3 min read
15 March 2026

An Income Tax Return (ITR) is an official form that taxpayers in India submit each year to the Income Tax Department. Through this document, you report all the income you have earned during a particular financial year, the deductions you wish to claim, and the amount of tax you have already paid. Filing an ITR ensures that your tax details are properly recorded with the government.

For Financial Year (FY) 2026–27 (Assessment Year 2027–28), an important change is the introduction of the Income Tax Act, 2025. This new law will replace the earlier Income Tax Act of 1961 and will come into effect from 01 April 2026, bringing updated rules and provisions for taxpayers.

In this article, we will explore what ITR is, who should file it, the various types of ITR forms, the steps for filing, the due dates, penalties for late submission, and more.

What is Income Tax Return (ITR)?

An Income Tax Return (ITR) is a document that people and organisations submit to the government each year to declare how much money they earned and how much tax they paid. It includes details of income, spending, deductions, and any tax already deposited as advance or deducted at source. By filing an ITR, taxpayers help the Income Tax Department check whether the correct tax has been paid on time. This system also allows individuals to claim refunds if they have paid more tax than required or if they are eligible for benefits based on their financial information reported in the form.

The ITR is a prescribed form through which the specific details of an individual’s earned income within a financial year long with taxes paid on said income are reported to the Income Tax Department.

It must be submitted by a specific due date, and you should also ensure tax payments are complete before filing. For accuracy, it's important to cross-check details using Form 26AS and Form 16, especially when claiming deductions or reporting salary and fixed deposit interest.

Income tax rules set for overhaul from April 01: What taxpayers need to know

From 01 April 2026, India’s tax system will see a major structural update with the introduction of the Income-tax Act, 2025, which replaces the long-standing Income-tax Act, 1961. Rather than changing tax rates significantly, the government has focused on rewriting the law in a clearer and more organised way. Over the years, repeated amendments had made the earlier framework complex and difficult to interpret. The revised law aims to simplify provisions, remove duplication, and present rules in a more user-friendly format.

For individual taxpayers, the overall tax burden is expected to remain largely unchanged. The new tax regime will continue as the default option, while the old regime—offering deductions and exemptions—will still be available for those who prefer it. This ensures that taxpayers can choose the system that best suits their financial situation without being forced into a single structure.

The existing slab rates under the new regime will remain intact, offering continuity. Many salaried individuals earning around Rs. 12 lakh per year may continue to benefit from a low tax liability. This is mainly due to provisions such as the rebate under Section 87A and the standard deduction, both of which help reduce taxable income. The broader goal is to increase disposable income and make taxation feel less burdensome for middle-income earners.

Taxpayers are also likely to notice improvements in the return filing process. Updated ITR forms are expected to be simpler, with fewer fields and clearer instructions. The government is continuing to promote digital systems, including online filings and faceless assessments, which aim to reduce delays, minimise human intervention, and improve transparency in tax administration.

For investors, certain tax treatments are being refined. For instance, income from share buybacks is likely to be taxed differently, with gains being treated as capital gains in the hands of shareholders rather than dividends at the company level. There are also minor adjustments to charges like the Securities Transaction Tax to better align with evolving market practices. However, existing components such as the 4 percent Health and Education Cess and applicable surcharge for higher-income individuals will remain unchanged, ensuring stability in the broader tax structure.

Why is it important to file income tax returns in India?

The most important reason to file ITR in India is that the government mandates it beyond a certain income. Further, even voluntarily, producing proof of tax returns, helps with availing certain financial products and services. Typically, for loans and other credit options, you must show tax returns of the past three years to qualify. Also, since the previous year incurred losses cannot be shown for exemption later, it helps to have them on record via income tax returns filing. Doing so allows you to reduce your tax liability in the subsequent years.

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Now that you’re aware of the reasons and benefits of filing tax returns take a look at how you can go about filing your returns.

Who is eligible for income tax return?

As Per the Income Tax Act of 1961, any individual under 60 years of age and earns a total income of Rs. 2.5 lakh or more in a financial year must file ITR. Read on to know who else is eligible.

  • Any individual between the ages of 60 and 80 years with a total annual income of Rs. 3 lakh or higher
  • Any individual over the age of 80 years with a total annual income great than Rs. 5 lakh
  • Any company or organisation operating in India, regardless of whether it is in profit or loss
  • Any Indian resident who owns an asset or has any financial ties to an international entity
  • Any individual who wishes to carry forward losses that have been incurred

Who is not required to file an income tax return?

Filing an Income Tax Return (ITR) is an important responsibility for many taxpayers in India. However, not everyone is legally required to submit an ITR every year. In general, individuals whose total income remains below the basic exemption threshold may not need to file a return. The exemption limit differs depending on the taxpayer’s age group. For individuals below 60 years, the limit is Rs. 2.5 lakh. For those aged between 60 and 80 years, it is Rs. 3 lakh, while individuals aged above 80 years have a higher exemption limit of Rs. 5 lakh. If your income stays within these limits and does not include complicated sources such as business profits or capital gains, filing an ITR may not be compulsory.

Individuals who may not need to file an ITR

Under the old tax regime, taxpayers whose earnings remain below the prescribed exemption levels generally do not have to file a return. For example, individuals under 60 years of age with total annual income below Rs. 2.5 lakh usually fall outside the mandatory filing requirement. Similarly, senior citizens between 60 and 80 years with income below Rs. 3 lakh, and super senior citizens above 80 years with income below Rs. 5 lakh, may not need to submit an ITR.

In addition, certain senior citizens aged 75 years or above may also be exempt from filing returns if they meet specific conditions. This typically applies when their income consists only of pension and interest earned from the same bank. In such situations, if the bank deducts tax at source (TDS) on their behalf under the relevant provisions, they may not be required to file a return separately.

Situations where filing becomes mandatory

Even if a person’s income is below the exemption limit, certain circumstances can make filing an ITR compulsory. For instance, individuals earning income from a business or professional practice must generally file returns. The same applies to taxpayers who earn capital gains from the sale of assets such as property, shares, or mutual funds.

Filing may also be required if a person receives income from activities like lotteries, gambling, or horse racing. Other situations include being a director in a company, investing in unlisted equity shares, or earning income from more than one house property. Taxpayers with deferred tax on employee stock options (ESOPs) from eligible start-ups or income taxed under special provisions may also need to file.

Certain high-value transactions can also trigger the requirement to submit an ITR. These include deposits exceeding Rs. 1 crore in a current account, spending more than Rs. 2 lakh on foreign travel, or paying electricity bills above Rs. 1 lakh in a year. Additionally, individuals who hold foreign assets or want to claim a refund for excess TDS deducted—such as tax deducted on bank interest—must file a return.

Overall, while a lower income may remove the obligation to file an ITR, various income sources and financial activities can still make filing necessary. Therefore, it is always advisable to review the applicable rules carefully before deciding whether to file your return.

What is the minimum salary to file an ITR?

In India, you generally need to file an Income Tax Return if your total yearly income exceeds the basic exemption limit set under the tax rules. Under the old tax regime, individuals below 60 years must file if their income crosses Rs. 2.5 lakh. For those aged between 60 and 80 years, the threshold is Rs. 3 lakh, while individuals above 80 years have a higher limit of Rs. 5 lakh.

However, filing an ITR may still be useful or necessary even if your income is below these levels. For example, if tax has already been deducted at source (TDS) from your income, you may need to file a return to claim a refund. Similarly, individuals with foreign assets, capital gains, or those who want to carry forward certain losses to future years may benefit from filing their ITR.

What are the documents required to file tax returns?

The documents required for the online income tax returns filing procedure are as follows:

  • PAN card
  • Proof of tax-saving investments, if any
  • Form 16A/ 16B/ 16C
  • Salary slips
  • Bank statements
  • TDS certificate
  • Interest certificates
  • Form 26AS

Documents required to file income tax return (ITR) in India - A table overview

Before submitting your Income Tax Return (ITR), it is helpful to gather the required documents in advance. Keeping these records ready helps ensure accurate reporting of income, proper tax calculations, and a smoother filing and verification process. The table below outlines the commonly required documents for filing an ITR in India.

Category

Document

Purpose / Why it is required

Identity documents

PAN Card

Mandatory for filing ITR and identifying the taxpayer.

Identity documents

Aadhaar Card (linked with PAN)

Required for verification and e-filing authentication.

Income proof

Form 16

Issued by employer showing salary details and TDS deducted.

Tax verification

Form 26AS

Shows TDS, TCS, advance tax payments, and tax credits.

Tax verification

Annual Information Statement (AIS)

Provides a detailed record of financial transactions and income reported to the Income Tax Department.

Income proof

Bank statements / Passbook

Used to verify interest income and financial transactions.

Income proof

TDS certificates (Form 16A / 16B / 16C)

Shows tax deducted on income other than salary such as interest or property transactions.

Deduction proofs

Investment proofs (LIC, PPF, ELSS, NPS, ULIP)

Required to claim deductions under Section 80C and other sections.

Deduction proofs

Home loan statement

Shows principal and interest paid to claim deductions under Section 24 and Section 80C.

Deduction proofs

Rent receipts / Rental agreement

Needed if claiming House Rent Allowance (HRA).

Income proof

Interest certificates from banks

Shows interest earned from fixed deposits or savings accounts.

Income proof

Capital gains statements

Required for reporting gains or losses from shares, mutual funds, or property.

Deduction proofs

Donation receipts

Used to claim deductions under Section 80G.

Pre-filing checks

PAN–Aadhaar linking

Mandatory to ensure the ITR filing process is valid and accepted.

Pre-filing checks

Verify AIS and Form 26AS

Ensures all income and tax credits match with bank and financial records.

Pre-filing checks

Select correct ITR Form

Choosing the correct form (ITR-1, ITR-2, ITR-4 etc.) based on income sources.


What are the different types of ITR forms?

There are 7 types of forms that you should know of when you’re considering the online filing of income tax returns. They are as follows:

ITR form

Eligibility criteria

ITR-1 Form

Individuals who earn an income from salary, pension, 1 house property, interest, or any other form up to Rs. 50 lakh in a financial year are eligible to use this form.

ITR-2 Form

Any individual or Hindu Undivided Family (HUFs) whose income is not from the profit of a business or a profession in a financial year is eligible to use this form.

ITR-3 Form

 

Individuals or HUFs whose source of income is from the profits of a business or profession in a financial year are eligible to use this form.

ITR-4 Form

 

Individuals who qualify under the presumptive taxation scheme, earning less than Rs. 50 lakh from a profession or under Rs. 2 crore from a business income, are eligible to use this form.

ITR-5 Form

 

Associations, partnerships, and Limited Liability Partnerships reporting their income for a financial year must use this form.

ITR-6 Form

Any company registered in India, filing tax for a financial year, is supposed to use this form.

ITR-7 Form

Entities including universities, research institutions, political parties, or charitable trusts filing tax returns for a financial year are to use this form.


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Types of forms for ITR E-filing

To file your ITR smoothly, you’ll need to keep the following forms ready:

  • Form 16 – If you're salaried, your employer issues Form 16. It lists your gross salary, applicable exemptions (like HRA or LTA), deductions, and the amount of tax deducted at source (TDS).
  • Form 26AS – This is a consolidated annual tax statement. It shows all the TDS made on your income (salary, interest, property sales, etc.), as well as advance tax or self-assessment tax paid during the year.
  • Form 15G and 15H – These forms help you avoid TDS on income such as bank interest. Form 15G is for individuals below 60 years whose total income is below the taxable limit. Form 15H is for senior citizens (60+ years) with nil tax liability. Submit these forms to the bank or institution paying you interest.

Having these documents ready ensures that all your income and tax details are reported correctly when you file your return online.

What's new in the ITR forms?

The government updates ITR forms regularly. The latest versions now include changes to account for relief measures and broader tax compliance requirements.

  • Wider eligibility – More people are now required to file ITR. This includes those who:
    • Deposited over Rs. 1 crore in a bank account in a year
    • Spent more than Rs. 2 lakh on overseas travel
    • Paid electricity bills over Rs. 1 lakh annually
  • New Schedule DI – A dedicated section named ‘Schedule DI’ is added to allow taxpayers to claim deductions for investments or payments made within extended timelines (such as those given during the COVID-19 period).
  • Updated rules for property owners – Previously, joint property owners were restricted from using simpler forms like ITR-1 and ITR-4. That rule has now been removed, allowing more flexibility in form selection.

These changes ensure that taxpayers have greater clarity and broader options for reporting income, claiming benefits, and remaining compliant.

How can you download the income tax return form?

To proceed with the e-filing of income tax returns, you need to download the right form, as stated above. Here’s how to go about the selection and download process.

  • Visit the Income Tax Department’s online portal.
  • Look for the ‘Forms/Downloads’ button on the homepage.
  • Hover over it and click on the ‘Income Tax Returns’ option.
  • You will be redirected to a page that lets you choose from different forms. Pick the one that matches your financial profile.
  • Download it and fill in the necessary information.

How to file ITR using the income tax portal in 2026

Per the latest income tax filing policy change, filing your ITR is now an online process and must be done through the official Indian income tax website. However, to begin, you must first register yourself by visiting this website

After registering for the e-filing service, here are the steps to follow:

  • Login by entering your user ID and CAPTCHA.
  • Select the appropriate assessment year and ITR form.
  • You will be redirected to a page to fill the form. Read the guidelines carefully to avoid mistakes.
  • After entering the relevant information, check the details. Then, click the ‘Preview and Submit’ button to proceed.
  • After submitting, your will need to verify the return either through your Aadhaar card or via an electronic verification code.
  • Upon successful verification and processing, you will receive an e-mail on your registered email address and an SMS on your registered mobile number.

How can you check your ITR status online?

Checking your ITR status can only be done after you’ve successfully filed your income tax returns. These are the two methods that you can follow.

  • You can either use your acknowledgment number by logging into the portal and clicking on the ‘ITR Status’ button.
  • You can also use your login credentials to check the status on your dashboard.

Both methods are fairly straightforward and help you access your ITR status in minutes.

What is the penalty if you don’t file income tax returns?

The penalty you incur for not filing tax returns depends on two main factors: the income tax rate applicable and the number of days it has been since the due date for filing. Based on these parameters, you can be penalised anywhere between Rs. 1,000 and Rs. 10,000 if your income is below Rs. 5 lakh. On the other hand, if you earn more than Rs. 5 lakh, you may be penalised between Rs. 5,000 and Rs. 10,000.

The most important thing to note is that filing tax returns is imperative to being a law-abiding citizen. To simplify the process, try to file your tax returns well before the income tax return last date. Keep in mind the above pointers, and take note of the clauses that apply to your financial profile before filing your ITR and calculate your tax with Income Tax Calculator.

Other topics you might find interesting

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How to File Nil Returns

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TCS on Foreign Remittance

How to File ITR with Form 16


What are the eligibility criteria to file ITR?

For FY 2024-25, income tax filing due dates vary based on entity type and income sources.

Category

Due Date for Tax Filing (FY 2024-25) (AY 2025-26)

Individual / HUF/ AOP/ BOI

31st July 2024

Businesses (Requiring Audit)

31st October 2024

Businesses requiring transfer pricing reports

30th November 2024

Revised return

31 December 2024

Belated/late return

31 December 2024

Updated return

31 March 2024


Why should you file ITR?

Filing your Income Tax Return is not just a legal requirement; it also has many financial benefits. You must file ITR if:

  • You fall under the taxable income brackets per government norms.
  • You own a business or company, even if it made no profit.
  • You want to claim a tax refund.
  • You wish to carry forward any business or capital losses.
  • You're applying for a loan, visa, or immigration.
  • You have foreign assets or signing authority in overseas accounts.
  • You're a Non-Resident Indian (NRI) with income sourced from India.
  • You earn income through a charitable trust, research group, news agency, educational institution, hospital, or political party.

Even if your income is below the taxable limit, filing ITR can help you in many ways. For example, it provides a financial record, simplifies loan or visa applications, and protects your interests in the event of a tax dispute.

Income tax filing due dates for FY 2025-26 (AY 2026-27)

For Financial Year 2025–26 (Assessment Year 2026–27), different categories of taxpayers have different deadlines for filing their Income Tax Returns. Individuals and Hindu Undivided Families (HUFs) who are not required to get their accounts audited must usually file their return by 31 July 2026. Businesses and trusts that are not subject to audit are required to complete their filing by 31 August 2026.

Companies and taxpayers whose accounts need to be audited have a later deadline of 31 October 2026. In cases where transfer pricing regulations apply and a report is required, the last date for filing is 30 November 2026. If a taxpayer misses the original deadline, they can still file a belated or revised return by 31 December 2026, subject to applicable rules and penalties.

Key ITR filing due dates for FY 2025-26 (AY 2026-27)

  • Individual, HUF, AOP, BOI (non-audit cases): 31 July 2026.
  • Non-audit businesses and trusts: 31 August 2026.
  • Corporate taxpayers and tax audit cases: 31 October 2026.
  • Transfer pricing cases: 30 November 2026.
  • Belated/ Revised return: 31 December 2026.

Income tax filing due dates for FY 2024-25 (AY 2025-26)

The table below outlines the taxpayer category and corresponding ITR last date for the year 2025:

Taxpayer category

ITR filing last date 

Due date to file audit report for FY 2024-25

Businesses (Audit cases including Pvt Ltd, OPC, LLPs, and firms)

October 31

September 30

Businesses (non-audit cases including Pvt Ltd, OPC, LLPs, and firms)

September 15

-

Association of Persons (AOP)

September 15

-

Body of Individuals (BOI)

September 15

-

Individual

September 15

-

Trusts, colleges, political parties (Audit Cases)

October 31

September 30

Trusts, colleges, political parties (Non-Audit Cases)

September 15

-

Report to be filed u/s 92E

October 31

-

Furnishing of Income Tax Return in case of Transfer Pricing

November 30

-

Revised Return

December 31

-

Overdue/Late Return

December 31

-


Note: ITR last date for AY 2025–26 is September 15, 2025 for individuals and non-audit cases according to CBDT’s extended deadline.

Why you must file ITR before the due date?

Filing your Income Tax Return on time helps ensure that all financial details are accurate and properly reported. It gives you enough time to review documents such as bank statements, income proofs, and interest certificates, reducing the chances of mistakes. Early filing also allows smoother processing and avoids last-minute stress.

Another key benefit is that you can carry forward certain financial losses to future years, but only if the return is filed within the deadline. In addition, taxpayers who submit their ITR early are more likely to receive refunds faster, as their returns are processed sooner by the tax department.

Important due dates for paying advance tax instalments for FY 2024-25

Income tax compliance requires meeting various important deadlines, such as filing income tax returns and making advance tax payments on time. For the financial year 2024-25, taxpayers need to follow particular due dates for advance tax instalments:

Due date

Nature of compliance

Tax to be paid

June 15

First Instalment

15% of tax liability

September 15

Second Instalment

45% of tax liability

December 15

Third Instalment

75% of tax liability

March 15

Fourth Instalment

100% of tax liability

March 15

Presumptive Scheme

100% of tax liability


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What should you do if you miss the Income tax return deadline?

Missing the ITR filing deadline is not ideal, but you still have ways to fix the issue:

1. File a belated return
You can file a belated return under Section 139(4) by 31st December 2025. However, a late filing fee and interest may apply. Also, only house property losses can be carried forward—others can’t.

2. File an updated return (ITR-U)
Introduced in 2022, this option lets you update your ITR within two years of the end of the relevant assessment year. You can correct omissions or declare missed income. But do note:

  • If updated within the first year: You must pay an extra 25% on tax and interest.
  • If updated in the second year: The extra payment rises to 50%.

Filing late or incorrect ITRs could result in notices and delayed refunds. Therefore, it's best to file accurately and on time.

Who is exempted from ITR Filing in India?

Senior citizens aged 75 and above may be exempt from filing ITR under Section 194P, but only if these conditions are met:

  • The individual is a resident of India in the relevant financial year.
  • Their only income comes from pension and interest.
  • The interest must be earned from the same bank where the pension is credited.
  • They must provide a declaration to the bank confirming eligibility.
  • The bank must be one that is notified by the Central Government to deduct the applicable TDS.

This arrangement allows the bank to compute and deduct taxes on behalf of the senior citizen, relieving them of the need to file an ITR. However, this benefit is not available if the person has income from rental property, business, or capital gains.

ITR Filing FY 2024-25: What if you file the wrong ITR form?

Filing an incorrect ITR form can delay your tax refund, lead to legal notices, and may even result in your return being treated as invalid. Here's how to handle the situation and fix errors promptly.

Why it matters

Filing ITR-1 when you have capital gains, foreign assets, or professional income is a common error. In such cases, the Income Tax Department may send a notice under Section 139(9), treating the return as defective.

Step-by-step fix

  • Step 1: File a revised return: If the original return hasn't been processed yet, log into the e-filing portal and file a revised return using the correct ITR form under Section 139(5).
  • Step 2: E-Verify promptly: E-verification is necessary after submitting the revised return. You can do this using Aadhaar OTP, net banking, or digital signature. Complete it within 30 days to avoid invalidation.
  • Step 3: Use the rectification option: If your return has already been processed, use the Rectification Request under Section 154 via the portal’s 'Rectification' section.
  • Step 4: Respect deadlines: Submit revised or rectified returns before 31st March 2026 (for FY 2024–25) or before your original return is processed.
  • Step 5: Respond to notices quickly: If you receive a defective return notice, respond within 15 days. Failing to do so can result in your return being treated as not filed.

In complex cases or if you’re unsure about the form to use, seek help from a tax professional to ensure compliance.

Income tax return filing: Know the cost of missing the July 31 ITR deadline

Filing your Income Tax Return (ITR) within the prescribed deadline is not just a routine task – it plays a key role in keeping your tax affairs smooth and stress-free. For most individual taxpayers in India, the due date for filing ITR for FY 2025–26 (Assessment Year 2026–27) is 31 July 2026. Meeting this deadline helps you avoid extra charges, interest, and limitations that come into effect once the date is missed.

If you fail to file by July 31, your responsibility to file does not disappear. However, the process becomes more expensive and restrictive, with fewer benefits available. Understanding what changes after the deadline can help you make informed decisions and reduce unnecessary costs.

Missing the deadline changes your return status

When you do not file your ITR by July 31, your return is classified as a belated return under the Income Tax Act. While you are still allowed to file, the rules are no longer the same as those for a timely return. Certain tax benefits are lost, and additional conditions apply.

A belated return can be filed only up to 31 December 2026, unless the government announces an extension. Filing within this extended window keeps you legally compliant, but missing even this date significantly limits your options. Once the deadline passes, you no longer enjoy the flexibility and advantages available to taxpayers who file on time.

Late filing fee becomes compulsory

One of the immediate consequences of missing the ITR deadline is the compulsory late filing fee under Section 234F. This fee applies even if you have already paid all your taxes in full.

For taxpayers with total income up to Rs. 5 lakh, the late fee can go up to Rs. 1,000. If your income exceeds this limit, the fee may rise to Rs. 5,000, provided the return is filed before December 31. This amount is charged purely for late submission and is separate from any tax due.

In addition, if any tax remains unpaid after July 31, interest at 1% per month or part of a month is charged under Section 234A. Even a short delay can increase the overall amount payable.

Refunds are delayed and not cancelled

Filing your ITR after the deadline does not mean you lose your refund. If excess TDS or advance tax has been paid, you are still entitled to receive the refund. However, belated returns are generally processed later, which means the refund may take more time to reach your bank account.

A bigger drawback is the inability to carry forward certain losses, such as business losses or capital losses. This can increase your tax liability in future years. Although belated returns can be revised, this is allowed only up to 31 December 2026, after which correcting mistakes becomes difficult.

Late or missing ITR impacts financial credibility

Your ITR acts as an important financial document. Banks, financial institutions, and even embassies often ask for recent ITRs when assessing loan applications, creditworthiness, or visa requests. Delayed or missing filings can weaken your financial profile, even if all taxes are eventually paid.

Filing your ITR on time for FY 2025–26 helps you avoid penalties, secure quicker refunds, and maintain a clean financial record. In tax matters, filing on time is just as important as filing correctly.

Conclusion

Filing your income tax return is essential for legal compliance and financial planning. It serves as proof of income for loan applications, helps carry forward losses, and ensures you claim rightful refunds. Whether you choose the old or new tax regime, timely filing protects you from penalties and maintains your financial credibility. Keep all necessary documents ready, select the appropriate ITR form based on your income sources, and file before the due date. Remember that ITR filing is not just about meeting legal obligations—it's about maintaining proper financial records that support your long-term financial goals and major life decisions.

A well-maintained tax filing history strengthens your profile when applying for significant financial products like home loans. Bajaj Finserv offers loans up to Rs. 15 Crore* with attractive interest rates and flexible repayment options to help you purchase your dream home. Check your loan offers with Bajaj Finserv today. You may already be eligible, find out by entering your mobile number and OTP.

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Frequently asked questions

Can I file my ITR myself?

Yes, you can file your ITR yourself using the online portal provided by the Income Tax Department or through various tax filing software and apps. The process is user-friendly and guided step-by-step.

Who should file an ITR?

Anyone with income above the basic exemption limit set by the government should file an ITR. This includes salaried individuals, self-employed professionals, freelancers, and businesses.

Why should I file an ITR?

Filing an ITR is mandatory if your income exceeds the taxable limit. It helps claim deductions, avail tax refunds, and serves as proof of income for various financial transactions, such as applying for loans.

What if I don't file ITR?

If you don't file your ITR, you may face penalties, interest on unpaid taxes, and possible legal consequences. Additionally, you may miss out on refunds and face difficulties in financial transactions requiring proof of income.

How can I check my ITR return amount?

To check your ITR return amount, you can log into your account on the official Income Tax e-filing website using your credentials and navigate to the 'View Returns/Forms' section.

How much income tax returns am I eligible for?

The amount of income tax returns you’re eligible for depends upon various factors like your total taxable income, deductions claimed, and tax exemptions availed. It's advisable to consult with a tax advisor for accurate calculations.

Which investment is 100% income tax free?

Public Provident Fund (PPF), Loans on Life Insurance Policies, and investments in Tax-free Bonds are some options that provide income that is 100% tax-free, subject to terms and conditions.

What to do if an income tax refund is pending?

If an income tax refund is pending, you can check the status on the official Income Tax e-filing website. If it's delayed, you can file a grievance through the 'e-Nivaran' section.

What is meant by Income Tax Return?

An Income Tax Return (ITR) is a form where taxpayers report their total income, deductions, and taxes paid to the government for a specific financial year. Filing an ITR helps the Income Tax Department verify whether you've paid the correct amount of tax.

How is ITR calculated?

ITR is calculated by adding all sources of income (salary, interest, rent, etc.), applying applicable deductions and exemptions, and then computing tax liability as per current slabs.

Is Rs. 7 lakh income tax-free?

Yes, if your total income is up to Rs. 7 lakh and you opt for the new tax regime, you can get a full rebate under Section 87A, making your tax liability zero—provided you meet all conditions.

What is salary in income tax?

Salary includes basic pay, HRA, bonuses, allowances, etc. It is taxed on either a 'due' or 'receipt' basis—whichever is earlier. Some parts may be tax-free if exemptions apply.

How much income is tax-free?

Under the old tax regime, income up to Rs. 2.5 lakh is tax-free (Rs. 3 lakh for senior citizens and Rs. 5 lakh for super senior citizens). Under the new regime, the tax-free limit is Rs. 3 lakh.

Understanding your tax obligations helps in better financial planning, including planning for home purchases. With Bajaj Finserv, you can get financing solutions tailored to your income profile with loans starting from 7.15%* p.a. interest rate. Check your loan offers today. You may already be eligible, find out by entering your mobile number and OTP.

How is Rs. 12 lakh income tax-free?

Under the 2025 budget proposal, salaried individuals using the new tax regime may pay no tax on income up to Rs. 12.75 lakh, considering the standard deduction of Rs. 75,000 and applicable rebates.

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