Income Tax Return (ITR) filing is an essential part of financial planning for taxpayers in India. For the financial year 2025–26 (assessment year 2026–27), understanding the due dates, new rules, and tax-saving opportunities can help you streamline your finances effectively. If you are a homeowner or planning to buy a property, leveraging the benefits of a Bajaj Finserv Home Loan can simplify your financial commitments and improve tax efficiency. With competitive interest rates, flexible repayment options, and a hassle-free application process, Bajaj Finserv Home Loan ensures you stay ahead in your financial journey.
ITR filing due date for FY 2025–26 (AY 2026–27)
The due date for filing ITR for the financial year 2025–26 is July 31, 2025, for most individual taxpayers. This deadline is crucial to avoid penalties and ensure compliance with tax laws. Filing your ITR on time is not only a legal obligation but also a step towards better financial planning.
For salaried professionals, business owners, and property buyers, managing financial commitments can be challenging. This is where Bajaj Finserv Home Loan comes in handy. Its flexible repayment terms allow you to align your loan EMIs with your tax-saving strategies. Additionally, the loan interest paid can be claimed as a deduction under Section 24(b) of the Income Tax Act, helping you reduce your taxable income.
Key takeaway:
Do not wait until the last minute to file your ITR. Plan ahead and explore financial solutions like Bajaj Finserv Home Loan to ease your tax planning process.
Who needs to file ITR in FY 2025–26
Filing ITR is mandatory for individuals who meet specific income criteria or engage in particular financial activities. These include:
- Salaried professionals earning above the exemption limit.
- Business owners with taxable income.
- Property buyers who have purchased or sold real estate during the financial year.
If you have taken a home loan, the interest paid is part of your taxable financial portfolio. This makes filing ITR even more important to claim deductions and optimise your tax liability.
New income tax rules for FY 2025–26
The financial year 2025–26 introduces several changes to income tax rules that impact taxpayers, including homebuyers and homeowners.
Revised tax slabs (new regime)
The new tax regime offers revised slabs with lower rates, making it attractive for first-time borrowers. If you are repaying a home loan, calculating your tax liability under both regimes can help you decide which is more beneficial.
Enhanced standard deduction
The government has increased the standard deduction for salaried individuals. This is a significant benefit for homebuyers repaying loans, as it reduces taxable income. Bajaj Finserv Home Loan ensures you can manage your EMIs comfortably while taking advantage of these deductions.
Updated Section 87A rebate
Under Section 87A, taxpayers with income below a certain threshold can avail of rebates. For homeowners, this rebate can further reduce tax liability, especially when combined with deductions on loan interest.
Changes in ITR forms
ITR forms have been updated to accommodate new tax rules. For property owners with home loan interests, these changes simplify the process of reporting deductions. Bajaj Finserv Home Loan’s transparent loan structures ensure you have all the necessary documentation for seamless compliance.
Choosing between old vs new tax regime
Deciding between the old and new tax regimes depends on your income composition and financial goals.
Old tax regime:
The old regime allows deductions under sections like 80C and 24(b), making it suitable for taxpayers with home loans. If you are repaying a Bajaj Finserv Home Loan, you can claim deductions on principal repayment and interest paid, reducing your taxable income significantly.
New tax regime:
The new regime offers lower tax rates and simplified compliance but does not allow most deductions. It is ideal for taxpayers with minimal investments or loans. Bajaj Finserv Home Loan’s flexible tenure options enable you to align your repayment strategy with the most beneficial tax regime.
Can you switch between regimes?
Yes, taxpayers can switch between the old and new tax regimes while filing their ITR.
Penalties for missing the due date
Missing the ITR filing deadline can result in:
- Late fees: Up to Rs. 5,000 for delayed filing.
- Interest on unpaid taxes: Additional 1% interest per month on outstanding dues.
- Loss of deductions: You cannot claim deductions like those on home loan interest.
Proactive financial planning is essential to avoid these penalties.
Checklist of documents for ITR filing
To file your ITR seamlessly, keep the following documents ready:
- Income statements (Form 16 for salaried individuals).
- Loan interest certificates (available from Bajaj Finserv).
- Bank statements.
- Investment proofs (e.g., Section 80C deductions).
- Property sale/purchase agreements.
- PAN card and Aadhaar card.
Conclusion
Filing your ITR for FY 2025–26 is not just a legal obligation but a step towards better financial planning. Whether you are a salaried professional, business owner, or property buyer, understanding the deadlines, rules, and tax-saving opportunities is crucial.
A Bajaj Finserv Home Loan can simplify your financial commitments with its flexible EMIs, competitive interest rates, and quick sanction process. It also helps you maximise tax benefits, making it an ideal choice for homeowners and homebuyers.
Take control of your finances today! Apply for a Bajaj Finserv Home Loan and enjoy seamless tax planning and financial stability.
