How To File ITR If You Have Multiple Incomes? Simplified Steps
The Income Tax (IT) Department has started the process to file the income tax return (ITR) for the financial year 2024-25, corresponding to the assessment year 2025-26. While filing ITR is relatively easier for individuals with only one source of income, those with multiple streams may have a hard time keeping up with the regulations.
As the ITR filing window is open, here is how taxpayers with income from multiple sources should go about their business:
Gather all documents: This should be 101, but gathering all the documents is the first step. Collect the relevant salary slips, rental agreements, investment receipts and Form 26 AS. The latter is important for Tax Deducted at Source (TDS) and tax Collected at Source (TCS) claims during the financial year.
Correct forms: Once the documents have been collected, the next step is to choose the correct ITR form. ITR 3 and ITR 4 are the two forms meant for taxpayers with income from business and other professions. Meanwhile, ITR-4 is for taxpayers who opt for presumptive business income.
Assess total income to calculate tax: Income and tax calculation involves determining earnings from each source and aggregating them to determine your total taxable income. Various income sources may carry different tax implications.
Deductions and exemptions: Make sure to consider potential deductions and exemptions that could lower your tax burden. The deductions will largely depend on the tax regime (old or new) you may have opted for.
ITR deadline extended
Earlier this week, the Income Tax Department extended the date to file the ITR to September 15 from the earlier deadline of July 31 to enable a smoother filing experience for taxpayers.
ITR filing: Key deadlines to remember
Individuals and non-audit cases: September 15, 2025
Audited Accounts (business or professionals): October 31, 2025
Taxpayers requiring transfer pricing cases (Form 3CEB): November 30, 2025
Belated or revised return: December 31, 2025
Failure to file the ITR may result in a notice from the Income Tax Department. If your reply is not accepted, it could lead to a penalty or in some cases, imprisonment.
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