The new financial year 2025-26 has begun and that means it’s time to start preparing for your Income Tax Return (ITR) filing. Filing your ITR is mandatory under the Income Tax Act if your income during the previous financial year — from April 1, 2024, to March 31, 2025 — crossed the exemption limit. To ensure a smooth and hassle-free process, it’s important to start collecting and organizing your documents early.

Individual taxpayers who are not required to get their accounts audited must file their Income Tax Return (ITR) for the Assessment Year 2025-26 by July 31. While filing the ITR, you need to report all sources of income — including salary, profits from assets, capital gains, bonuses, and any other earnings. If your total income exceeds the exemption limit, filing your ITR is mandatory. Failing to do so or hiding income can lead to penalties and legal action, as tax evasion is treated as a serious offence.

Key Documents You Should Gather Before Filing Your ITR

– Form 26AS: A consolidated tax statement available on the Income Tax Department’s e-filing portal. It shows TDS, TCS, advance tax, and self-assessment tax paid during the year.

– Updated Bank Passbook: Helps verify interest income and track transactions. Ensures accuracy while reporting income in your ITR.

– Other Income Statements: Include details of income from sources like rent, medical insurance claims, or freelance work. These are crucial for claiming deductions under the old tax regime.

– PAN Card: Your Permanent Account Number is required to file ITR and is used to authenticate your identity on the tax portal.

– Home Loan Statement: Needed to claim deductions on principal and interest repayment under various sections of the Income Tax Act.

– Updated Bank Details: Ensure your bank account information is correct on the e-filing portal for refund processing and verification.

– Annual Information Statement (AIS): Provides a detailed summary of your financial transactions including interest income, mutual fund investments, and stock trades.

– Form 16: Issued by your employer, this document shows salary details and TDS deductions for the financial year — essential for salaried individuals.//