Earning Income Beyond Salary? Here's How to File Your ITR Accurately

The Income Tax Department has officially opened the filing window for Income Tax Returns (ITR) for the financial year 2024-25 (Assessment Year 2025-26). While individuals with income solely from salary often find the ITR process simple, those earning from multiple sources need to tread more carefully.

If you’re one of the many taxpayers who earn through side businesses, freelancing, rent, capital gains, or investments, understanding the correct procedure is crucial. Here’s a comprehensive guide to help you file your ITR if you have multiple income sources.

📌 Key Documents to Keep Handy

Before starting your ITR filing, collect all necessary documents. These include:

• Salary slips

• Bank account statements

• Investment proofs

• Rent agreement copies (if claiming HRA)

• Form 26AS – This is one of the most critical documents, showing details of TDS (Tax Deducted at Source), TCS (Tax Collected at Source), and advance tax payments.

Proper documentation helps avoid errors and ensures that all income and deductions are accurately reflected.

📄 Choosing the Right ITR Form

Selecting the correct ITR form is essential and depends on the nature of your income:

• ITR-1: For salaried individuals earning up to ₹50 lakh with income from one house property and other sources (excluding lottery or racehorses).

• ITR-2: For those with capital gains, more than one house property, or foreign income.

• ITR-3: For individuals earning from business or profession.

• ITR-4: For taxpayers opting for Presumptive Taxation Scheme under Sections 44AD, 44ADA, or 44AE.

Filing under the wrong form may lead to rejection or a notice from the IT Department.

💡 Calculating Tax on All Income Sources

Add up all income streams—salary, rent, capital gains, business income, interest, etc.—to arrive at your gross total income. Then, apply deductions under Sections 80C, 80D, 80G, etc., to calculate your net taxable income.

Be aware: each income type may be taxed differently, and misreporting could invite scrutiny.

🧾 Maximize Deductions & Rebates

Identify which tax regime—old or new—you fall under:

• Old Tax Regime: Offers multiple deductions like HRA, LTA, and Section 80C.

• New Tax Regime: Offers lower tax rates but limited deductions.

Choose the regime that gives you the most benefit, and ensure all eligible deductions are claimed to minimize tax liability.

🗓️ Important ITR Filing Deadlines for FY 2024-25

As per the latest announcement by the Income Tax Department, here are the revised deadlines:

• Individuals & Non-audit cases: September 15, 2025

• Businesses requiring audit: October 31, 2025

• Transfer pricing cases (Form 3CEB): November 30, 2025

• Belated or revised returns: December 31, 2025

Filing your return after the deadline can result in penalties of up to ₹5,000 or more and even legal consequences in serious cases.

⚠️ Why Timely Filing Matters

Even though the ITR deadline has been extended, tax experts advise not to wait till the last minute. Early filing helps:

• Avoid server slowdowns

• Get refunds faster

• Prevent last-minute errors

Moreover, filing early gives you more time to revise your return if any mistakes are found later.

✅ Final Thoughts

If your income isn’t limited to a regular salary, filing ITR becomes a bit more complex but manageable with the right preparation. Keep documents organized, choose the correct form, calculate taxes carefully, and be mindful of deadlines. Doing so will not only keep you compliant but also safeguard your financial profile for future loans, visas, and business opportunities.