As the new financial year kicks off, taxpayers across India are looking forward to filing their Income Tax Returns (ITR) for the Assessment Year (AY) 2025–26. However, the process can only begin once the Income Tax Department officially notifies the ITR forms for the current assessment year.
Last year, seven different ITR forms were notified in April, and a similar timeline is expected this year. The tax department is anticipated to release the necessary forms soon to facilitate timely return filing.
According to news reports the ITR utilities are usually released in a phased manner starting in April. However, actual filing—especially for common forms like ITR-1 and ITR-2—can only commence once the respective utilities become functional on the official Income Tax portal.
While salaried individuals often wait for Form 16 from their employers to file ITR, it is not a mandatory document.
News reports also added that Form 16, issued by the employer, outlines the salary paid and tax deducted at source (TDS) during the financial year. Although not compulsory, it significantly simplifies the filing process by consolidating income and deduction details in one place.
Taxpayers can alternatively use other financial documents, including salary slips, interest certificates, Form 26AS, and AIS/TIS reports, to determine their taxable income and calculate exact tax liabilities.
Though work on preparing the return forms is underway, actual filing will only be possible once the ITR-1 and ITR-2 online utilities are activated. These are typically made live on the portal in the first or second week of April, so taxpayers may need to wait a little longer.
A key question on many taxpayers’ minds is whether filing early in April guarantees a faster refund. News reports further added that while the Income Tax Department and the Finance Ministry have claimed that refunds can be processed within 7 days, several conditions apply.
For quick refund processing, the taxpayer’s bank account must be pre-validated and linked with their PAN.
Although salaried individuals may indeed receive refunds in as little as a week, actual processing times can vary depending on the complexity of the case and other system-related factors.
As the Income Tax Department gears up to roll out the ITR forms and utilities for AY 2025–26, taxpayers are advised to stay prepared with relevant documents like Form 16, Form 26AS, and AIS reports.
While early filing could lead to quicker refunds, especially with pre-validated bank accounts, the process officially begins only after utilities go live—expected soon. Staying updated and ready will ensure a smoother and timely filing experience.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Published on: Apr 15, 2025, 2:01 PM IST
Team Angel One
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