Income Tax

An Income Tax Return (ITR) is a form submitted to the Income Tax Department to report your annual income, deductions, taxes paid, and other financial information. It helps the government assess your tax liability and also enables you to claim refunds on excess tax paid.

You must file an ITR if any of the following apply to you:

• Your total income exceeds ₹2.5 lakhs in a financial year (₹3 lakhs for senior citizens and ₹5 lakhs for super senior citizens)
• You earn capital gains from the sale of property, stocks, mutual funds, or digital assets
• You are a freelancer, gig worker, or self-employed professional
• You are a business owner or trader, including those involved in F&O or intraday trading
• You are an NRI (Non-Resident Indian) with income earned or accrued in India
• You want to claim a tax refund for TDS or excess tax paid
• You hold foreign assets or foreign bank accounts
• You have deposited more than ₹1 crore in a bank account
• Your electricity bill exceeds ₹1 lakh or you’ve spent over ₹2 lakhs on foreign travel

Filing an ITR is more than just a legal obligation. It:

• Helps you claim income tax refunds
• Serves as proof of income for loans, visas, and business funding
• Ensures you can carry forward capital and business losses
• Helps maintain a clean financial and tax profile
• Avoids penalties and late fees under the Income Tax Act

For most individual taxpayers, the last date to file ITR for a financial year is July 31st of the assessment year. However, deadlines may vary for businesses and audits, or if extended by the government.

To file your ITR online, keep the following documents ready:

• PAN card and Aadhaar card
• Form 16 (for salaried employees)
• Salary slips
• Bank account statements
• Interest certificates from banks/post office
• Proof of tax-saving investments (ELSS, PPF, LIC, etc.)
• Capital gains statement from mutual funds or shares
• Home loan certificate
• Rental income details
• Freelance or business income records
• TDS certificates (Form 16A, 26AS, AIS)

Here’s a quick guide on choosing the correct ITR form based on your income source:

Not sure which form is right for you? Let FilingWise.com guide you with expert advice and seamless e-filing.

Yes! The Income Tax Department has made it easy to file ITR online via the official portal incometax.gov.in. Alternatively, platforms like FilingWise.com provide affordable, expert-assisted ITR filing services that ensure error-free filing with maximum tax savings.

If you miss the ITR filing deadline:

• A late filing fee of up to ₹5,000 may apply under Section 234F
• You may face interest charges on any unpaid tax
• You cannot carry forward capital or business losses

You may be liable for further scrutiny in case of high-value transactions

Yes, linking your Aadhaar with PAN is mandatory. Failure to do so may lead to your PAN becoming inoperative and your ITR being invalid.

Yes. If you made a mistake in your original ITR, you can file a revised return under Section 139(5) before December 31st of the relevant assessment year.

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• Expert guidance from qualified tax professionals
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