What is ITR filing?

Income Tax Return (ITR) filing refers to the process of submitting your tax returns electronically through the government’s e-filing portal or authorized platforms. It is a mandatory compliance requirement for taxpayers to declare their income and taxes paid.

What are the documents required to file ITR?

The following documents are typically needed for filing your Income Tax Return:

• ● Form 16 (Tax Deducted at Source certificate from employer)
• ● Aadhaar Card and PAN Card
• ● Salary Slips
• ● Bank interest certificates
• ● TDS certificate issued by banks and others
• ● Annual Information Statement (AIS)
• ● Proofs of tax-saving investments (e.g., LIC, PPF, ELSS)
• ●Capital gains statement
• ● Details of foreign assets and investments if any
• ● Form 26AS (consolidated tax statement)

What are the benefits of filing an ITR?

Filing your Income Tax Return offers several advantages, including:

• ● • Facilitates easy loan approval
• ●• Serves as valid proof of income and address
• ●• Speeds up income tax refund processing
• ● • Enables carrying forward of losses for set-off in future years
• ● • Assists in purchasing term insurance policies
• ● • Helps avoid penalties and legal consequences due to non-filing
• ● • Simplifies visa application processes

Which ITR form should I choose for e-filing?

There are seven types of ITR forms in India, each catering to different taxpayer profiles:

• ● ITR 1 (Sahaj):For salaried individuals or pensioners with income up to ₹50 lakh from salary, one house property, and other sources (excluding lottery and horse racing income). Not applicable to NRIs.
• ● ITR 2:For individuals and Hindu Undivided Families (HUFs) with income above ₹50 lakh, income from multiple house properties, capital gains, or foreign assets. Suitable for NRIs.
• ● ITR 3:: For individuals and HUFs with income from business or profession (including sole proprietorships).
• ● ITR 4: (Sugam):For individuals/businesses with presumptive income having turnover up to ₹2 crore or professional income up to ₹50 lakh.
• ● ITR 5: For firms, LLPs, AOPs, BOIs, cooperative societies, and other entities.
• ● ITR 6:For trusts, political parties, scientific research institutions, universities, business trusts, and other entities required to file returns under Sections 139(4A) to 139(4F).

How Can I File my ITR Myself?

Yes, taxpayers can file their ITR independently either through the official Income Tax Department portal or through platforms like File Your Tax, which offers an intuitive, AI-powered DIY filing experience. Simply enter your basic salary and personal details, and the system will select the appropriate ITR form, compute your tax liability, and assist with filing.

What if I missed filing my ITR?

If you miss the original filing deadline, you can still file a belated return with a penalty. The last date for filing a belated return is 31st December of the relevant assessment year.

What is the late fee for ITR Filing?

Under Section 234F of the Income Tax Act, a penalty is levied for late filing:

• ● Up to ₹5,000 if filed after the due date but before 31st December.
• ● Up to ₹10,000 for returns filed after 31st December but before the end of the assessment year.

The exact penalty depends on the delay duration and income level.

Can I file a revised return after 31st July?

Yes, you can file a revised return to correct errors or omissions in your original ITR. The deadline for filing a revised return is 31st December of the relevant assessment year.

Is e-filing of ITR mandatory?

Yes, e-filing is mandatory for individuals whose gross total income exceeds the basic exemption limit. Under the old tax regime, the limit is ₹2.5 lakh for individuals below 60 years and ₹3 lakh for senior citizens. Under the new tax regime (effective FY 2025-26), the exemption limit for individuals below 60 has been raised to ₹4 lakh.

Can I file ITR without Form 16?

Yes, you can file your ITR without Form 16. In such cases, use Form 26AS to verify TDS details and refer to the Annual Information Statement (AIS) for income details. You may also request Form 16 from your employer for convenience.

What is the basic exemption limit for filing an ITR?

In India, the basic exemption limit for filing an Income Tax Return (ITR) varies depending on the chosen tax regime (old or new) and the taxpayer's age.

Tax slabs under the new tax regime (FY 2025-26)

What is the last date to e-verify the ITR?

The ITR must be e-verified within 30 days from the date of filing

How can I check my income tax refund status?

You can track the status of your income tax refund via FileyourTax’s refund status tool or directly on the Income Tax Department’s official portal.

Are there any charges for filing ITR through File Your Tax?

File Your Tax offers a fast, secure, and user-friendly platform to file your ITR within minutes. A nominal platform usage fee applies to cover the service and support provided.

What is a rebate under Section 87A and who is eligible?

Under Section 87A, resident individuals with total income up to ₹5,00,000 (old regime) or ₹7,00,000 (new regime) are eligible for a rebate on their tax liability:

• ● The rebate is the lower of:
• ● 100% of income tax liability, or
• ● ₹12,500 (old regime) / ₹25,000 (new regime).

Budget 2025 Update:

For FY 2025-26 onwards, salaried individuals under the new tax regime enjoy a tax-free income threshold of ₹12,75,000, and the Section 87A rebate has been increased to ₹60,000, offering significant relief.