Taxpayers across India are preparing to submit their Income Tax Returns (ITRs) for the Assessment Year (AY) 2025–26 with the commencement of the new financial year. Whether you are an employee, freelancer, or business owner, it is essential to understand the filing deadlines and the timeline for receiving any refunds or credits. This article provides a comprehensive overview of the ITR filing schedule, the duration for refund processing, answers to common questions regarding the filing process, and additional relevant information.

Understanding the Assessment Year (AY) and Financial Year (FY)

Prior to delving into the specifics, it is essential to clarify the distinction between the Financial Year (FY) and the Assessment Year (AY):

• Financial Year (FY): This term denotes the period during which income is generated. For instance, FY 2024–25 spans from April 1, 2024, to March 31, 2025.

• Assessment Year (AY): This refers to the subsequent year following the financial year, during which the income is evaluated for taxation purposes. Therefore, AY 2025–26 pertains to the income earned in FY 2024–25.

When Will ITR Filing Start for AY 2025–26?

As the new financial year begins, people in India are gearing up to file their Income Tax Returns (ITRs) for the Assessment Year 2025–26. It's crucial to know the deadlines and understand when you might receive refunds or credits, whether you're working a regular job, freelancing, or running a business. This guide provides a timeline for ITR filings, details on refund processing times, and answers common questions about the filing process, along with other useful information. Even though the exact date for filing hasn't been announced yet, based on past years, we can expect the filing portal to be ready by mid- to late April.

Key Deadlines for AY 2025–26

Understanding the critical dates ensures timely compliance and avoids penalties.

• July 31, 2025: Deadline for individuals and Hindu Undivided Families (HUFs) not requiring an audit.

• October 31, 2025: Deadline for companies and firms requiring an audit.​

• November 30, 2025: Deadline for taxpayers involved in international transactions or specific domestic transactions.​

• December 31, 2025: Last date to file belated or revised returns for AY 2025–26.​

Missing these deadlines can result in penalties under Section 234F of the Income Tax Act.​

How Long Will It Take to Get a Refund?

The time frame for receiving an income tax refund is influenced by several key factors:

• E-Verification: The processing of refunds begins only after the taxpayer has completed the e-verification of the Income Tax Return (ITR).

• Accuracy of Information: Ensuring that the information provided in your ITR aligns with the data in Form 26AS and the Annual Information Statement (AIS) can facilitate quicker processing.

• Pre-validation of Bank Account: It is crucial to have a pre-validated bank account to enable the direct credit of refunds.

Generally, refunds are processed within a period of 4 to 5 weeks following e-verification. However, if all information is accurate and the return is not selected for additional review, refunds may be credited in as few as 7 days.

Tips to Ensure a Swift Refund

To facilitate a quicker refund process, consider the following:

• Early Filing: Submitting your ITR early reduces the chances of delays.​

• Accurate Details: Double-check all information, especially PAN, bank account details, and income figures.​

• Reconcile TDS: Ensure that the Tax Deducted at Source (TDS) details in your Form 16/16A align with those in Form 26AS.​

• E-Verify Promptly: E-verifying your return immediately after filing initiates the refund process.​

• Pre-validate Bank Account: This step is crucial for the seamless credit of refunds.​

How to Check Your Refund Status

After filing and e-verifying your ITR, you can monitor the status of your refund:​

1. Visit the Income Tax e-Filing Portal.

2. Log in using your PAN and password.

3. Navigate to 'View Returns/Forms' and select the relevant assessment year.

4. Click on 'View Details' to check the status of your refund.

If there's a delay beyond the typical processing time, the portal may provide reasons or additional instructions.​

FAQs

1. What happens if I miss the ITR filing deadline?

Missing the deadline can result in a late filing fee of up to ₹5,000 under Section 234F. Additionally, you may lose certain benefits, such as the ability to carry forward losses.​

2. Can I revise my ITR after filing?

Yes, if you discover any errors after filing, you can submit a revised return by December 31, 2025.​

Conclusion

Filing your income tax return for AY 2025–26 promptly and accurately not only ensures compliance but also facilitates a quicker refund process. By staying informed about the timelines, ensuring the accuracy of your details, and promptly e-verifying your return