Income tax return FAQ Attachments, Due Dates, and Revisions

Essential FAQs on Income Tax Returns: Documentation, Deadlines, and Amendments

Common Questions and Important Notes for FY 2024-25 (AY 2025-26)

How Does One File Returns Electronically?

For FY 2024-25: The Income Tax department has established a new e-filing portal (launched in 2021) for electronic filing of income returns.

Access the service at:

New Portal: https://eportal.incometaxindia.gov.in/

Old Portal (being phased out): https://incometaxindiaefiling.gov.in/

Steps to File ITR for AY 2025-26:

Register/Login:

Visit the e-filing portal

Login using PAN as User ID

If first time, register using PAN, Aadhaar, and mobile number

Complete e-verification through Aadhaar OTP

Select ITR Form:

Go to “e-File” > “Income Tax Return”

Select Assessment Year: 2025-26

Choose appropriate ITR form (ITR-2, ITR-3, or ITR-4)

Select filing mode: Online or Offline

Fill the Form:

Online mode: Fill form directly on portal (recommended)

Offline mode: Download Excel/JSON utility, fill offline, upload

Pre-filled Information:

Portal auto-populates data from:

Form 26AS (TDS details)

AIS (Annual Information Statement) – shows salary, interest, dividends, capital gains

Previous year’s ITR

Verify all pre-filled data carefully

Enter Additional Information:

Trading income (from broker statements)

Business expenses

Capital gains calculations

Deductions claimed

Bank account details for refund

Upload Supporting Documents (if required):

Balance Sheet and P&L (for ITR-3)

Audit report (if applicable)

Computation of income

Calculate Tax:

Portal automatically calculates tax

Shows tax payable or refund due

Verify calculation

Pay Balance Tax (if any):

If additional tax payable, pay before filing

Use Challan 280 on portal

Get CIN (Challan Identification Number)

Submit ITR:

Click “Submit”

Generates acknowledgement number

Download ITR-V (verification form)

Verify ITR:

E-verify immediately (recommended):

Using Aadhaar OTP

Using EVC through net banking

Using Demat account

Or send signed ITR-V to CPC Bangalore within 30 days

Important for FY 2024-25: The new portal has improved significantly since its initial launch. However, during peak filing season (July), the portal may be slow. File early to avoid last-minute technical issues.

Video Tutorial: The IT department’s website features comprehensive video tutorials explaining the filing process step-by-step. Highly recommended for first-time filers.

Are Document Attachments Required with Income Returns?

For FY 2024-25 (AY 2025-26): ITR return forms do not necessitate physical document attachments when filing electronically. Additional documents (such as investment proof, TDS certificates, salary slips) need not accompany ITR forms during filing, unless the case requires audit.

Documents NOT Required During Filing:

Form 16 (but details must be entered)

TDS certificates

Salary slips

Bank statements

Investment proofs

Property documents

Trading statements from broker

Documents to Upload During Filing:

For ITR-3 with audit:

Audit report (Form 3CA/3CB)

Balance Sheet

Profit & Loss Account

Tax audit annexures

For all ITRs (if claiming certain deductions):

Form 10E (for relief under Section 89)

Lower TDS certificate (if applicable)

What to Keep Ready (Not Upload, But Have for Reference):

Form 26AS (view on portal)

AIS (Annual Information Statement)

TIS (Tax Information Statement)

Form 16/16A (for TDS details)

Broker’s P&L and ledger statements

Bank statements

Property tax receipts

Investment proofs

Previous year’s ITR acknowledgement

Important for FY 2024-25: While you don’t upload these documents, you must retain them for 7 years. During assessment, inquiry, or scrutiny, the tax department may request these documents. Inability to produce documents can result in disallowance of claims.

What Distinguishes E-payment from E-filing?

E-payment (For FY 2024-25):

E-payment represents the practice of remitting tax payments electronically through channels such as net banking, debit cards, or credit cards.

Methods to Pay Tax:

Through bank’s net banking (most common)

Through Debit/Credit card on tax portal

Through NEFT/RTGS from bank

At bank branch using physical challan (outdated, avoid)

Types of Tax Payments:

Self-assessment tax (before filing ITR)

Advance tax (quarterly)

Regular assessment tax

E-filing (For FY 2024-25):

E-filing denotes submitting one’s return of income electronically through the Income Tax e-filing portal.

Key Differences:

AspectE-paymentE-filingPurposePay tax liabilitySubmit income returnWhenThroughout year (advance tax) or before filingAfter year-end, before due datePortalTax payment portal or bankE-filing portalGeneratesCIN (Challan Identification Number)Acknowledgement NumberFrequencyMultiple times (advance tax)Once per year

Typical Sequence for FY 2024-25:

Earn income during FY 2024-25

Pay advance tax (June, Sept, Dec, March 2024-25)

Year ends 31st March 2025

Calculate final tax liability by May-June 2025

E-pay any balance tax due

E-file ITR by due date (31st July or 31st October 2025)

E-verify ITR within 30 days

The e-payment and e-filing systems enable swift, straightforward tax payments and return submissions.

Must Returns Be Filed Without Positive Income?

For FY 2024-25 (AY 2025-26): Yes, filing is mandatory in several circumstances even without positive taxable income:

Mandatory to File Even with No Tax:

To Carry Forward Losses:

If losses need carrying forward for offset in future years

Must file by due date (31st July 2025 for non-audit, 31st October 2025 for audit)

Belated returns do not allow loss carry forward

This is the most common reason traders file even with losses

If Total Income Exceeds Basic Exemption:

Even if final tax is nil after deductions

Basic exemption: Rs 4 lakh (new regime), Rs 2.5 lakh (old regime)

If TDS Deducted:

To claim refund of TDS

Even if total income is below exemption limit

Mandatory Filing Cases (even with no income):

Deposited >Rs 1 crore in bank accounts during FY 2024-25

Spent >Rs 2 lakh on foreign travel

Electricity bill >Rs 1 lakh in any month

As per Section 139(1) seventh proviso conditions

To Establish Income for Loan Applications:

Banks require ITR for loan processing

Even if income is below taxable limit

Example for FY 2024-25:

Salary: Rs 5,00,000

F&O loss: Rs 3,00,000

Taxable income: Rs 5,00,000 (loss cannot offset salary)

Tax liability: Rs 20,000 + Rs 10,000 = Rs 30,000 (plus cess)

Even though there’s a loss, filing is mandatory to:

Report the salary income

Pay tax on salary

Carry forward the Rs 3 lakh F&O loss for next 8 years

Advisory for FY 2024-25: If you have trading losses, always file ITR by the due date to preserve the ability to carry forward losses. This can result in significant tax savings in future years when you have profits.

What Are the Filing Deadlines for Income Returns?

For FY 2024-25 (AY 2025-26):

Standard Filing Deadlines:

CategoryDue DateRemarksIndividual/HUF (no audit required)31st July 2025Most salaried individuals, investorsIndividual/HUF (audit required)31st October 2025Businesses requiring tax auditPartnership firms (audit required)31st October 2025Includes LLPsCompanies (audit required)31st October 2025Private/public companiesWorking partner in firm (audit)31st October 2025Even if individualTransfer Pricing cases30th November 2025Special category

Key Points for FY 2024-25:

Non-Audit Cases – 31st July 2025:

Salaried individuals with only capital gains

Investors (no business income)

Small traders not requiring audit

File by this date to carry forward losses

Audit Cases – 31st October 2025

Business turnover > Rs 5 crore

Business profit < 6% (with income > exemption limit)

Partnership firm income

Professional income requiring audit

Extended deadline compared to non-audit

Belated Returns:

Can be filed up to 31st December 2025 (for AY 2025-26)

Penalty: Up to Rs 5,000 (Rs 1,000 if income < Rs 5 lakh)

Cannot carry forward losses

Interest charges applicable

Revised Returns:

Can be filed till 31st December 2025

Or before assessment completion, whichever is earlier

No penalty if original return was filed on time

Important Change: The deadline was extended from 30th September to 31st October for audit cases from AY 2020-21 onwards. This continues for FY 2024-25.

What Should Be Mentioned as “Nature of Business” on ITR-3?

For FY 2024-25 (AY 2025-26): When filing ITR-3, you need to specify the nature of business using a code from the prescribed list.

Recommended Business Nature Codes for Trading:

Primary Code (Most Used):

Code: 13010

Description: “Financial intermediation except investment banking, insurance and pension funding activities”

This is the most appropriate code for investment/trading-related activities

Alternative Codes (if applicable):

Code: 13019 – “Other financial service activities”

Code: 01800 – “Other Professional, Technical and Business Services” (if also providing advisory)

Where to Enter:

In ITR-3 Form

Schedule BP (Profit and Loss Account)

“Nature of Business” field

Select from dropdown or enter code

Separate Reporting in ITR-3:

For FY 2024-25, in ITR-3, you must report separately:

Speculative Business:

Code: 13010

Nature: Speculative

Income/loss from intraday equity trading

Non-Speculative Business:

Code: 13010

Nature: Non-Speculative

Income/loss from F&O trading

Other Business (if applicable):

Appropriate code

Income/loss from delivery-based trading (if treating as business)

Example Entry in ITR-3:

Business 1:

  Nature of Business Code: 13010

  Description: Financial intermediation activities

  Type: Speculative

  Trading Account: Yes

  Gross Turnover: Rs 4,30,000

  Profit/Loss: Rs 70,000

Business 2:

  Nature of Business Code: 13010

  Description: Financial intermediation activities

  Type: Non-Speculative

  Trading Account: Yes

  Gross Turnover: Rs 7,70,000

  Profit/Loss: Rs 70,000

Important for FY 2024-25: The nature of business code helps the IT department categorize your business activity. Using code 13010 clearly identifies you as engaged in financial/investment activities rather than traditional trading in goods.

What Penalties Apply for Missing Filing Deadlines?

For FY 2024-25 (AY 2025-26): Failing to submit returns by the due date results in multiple financial consequences:

1. Late Filing Penalty (Section 234F):

SituationPenaltyFiled after due date but by 31st December 2025Up to Rs 5,000Filed after due date but by 31st December 2025 AND total income < Rs 5 lakhRs 1,000Filed after 31st December 2025Higher penalties + prosecution possible

2. Interest on Tax Dues:

Section 234A: Interest on unpaid tax

Rate: 1% per month or part of month

Calculation: From day after due date till date of filing

Applied on: Tax amount unpaid

Example for FY 2024-25:

Tax due: Rs 50,000

Due date: 31st July 2025

Filed: 30th November 2025 (4 months late)

Interest: Rs 50,000 × 1% × 4 = Rs 2,000

Section 234B: Interest for non-payment of advance tax

Rate: 1% per month or part of month

Applied on: Tax due minus advance tax paid and TDS

Period: 1st April to date of filing

Section 234C: Interest for deferment of advance tax

Rate: 1% per month

Applied on: Shortfall in each instalment

Complex calculation based on quarterly due dates

3. Loss of Benefits:

Cannot Carry Forward Losses:

Most Critical: Trading losses cannot be carried forward

Applies to both speculative (4 years) and non-speculative (8 years) losses

Huge financial impact if you have significant losses in FY 2024-25

Loss carry forward requires filing by due date (not belated)

Cannot Revise:

Belated returns cannot be revised

Stuck with any mistakes made

4. Increased Scrutiny:

Late filing may trigger:

Higher probability of scrutiny/assessment

Penalty notices

Requirement to explain delay

5. Potential Prosecution:

For repeated non-filing or very late filing:

Prosecution under Section 276CC

Imprisonment possible (in extreme cases)

Criminal record

Practical Example for FY 2024-25:

Scenario A: Filed on Time (31st July 2025)

Tax due: Rs 80,000

Advance tax paid: Rs 75,000

Balance: Rs 5,000

Section 234B interest on Rs 5,000: ~Rs 150

No late filing penalty

Total additional cost: ~Rs 150

Loss carry forward: Allowed

Scenario B: Filed Late (30th November 2025)

Tax due: Rs 80,000

Advance tax paid: Rs 75,000

Balance: Rs 5,000

Section 234A interest (4 months): Rs 5,000 × 1% × 4 = Rs 200

Section 234B interest: ~Rs 200

Late filing penalty: Rs 5,000

Total additional cost: ~Rs 5,400

Loss carry forward: NOT allowed

If had Rs 2 lakh F&O loss in FY 2024-25:

Can’t carry forward due to late filing

Loses benefit of Rs 2 lakh loss adjustment in future years

Potential tax impact over 8 years: Rs 60,000+ (at 30% tax rate)

Advisory for FY 2024-25: The cost of late filing extends far beyond the Rs 5,000 penalty. Loss of loss carry-forward rights can cost lakhs in additional taxes over subsequent years. Always file by the due date, even if final calculations aren’t perfect. You can later revise if needed (until 31st December 2025), but loss carry-forward rights are preserved only by timely filing.

How Should Profit and Loss Appear on Balance Sheets?

For FY 2024-25 (Balance Sheet as of 31st March 2025):

In the Balance Sheet, trading results flow through the capital/equity section:

Presentation in Balance Sheet:

CAPITAL ACCOUNT (as of 31st March 2025)

Opening Capital (1st April 2024)           Rs 12,50,000

Add: Profit for FY 2024-25

  From P&L Account                          Rs  4,98,000

Add: Capital Introduced

  (New funds brought in during year)        Rs  2,00,000

                                           ————–

                                            Rs 19,48,000

Less: Drawings (Withdrawals during year)  Rs  3,60,00

Closing Capital (31st March 2025)          Rs 15,88,000

                                           ==============

If Loss Instead of Profit:

Opening Capital (1st April 2024)           Rs 12,50,000

Less: Loss for FY 2024-25

  From P&L Account                          Rs  2,20,000

Add: Capital Introduced                     Rs  2,00,000

                                           ————–

                                            Rs 12,30,000

Less: Drawings              Rs  1,50,000

                                           ————–

Closing Capital (31st March 2025)          Rs 10,80,000

                                           ==============

Key Points for FY 2024-25:

Profit/Loss flows from P&L to Balance Sheet:

Net Profit: Added to capital

Net Loss: Deducted from capital

Balance Sheet must balance:

Total Assets = Total Liabilities + Capital

The equation:

Closing Capital = Opening Capital + Profit – Loss + Capital Introduced – Drawings

In ITR-3 Filing:

Schedule BP requires Balance Sheet details

Opening and closing capital must match

Profit/loss must reconcile with P&L

Terminology Clarification:

Gross Receipts: Total revenue/turnover (for positive results)

Gross Sales: Sometimes used for revenue

Gross Profit/Loss: After direct expenses

Net Profit/Loss: After all expenses (flows to Balance Sheet)

Important for FY 2024-25: When preparing Balance Sheet for ITR-3, ensure:

Opening capital matches previous year’s closing capital

Profit/loss matches P&L statement

Drawings are properly accounted

Any fresh capital introduced is documented

Can Returns Be Filed After Due Dates?

For FY 2024-25 (AY 2025-26): Yes, filing a return of income after the due date remains possible through belated or revised returns.

Belated Return (Section 139(4)):

Timeline for FY 2024-25:

Can be filed from: Day after due date (1st August 2025 or 1st November 2025)

Until: 31st December 2025

Absolute deadline: Cannot file after 31st December 2025

Consequences of Belated Filing:

Penalty: Up to Rs 5,000 (Rs 1,000 if income < Rs 5 lakh)

Interest: Under Sections 234A, 234B, 234C

Cannot carry forward losses – Most critical

Cannot revise – stuck with any mistakes

Higher scrutiny risk

Example Timeline for FY 2024-25:

31st July 2025: Due date (non-audit)

1st August 2025 to 31st December 2025: Belated return window

1st January 2026 onwards: Cannot file for AY 2025-26

Revised Return (Section 139(5)):

Timeline for FY 2024-25:

Original return must be filed by due date

Revision allowed until: 31st December 2025

Or before completion of assessment, whichever is earlier

When to File Revised Return:

Discovered errors in original return:

Incorrect income calculation

Missed deductions

Wrong exemption claims

Mathematical errors

Received additional information:

Form 26AS showed additional TDS

Found missing income source

Incorrect expense claims

Changed tax regime:

Switch from old to new regime or vice versa

Process for Revised Return:

Log into e-filing portal

Select “File Return”

Choose “Revised Return u/s 139(5)”

Select original acknowledgement number

Make corrections

Submit revised return

Number of Revisions:

No limit on number of revisions

Can revise multiple times until 31st December 2025

Each revision supersedes the previous

Important Conditions for Revision:

Original return must be timely:

Cannot revise a belated return

Original must be filed by due date

Genuine mistakes only:

Must be bona fide errors

Not to deliberately hide income

Not to correct wilful omissions

Before assessment:

If assessment proceedings started, revision may not be allowed

Or needs to be before assessment order

Example Scenarios for FY 2024-25:

Scenario 1: Missed Income

Filed ITR on 25th July 2025

Discovered in September that missed reporting interest income of Rs 25,000

Action: File revised return by 31st December 2025

Scenario 2: Wrong Calculation

Filed ITR on 28th July 2025

Realized capital gains calculation was wrong

Action: File revised return with correct calculation

Scenario 3: Late Discovery

Filed ITR on 15th July 2025

In October, employer issued revised Form 16 showing different TDS

Action: File revised return incorporating revised Form 16

Scenario 4: Cannot Revise

Did not file ITR by 31st July 2025

Filed belated return on 20th November 2025

Discovered error in December

Action: Cannot revise (belated returns cannot be revised)

Critical Deadlines Summary for FY 2024-25:

ActionNon-AuditAuditOriginal return (timely)31st July 202531st October 2025Belated return (last date)31st December 202531st December 2025Revised return (last date)31st December 202531st December 2025Loss carry forward eligibilityOnly if filed by 31st JulyOnly if filed by 31st October

Advisory for FY 2024-25:

File by due date even if calculations aren’t perfect:

Preserves loss carry forward rights

Allows revision if needed

Avoids penalties

Review Form 26AS and AIS before filing:

Ensures all income captured

Matches TDS correctly

Reduces need for revision

Double-check before submitting:

Bank account details (for refund)

Capital gains calculations

Business income figures

Deductions claimed

Don’t panic if you made a mistake:

Revise within deadline

IT department prefers voluntary correction

Better to revise than wait for notice

If you missed the due date:

File belated return immediately

Pay applicable interest and penalty

Accept loss of loss carry forward

Learn for next year

What About ITR Forms and Format?

For FY 2024-25 (AY 2025-26): ITR forms are available in multiple formats to suit different user preferences and technical capabilities.

Available Formats:

1. Online Form (Most Recommended):

Fill directly on e-filing portal

Auto-calculations

Validations built-in

Pre-filled data from 26AS and AIS

No software installation needed

Save draft and complete later

Best for most users

2. Offline Utility (Excel-based):

Download Excel utility from portal

Fill offline on computer

Useful if internet connectivity is poor

Can take time to complete

Upload filled JSON file to portal

Requires some technical knowledge

3. JSON Utility:

For tax professionals and advanced users

More flexible than Excel

Can import/export data

Used by CAs for multiple returns

Requires JSON utility software

Which Format to Use for FY 2024-25?

For Most Individual Traders/Investors:

Use Online Form (Option 1)

Simplest and most user-friendly

Real-time validations prevent errors

Auto-population saves time

For Complex Returns or Multiple Sources:

Use Offline Excel Utility (Option 2)

More space to review all entries

Can save and share with CA

Useful for ITR-3 with detailed business accounts

For Professional CAs:

Use JSON Utility (Option 3)

Efficient for filing multiple returns

Advanced features for bulk processing

Important Features in FY 2024-25 Forms:

Pre-filled Information:

Salary details (from employers)

TDS details (from 26AS)

Capital gains (from brokers, mutual funds)

Interest income (from banks)

Dividend income

AIS and TIS Integration:

Annual Information Statement shows all financial transactions

Tax Information Statement for TDS/TCS details

Must review AIS before filing

Auto-calculation:

Tax liability calculated automatically

Compares old vs new tax regime

Shows which regime is beneficial

Validation Checks:

Flags errors before submission

Ensures mandatory fields filled

Checks for logical inconsistencies

Form 26AS Matching:

Automatically matches TDS claimed with Form 26AS

Highlights mismatches

Prevents incorrect refund claims

Common Mistakes to Avoid in FY 2024-25:

Not reviewing AIS/26AS:

Always check these before filing

Ensure all income captured

Match TDS details

Incorrect bank account details:

Verify account number

Ensure account is active

Check IFSC code

Critical for refund processing

Missing income sources:

Interest from all banks

Dividend from all stocks/MFs

Rental income

Freelance income

Wrong capital gains calculation:

Verify purchase/sale dates

Check holding period

Apply correct tax rate

Use correct indexation (if applicable)

Not reporting exempt income:

Even exempt income must be reported

Agricultural income

Exempt LTCG (up to Rs 1 lakh)

Schedule-wise errors in ITR-3:

Speculative income in correct schedule

Non-speculative separately

Capital gains in Schedule CG

Proper bifurcation essential

Final Checklist Before Filing FY 2024-25 Returns:

✓ Correct ITR form selected (ITR-2 vs ITR-3 vs ITR-4)

✓ AIS and Form 26AS reviewed and matched

✓ All income sources included (salary, business, capital gains, interest, etc.)

✓ TDS details correctly entered and matched

✓ Trading P&L from broker reconciled

✓ Business expenses properly categorized

✓ Capital gains calculated correctly (LTCG/STCG)

✓ Balance sheet and P&L prepared (if ITR-3)

✓ Advance tax and self-assessment tax details entered

✓ Bank account details correct (for refund)

✓ PAN of all relevant parties entered (if required)

✓ Previous year’s losses (if any) carried forward correctly

✓ Audit report uploaded (if applicable)

✓ All schedules filled completely

✓ Form validated without errors

✓ Final review of tax calculation

✓ Acknowledgement downloaded after submission

✓ ITR e-verified within 30 days

Where to Get Help for FY 2024-25:

IT Department Resources:

Helpdesk: 1800-180-1961

Email: helpdesk@incometax.gov.in

YouTube channel with tutorials

Detailed FAQs on portal

Chartered Accountants:

For complex returns (ITR-3 with audit)

Business income calculations

Tax planning advice

Typical fees: Rs 2,000-10,000 depending on complexity

Online Filing Platforms:

ClearTax, TaxBuddy, MyITreturn, etc.

Step-by-step guidance

CA support available

Fees: Rs 500-3,000

Resources at https://stoxbox.in/:

Tax guidance for traders and investors

Market-specific tax planning

Updated information on tax regulations

Critical Reminders for FY 2024-25 (AY 2025-26):

Due Dates are Firm:

Non-audit: 31st July 2025

Audit: 31st October 2025

Don’t wait for last day

Loss Carry Forward is Precious:

Only available if filed by due date

Can save lakhs in future taxes

Worth filing even with losses

Belated Returns Have Serious Costs:

Penalty up to Rs 5,000

Interest charges

Loss of loss carry forward (most expensive)

Cannot revise

E-verify Immediately:

Don’t wait 30 days

Use Aadhaar OTP (simplest)

Return not considered filed until verified

Keep All Documents:

Retain for 7 years minimum

ITR acknowledgement

Form 26AS

Broker statements

Expense bills

May be required during assessment

Review Before Submitting:

Once submitted and verified, revision is the only option

Better to spend extra time reviewing

Common errors can be avoided

Tax Regime Choice:

Calculate tax under both old and new regime

Portal helps with comparison

Choose the one resulting in lower tax

Can change choice every year

Seek Professional Help When Needed:

ITR-3 with audit: Definitely use CA

ITR-3 without audit: Consider CA if complex

ITR-2: Can file yourself if comfortable

Don’t hesitate to invest in professional help

Final Thoughts on FY 2024-25 Tax Compliance:

Tax laws and regulations continue to evolve. The information provided reflects current understanding as of FY 2024-25 (AY 2025-26), but:

Verify latest rules before filing

Consult IT Department website for updates

Seek professional advice for complex situations

Stay informed about Budget announcements (typically February)

Join trader/investor communities for shared experiences

For those engaged in equity investment through a stock broker, utilising a stock screener for opportunity identification, or participating in IPO allocations, understanding these filing requirements ensures compliance whilst avoiding unnecessary penalties.

Whether managing substantial equity investment activities in the stock market or conducting occasional trades, adhering to filing deadlines and maintaining proper documentation protects against complications during assessment proceedings.

Resources at https://stoxbox.in/ provide additional guidance on navigating income tax return filing requirements for FY 2024-25, helping market participants maintain compliance efficiently whilst focusing on their primary objective—generating sustainable returns through informed participation in financial markets.

Remember: Tax compliance is not just a legal obligation—it’s an integral part of successful investing and trading. Proper tax management can significantly impact your after-tax returns and long-term wealth creation. Take it seriously, file on time, and maintain accurate records. Your future self will thank you.