Income Tax Filing FY 2025-2026: It is that time of the year again when salaried people would be getting hold of all the investment proof they have for the fiscal year 2025-2026 to submit to the tax department for computation purpose.
Among several tax benefits that the government allows income tax rebate under 80C is the most common among salaried and individual tax-payers. Another very popular tax rebate falls under section 24. It permits homeowners claim a deduction of up to Rs. 2 lakh under interest on home loan deduction under section 24 of the Income Tax act.
Simply put, a home loan certificate is a statement of your home loan account that is sent to you by your bank or lender. This is the detailed documentation of your home loan repayment that contains the summary of the interest and principal you paid toward your home loan for the specified financial year.
Why do you need an interest certificate?
Interest certificate is important fo Income Tax Return (ITR) because it can report taxable interest, eligible loan deductions, and co-relate the ITR filing with government tax records. The home loan interest deductions are also matched data with the Annual Information Statement (AIS).
How to download interest certificate for ITR purpose?
Taxpayers can download interest certificate for ITR purpose by logging into their respective bank’s net banking portal. Banks usually have the service certificate section in all their utility navigation. Saving the PDF for the correct financial year.
The due date to file income tax return (ITR) for most individual taxpayers is July 31, 2026. Taxpayers should stay alert and ensure they do not miss the deadline as missing the ITR deadline will trigger late fees, interest on unpaid tax and the loss of the right to carry forward certain losses. Every taxpayer should meet these deadlines to avoid last-minute stress and the consequences of non-compliance.
Which ITR form should be used for AY 2026 -27?
For AY 2026 -27, the ITR forms ITR -1, ITR -2, ITR -3, ITR -4, ITR -5, ITR -6, ITR -7 applicable under the Income Tax Act, 1961 are notified. These forms are available on the e-filing portal. Taxpayers should select AY 2026 -27 while filing the ITR for income earned during FY 2025-26.
“To ensure your Income Tax Return (ITR) is filed correctly for Assessment Year 2026-27, you must reconcile these three: Form 16, AIS and Form 26AS. Verify your income from Bank statements, Broker statements etc. before you file your ITR. Don’t wait, File your ITR before the due date,” Income Tax India said in an X post.
