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In summary
Understanding Awas: PMAY Eligibility, Subsidy & Application Explained
E-filing makes ITR submission accurate, fast, and convenient, with auto-populated fields, built-in calculators, and digital verification options. Most taxpayers are now required to file online; exempt categories include individuals above 80 years with income below Rs. 5 lakh.
This page covers:
- What income tax e-filing is
- Step-by-step process to file ITR online
- Benefits of digital ITR filing
- Who is eligible to file ITR online, and who is exempt
- Documents required for online ITR filing
- Important dates and deadlines for ITR filing
- Penalty for late filing under Section 234F
- How to register for e-filing
- Different ITR forms and which one to use
- Why completing ITR filing matters
What is income tax e-filing?
Income tax e-filing (electronic filing) is the process of submitting your annual income tax return through the official Income Tax Department portal. It involves reporting your income, expenditure, deductions, and tax liability to the government digitally, eliminating the need for paper forms. Digital filing is now mandatory for all assessees except those specifically exempted by the Income Tax Department.
Steps to file ITR online
- Register on the Income Tax portal and complete the e-filing income tax login using your PAN and password.
- After logging in, click 'Income Tax Return' under the 'e-file' menu.
- Choose the correct ITR Form type, assessment year, and mode of payment. Click 'Continue'.
- Select your verification method — EVC using bank details or Aadhaar OTP — and click 'Continue'.
- Fill in Part A: general information including name, Aadhaar number, PAN, and address.
- Enter income details for gross total income computation.
- Enter tax exemptions to compute the total taxable income.
- Verify all details: taxes paid, refund amount, and total amount payable.
- Click 'Preview and Submit' to confirm all entries are correct.
- Click 'Submit' to complete the e-filing process.
What are the benefits of filing ITR digitally?
| Benefit | How it helps |
|---|---|
| Instant processing | Faster processing of refunds and tax liability estimates; no manual handling delays |
| Accuracy | Built-in calculators and auto-fill reduce manual errors; self-assessment without needing a tax consultant |
| Convenience | Interactive filing with auto-fill options; complete from anywhere at any time |
| Verification of ITR status | Check filed status, acknowledgements, and refunds online anytime |
| Easy record maintenance | The portal stores all past returns, acknowledgements, and refund details permanently; accessible for loan applications and audits |
Who is eligible to file ITR online — and who is exempt?
All assessees are mandated to file ITR online. The following are exempt and may file offline if they prefer:
- Income tax assessees above 80 years of age taxed under the super senior citizen slab
- Individuals or HUF members whose annual income does not exceed Rs. 5 lakh (including stipulated exemptions)
Exempt assessees can choose to file either online or offline. All other individuals, businesses, HUFs, companies, and professionals must file digitally.
What documents are required to file ITR online?
No documents need to be attached with the ITR forms unless specifically requested by the Income Tax Department. However, keep these handy while filing:
| Document | Applicable for |
|---|---|
| Form 16 | Salaried individuals and pensioners |
| Profit and loss statement | Self-employed individuals and business owners |
| Form 26AS | All taxpayers — consolidated TDS and tax credit statement |
| Investment documents | Section 80C, 80D, 80E investments and insurance payments |
| Loan-related certificates | Home loan interest certificates, education loan statements |
Important dates for ITR filing
| Activity | Due date |
|---|---|
| Proof of investment submission | Before January 31 |
| Last date for investments under Section 80C | Before March 31 |
| ITR filing due date (most taxpayers) | July 31 |
| Verification of tax returns | Between October and November |
Note: Due dates are subject to extension by the government each year. Always check the Income Tax portal for the most current deadlines for the relevant assessment year.
Penalty for late filing of ITR online
Section 234F of the Income Tax Act, 1961 prescribes the following penalties for late filing:
| When filed | Penalty |
|---|---|
| Filed by December 31 of the Assessment Year | Rs. 5,000 |
| Filed after December 31 of the Assessment Year | Rs. 10,000 |
Note: If total income does not exceed Rs. 5 lakh, the maximum penalty is capped at Rs. 1,000. Additionally, interest under Sections 234A, 234B, and 234C applies for delays in filing and payment of advance tax.
How to register for income tax e-filing
- Visit Income Tax Department's e-filing portal.
- Select 'User Type' — Individual, HUF, Others, etc.
- Enter your name, PAN, residential status, and date of birth.
- Fill the registration form with address, contact number, and password details and submit.
- Verify your submission with an OTP to complete registration.
After registration, your PAN becomes your login ID.
What are the different ITR forms and which one should you use?
| ITR form | Who should use it |
|---|---|
| ITR 1 (Sahaj) | Individuals with income up to Rs. 50 lakh from salary/ pension, one house property, and other sources |
| ITR 2 | Individuals with capital gains, multiple house properties, or foreign income |
| ITR 3 | Individuals with business or professional income including speculative trading income |
| ITR 4 (Sugam) | Individuals, HUFs, and firms under presumptive taxation (Sections 44AD, 44ADA, 44AE) |
| ITR 5 | Firms, LLPs, AOP, BOIs |
| ITR 6 | Companies (excluding those claiming Section 11 exemption) |
| ITR 7 | Trusts, political parties, research institutions, and similar entities |
Why should you complete ITR filing?
- Legal compliance: Mandatory for most taxpayers under the Income Tax Act
- Refund claims: Track and claim refunds for any excess TDS or advance tax paid during the year
- Home loan and loan documentation: Most lenders require the last 2 to 3 years of ITR filings as income proof, especially for self-employed applicants
- Avoiding penalties: Timely filing prevents interest and late fee charges under Sections 234A, 234B, 234C, and 234F
- Carry-forward of losses: Filing before the due date preserves your right to carry forward capital losses, speculative losses, and business losses to future years
Filing your ITR on time is one of the simplest things you can do to maintain a clean financial record and strengthen any future loan application. With clear tax filings in place, Bajaj Finance offers home loans from 7.25% p.a.** with amounts up to Rs. 15 Crore* and tenures up to 32 years. Check your eligibility today.
Frequently Asked Questions
Filing process
ITR and home loans
What is the difference between ITR filing and ITR verification?
Filing the ITR means submitting your income and tax details on the portal. Verification is the separate step of confirming the submission is genuine, done within 30 days of filing. Verification methods include Aadhaar OTP, net banking EVC, bank account EVC, Demat account EVC, or sending a signed ITR-V physical copy to CPC Bengaluru. An unverified ITR is treated as not filed — penalties may apply.
Can you revise a filed ITR if you made an error?
Yes. A revised ITR can be filed before the end of the relevant assessment year or before the completion of assessment, whichever is earlier. The revised filing replaces the original. If you filed ITR 1 but later realised you had capital gains income requiring ITR 2, you must file a revised return using the correct form.
How many years of ITR filings do lenders typically require for a home loan?
Most lenders require the last 2 to 3 years of ITR filings as income proof. Salaried applicants can supplement ITR with Form 16. Self-employed applicants and business owners typically need 3 years of ITR with profit and loss statements and balance sheets. Some lenders may accept 2 years if the income trend is consistent and income is high.
What if you are applying for a home loan but have never filed ITR?
If you have not filed ITR previously (for example, because your income was below the exemption limit), salaried applicants can use Form 16, salary slips, and bank statements as income proof. However, for most home loan amounts, lenders strongly prefer ITR filings as the most reliable income verification. Consider filing for at least 1 to 2 previous years before applying, even if not mandatory — to strengthen your loan application.
How do I pre-validate my bank account to ensure a successful tax refund?
To secure your tax refund, go to the 'Profile' section on the e-filing portal and click 'My Bank Account'. Select 'Add Bank Account', enter your accurate bank account number, IFSC code, account type, and link your mobile number. The system validates this data against your PAN records; ensure your name on the portal perfectly matches your bank records for successful validation.
Which tax regime is more beneficial for a salaried individual: Old or New?
The New Tax Regime is the default option and features lower, streamlined tax slabs but does not allow major deductions like Section 80C, 80D, or HRA. The Old Tax Regime allows extensive deductions, making it highly beneficial if you make substantial investments in PPF, ELSS, insurance, or home loans. You should use the portal's tax calculator to compare both regimes before filing.
What is Form 16, and can I file my ITR if I do not have it?
Form 16 is a certificate issued by your employer detailing your total salary paid and the Tax Deducted at Source (TDS). If you do not have it, you can still file your ITR by compiling your monthly payslips to compute gross salary. You must also download Form 26AS and your AIS from the e-filing portal to check and claim credit for all TDS deducted.
How do I report capital gains from cryptocurrency or virtual digital assets (VDAs) in my ITR?
Income from crypto or virtual digital assets must be reported under Schedule VDA by filing ITR-2 or ITR-3. Profits are taxed at a flat rate of 30% plus applicable surcharge and cess, regardless of your total income slab. You cannot offset losses from one cryptocurrency against profits from another, and expenses like internet charges or trading fees cannot be claimed as deductions.
What are the legal consequences of intentionally underreporting income or hiding assets in an ITR?
Intentionally hiding your income or misreporting assets can trigger severe penalties and legal prosecution from the Income Tax Department. Under Section 270A, a penalty of 50% of the tax payable is levied for underreporting, which escalates to 200% for deliberate misreporting. Persistent evasion can lead to rigorous imprisonment under Section 276C, alongside hefty interest accumulating on the unpaid tax amount.
How can senior citizens over 75 years old get an exemption from filing an ITR?
Under Section 139AA, senior citizens aged 75 and above are exempt from filing an ITR if they fulfill specific strict conditions. Their only sources of income must be a pension and interest earned from the exact same bank. The bank must automatically deduct the required tax on their total income, making manual filing unnecessary for individuals who meet this specific criteria.
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