1. What is an Income Tax Return (ITR)? An Income Tax Return (ITR) is a form used by taxpayers to declare their total income earned from various sources during a financial year, claim deductions and exemptions, calculate their tax liability, and report taxes paid to the Income Tax Department of India. Filing your ITR is mandatory if your income exceeds the prescribed basic exemption limit.

2. Who is required to file an ITR in India? Generally, any individual, Hindu Undivided Family (HUF), or firm whose total income for a financial year exceeds the basic exemption limit (which varies by age group) is required to file an ITR. Even if your taxable income after deductions falls below this limit, filing might be mandatory in certain cases (e.g., if you have incurred a loss you wish to carry forward, or if you meet specific criteria like having foreign assets).

3. What is the due date for filing ITR for FY 2024-25 (AY 2025-26)? For most individual taxpayers, the due date to file ITR for FY 2024-25 (Assessment Year 2025-26) is July 31, 2025. However, due dates may vary for certain taxpayers like businesses requiring an audit.

4. What happens if I miss the ITR filing due date? If you miss the original due date, you can still file a belated return, usually by December 31st of the assessment year. However, late filing may attract a penalty fee (e.g., ₹1,000 for income up to ₹5 lakh, and ₹5,000 for income above ₹5 lakh), and you might lose the ability to carry forward certain losses.

5. What are the different types of ITR forms? How do I know which one to use? The Income Tax Department has notified 7 different types of ITR forms (ITR-1 to ITR-7). The correct form depends on your income sources, total income, and taxpayer category (individual, HUF, company, etc.).

• ITR-1 (Sahaj): For Resident Individuals with total income up to ₹50 lakh from salary, one house property, and other sources (excluding lottery/racehorses).
• ITR-2: For Individuals and HUFs not having income from business or profession, but who might have capital gains, multiple house properties, foreign income/assets, or are a director in a company.
• ITR-3: For Individuals and HUFs having income from profits and gains of business or profession.
• ITR-4 (Sugam): For Resident Individuals, HUFs, and Firms (other than LLP) with total income up to ₹50 lakh, and having income from business and profession computed under presumptive taxation schemes (Sections 44AD, 44ADA, 44AE).
• ITR-5: For Partnership Firms, LLPs, AOPs, BOIs.
• ITR-6: For Companies other than those claiming exemption under Section 11.
• ITR-7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).

It’s crucial to select the correct form to avoid your return being termed “defective.”

6. What documents are required for ITR filing? While ITRs are annexure-less forms (meaning you don’t attach documents directly), you should keep the following ready for accurate filing and for potential scrutiny:

• PAN Card
• Aadhaar Card
• Form 16 (for salaried individuals)
• Form 16A, 16B, 16C (for TDS on other incomes)
• AIS (Annual Information Statement) and Form 26AS (to verify tax credits)
• Bank statements, passbooks (for interest income, etc.)
• Proof of investments for deductions (e.g., PPF, ELSS, life insurance premiums)
• Rent receipts (if claiming HRA)
• Home loan statements (for interest and principal repayment)
• Any other income proofs (e.g., capital gains statements, business income records)

7. Is it mandatory to link Aadhaar with PAN for ITR filing? Yes, it is mandatory to link your Aadhaar card with your PAN for ITR filing. If you have applied for Aadhaar but don’t have the card yet, you need to provide the enrolment ID.

8. How can I file my Income Tax Return online (e-filing)? You can file your ITR online through the official Income Tax Department e-filing portal (incometax.gov.in). The process generally involves:

• Registering and logging in to the e-filing portal.
• Downloading the relevant ITR form utility (JSON/Excel) or using the online filing mode.
• Pre-filling data from AIS/Form 26AS.
• Entering all income details, deductions, and tax payments.
• Calculating tax liability.
• Submitting the return.
• E-verifying the return (recommended using Aadhaar OTP, Net Banking, or Digital Signature Certificate).

9. What is Form 26AS and why is it important? Form 26AS is an annual consolidated tax statement that provides details of tax deducted at source (TDS), tax collected at source (TCS), advance tax paid, and self-assessment tax paid against your PAN. It’s crucial for verifying that all taxes deducted on your income have been correctly deposited with the government and credited to your account.

10. Can I claim a refund of excess tax paid? Yes, if your total tax payments (TDS, advance tax, self-assessment tax) exceed your actual tax liability, you can claim a refund by filing your ITR. The refund will be credited directly to your pre-validated bank account.

11. What is e-verification of ITR, and why is it important? E-verification is the process of electronically verifying your filed ITR. It is crucial because your ITR is considered incomplete until it’s verified. The most common and convenient methods are Aadhaar OTP, Net Banking, or Digital Signature Certificate.

12. What are common mistakes to avoid while filing ITR? Common mistakes include:

• Using the incorrect ITR form.
• Not reporting all income sources (including interest income from savings accounts/FDRs).
• Incorrect personal details (PAN, Aadhaar, bank account details).
• Not reconciling Form 16/16A with Form 26AS/AIS.
• Failing to e-verify the return within the stipulated time.
• Not claiming eligible deductions and exemptions.

13. Where can I find information about tax-saving deductions under Section 80C? Section 80C allows deductions up to ₹1.5 lakh for various investments and expenses. Common eligible deductions include:

• Life insurance premiums
• PPF (Public Provident Fund)
• ELSS (Equity Linked Savings Schemes)
• EPF (Employee Provident Fund) contributions
• 5-year bank/post office fixed deposits
• Principal repayment of home loans
• Children’s tuition fees

14. What if I have incurred a loss in my business or from capital gains? Do I still need to file ITR? While not mandatory for individuals in case of certain losses, it is advisable to file an ITR if you want to carry forward these losses to subsequent years to set them off against future profits. This can significantly reduce your tax liability in the coming years.

15. Can I revise my ITR if I make a mistake after filing? Yes, if you discover an error or omission after filing your original ITR, you have the option to file a revised return. This can be done within the prescribed time limit, generally by December 31st of the assessment year.

Need further assistance with your ITR filing? Contact our experts today for personalized guidance and hassle-free tax compliance.