Filing income tax return is a legal obligation for individuals and businesses earning above the basic exemption limit. This guide covers everything about ITR filing in India.
Who Must File Income Tax Return?
- Individuals with gross income above Rs. 2.5 lakhs (Rs. 3 lakhs for senior citizens)
- Companies and firms (regardless of profit/loss)
- Persons claiming tax refund
- Persons with foreign assets or income
- Those who want to carry forward losses
Types of ITR Forms
| Form | For Whom |
|---|---|
| ITR-1 (Sahaj) | Resident individuals with income up to Rs. 50 lakhs from salary, one house property, other sources |
| ITR-2 | Individuals/HUFs with income from capital gains, foreign income, multiple house properties |
| ITR-3 | Individuals/HUFs with income from business or profession |
| ITR-4 (Sugam) | Individuals/HUFs with presumptive income from business or profession |
| ITR-5 | LLPs, Partnership Firms, AOPs, BOIs |
| ITR-6 | Companies other than those claiming exemption under Section 11 |
| ITR-7 | Trusts, political parties, research institutions |
ITR Filing Due Dates
| Category | Due Date |
|---|---|
| Individuals (no audit required) | July 31 |
| Businesses requiring audit | October 31 |
| Businesses requiring transfer pricing report | November 30 |
| Revised return | December 31 |
| Belated return | December 31 |
Documents Required for ITR Filing
For Salaried Individuals
- Form 16 from employer
- Bank statements
- Investment proofs (80C, 80D, etc.)
- Home loan interest certificate
- Form 26AS (tax credit statement)
- AIS (Annual Information Statement)
For Business Owners
- Profit & Loss statement
- Balance Sheet
- Bank statements
- GST returns
- Audit report (if applicable)
Step-by-Step ITR Filing Process
Step 1: Gather Documents
Collect all required documents including Form 16, bank statements, and investment proofs.
Step 2: Login to e-Filing Portal
Visit www.incometax.gov.in and login with PAN and password.
Step 3: Select ITR Form
Choose the appropriate ITR form based on your income sources.
Step 4: Fill Income Details
Enter all income details - salary, house property, capital gains, other sources.
Step 5: Enter Deductions
Claim all eligible deductions under Chapter VI-A.
Step 6: Compute Tax
Calculate tax liability and verify against advance tax/TDS paid.
Step 7: Pay Balance Tax
If tax is due, pay through the portal before filing.
Step 8: Submit and Verify
Submit ITR and verify using Aadhaar OTP, net banking, or DSC.
Tax Slabs for FY 2024-25
New Tax Regime (Default)
| Income Slab | Tax Rate |
|---|---|
| Up to Rs. 3 lakhs | Nil |
| Rs. 3-7 lakhs | 5% |
| Rs. 7-10 lakhs | 10% |
| Rs. 10-12 lakhs | 15% |
| Rs. 12-15 lakhs | 20% |
| Above Rs. 15 lakhs | 30% |
Old Tax Regime (Optional)
| Income Slab | Tax Rate |
|---|---|
| Up to Rs. 2.5 lakhs | Nil |
| Rs. 2.5-5 lakhs | 5% |
| Rs. 5-10 lakhs | 20% |
| Above Rs. 10 lakhs | 30% |
Common Deductions Available
| Section | Deduction | Limit |
|---|---|---|
| 80C | PPF, ELSS, LIC, NSC, etc. | Rs. 1.5 lakhs |
| 80D | Health insurance premium | Rs. 25,000-1,00,000 |
| 80E | Education loan interest | No limit |
| 80G | Donations | 50-100% of donation |
| 24(b) | Home loan interest | Rs. 2 lakhs |
Penalties for Late/Non-Filing
| Violation | Penalty |
|---|---|
| Filing after due date (income up to Rs. 5 lakhs) | Rs. 1,000 |
| Filing after due date (income above Rs. 5 lakhs) | Rs. 5,000 |
| Filing after December 31 | Rs. 10,000 |
| Interest on tax due | 1% per month (234A, 234B, 234C) |
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CA Priya Mehta
Chartered Accountant with 8+ years of experience in direct taxation and tax planning.