Income Tax Return (ITR) is a form where individuals, businesses or other taxpayers share details of their annual income and taxes paid with the Income Tax Department. It is a formal record that helps ensure the government collects the right amount of tax based on your earnings.
If you're a salaried employee, business owner, freelancer or investor, filing your ITR on time is essential. For most individual taxpayers whose accounts do not require audit, the last date to file the return for the financial year 2024–25 is 31st July 2025. If this deadline is missed, a belated return can still be filed by 31st December 2025, though it may attract penalties and interest.
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 used to report your income and the taxes you've already paid to the government. Every taxpayer—whether an individual, business, company, or Hindu Undivided Family (HUF)—needs to file an ITR based on the nature and amount of their income.
The ITR 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.
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.
What are the eligibility criteria to file ITR?
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
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
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
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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
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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
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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 can you file your income tax returns?
As 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.
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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 as 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.
