Late filing can result in certain penalty. Better to be on time than late.

Gathering these documents early makes the process smoother:

•    PAN Card and Aadhaar
•    Form 16 from the employer
•    Salary slips and bank statements
•    Form 26AS and AIS
•    Proof of investments and deductions (LIC, PPF, tuition fees, etc.)
•    Capital gains and rental income details (if any)
•    Details of your savings account for refund purposes

Also, at the time of filing, one should check both old and new tax regimes to determine the most suitable one.

The Income Tax portal makes income tax e filing fairly straightforward. 
Here’s how:

1.    Visit https://www.incometax.gov.in
2.    Log in using PAN and password (or register if new)
3.    Go to 'e-File' > 'Income Tax Return'
4.    Select Assessment Year 2025-26 and appropriate ITR form
5.    Fill in your income, deductions, and taxes paid
6.    Validate and preview all entries
7.    Submit and complete e-verification (via Aadhaar OTP, bank login, etc.)

How to choose the correct ITR form?
Here’s a quick overview:

•    ITR-1: For salaried individuals with income up to ₹50 Lakh.
•    ITR-2: For those with capital gains or foreign income.
•    ITR-3: For business or professional income.
•    ITR-4: For presumptive taxation scheme filers under Section 44AD/ 44ADA.

Selection of wrong ITR form, may lead to rejection or notices from the Income Tax Department, requiring you to file a revised return.

Filing is just one part of the story. Paying your tax dues is the next big step, and that’s where DCB Tax Payment Solution makes a real difference.

What does DCB Tax Payment Solution offer?

•    Option to pay tax online via DCB Internet Banking on TIN 2.0 portal.
•    Option to pay offline at any DCB Bank branch via cash, cheque, or demand draft.
•    Real-time payments for Income Tax, TDS, Advance Tax, etc.
•    Option to pay directly from your linked Savings Account.
•    24x7 access and secure confirmation for every transaction.

1.    Visit the TIN 2.0 Portal: https://www.incometax.gov.in/iec/foportal/
2.    Use the 'e-Pay Tax' option without login or log in for full access
3.    Enter PAN/ TAN, mobile number, and OTP
4.    Choose tax type, year, and amount
5.    Select DCB Bank as your preferred bank
6.    Complete payment online or choose to pay at the bank counter

CRN & CIN: know the difference

•    CRN (Challan Reference Number): Generated when the challan is created
•    CIN (Challan Identification Number): Issued post successful payment and includes the CRN + DCB Bank code
Always save the acknowledgement and receipts from the portal for your records.

Tips to make ITR filing a breeze

•    Start early to avoid last-minute errors
•    Cross-check income with Form 26AS and AIS
•    Match TDS amount and details with those stated in Form 16
•    Double-check Savings Account number for refunds (if refund is due)
•    Keep passwords and login credentials secure

Filing your ITR does not have to be stressful or complicated. All it needs is a bit of preparation and the right tools. Whether it’s choosing the correct form, filing it online, or paying your dues, staying informed is your biggest strength.

Using a dedicated Savings Account for tax-related refunds and payments can also help in better management of your finances.

Use DCB Tax Payment Solution for seamless, secure, and efficient tax payment experience. Let this tax season be about ticking off a task smartly, not lose sleep over it.

Stay compliant. Stay stress-free. File your ITR smartly.

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