The Assessment Year 2025-26 has begun and millions of taxpayers are awaiting a clarity on ITR filing process. The ITR filing for the financial year 2024-25 is yet to commence as the Income Tax Department has not notified the ITR forms required to initiate tax filing.
Last year, the department had notified the necessary forms, as many as 7 of them, in the first half of April. But this time it seems that the tax department is taking extra time to effect some changes in the forms and utilities.
ITR utility helps a taxpayer to file ITR easily. Every year, the Income Tax Department releases an updated version of the ITR Utility software for online filing of ITR.
Reports suggest that ITR utilities will be released in a phased manner this month. Actual filing, especially for popular forms like ITR-1 and ITR-2, can only begin once these utilities go live on the official tax portal.
Form 16 Not Mandatory, But Helpful
For salaried individuals, Form 16 remains a preferred document for simplifying the return filing process. Issued by employers, it outlines the total salary paid and tax deducted at source (TDS) during the financial year. While it isn’t mandatory, Form 16 helps consolidate income and deductions, making it easier to file returns accurately.
Alternatively, taxpayers can rely on other documents like salary slips, interest certificates, Form 26AS, and AIS/TIS reports to calculate taxable income and determine liabilities.
Refund in 7 Days? Depends on Several Factors
A growing number of taxpayers are hopeful for faster refunds, especially after claims by the Income Tax Department that some refunds could be processed within seven days. However, this is conditional. The taxpayer’s bank account must be pre-validated and linked with their PAN, and there should be no discrepancies or verification issues in the return filed.
While many salaried taxpayers may benefit from quicker processing, actual refund timelines may vary depending on the complexity of the case and the system’s load at the time of filing.
Stay Prepared
As the official notification of ITR forms and utilities nears, taxpayers are advised to gather necessary documents in advance and stay updated with announcements on the Income Tax portal. Early filing, when possible, can ensure a smoother experience and potentially faster refunds.