Filing your Income Tax Return (ITR) is a legal obligation for every individual and entity meeting certain income thresholds. Beyond compliance, timely ITR filing helps you claim refunds, apply for loans, and maintain a clean financial record. This guide covers everything from choosing the right form to e-verification.
Which ITR Form Should You Use?
ITR-1 (Sahaj)
Salaried individuals with income up to Rs. 50 lakhs from salary, one house property, and other sources
ITR-2
Individuals & HUFs with income from capital gains, multiple house properties, or foreign income
ITR-3
Individuals & HUFs with business/professional income
ITR-4 (Sugam)
Individuals, HUFs & firms with presumptive business income (44AD/44ADA/44AE)
ITR-5
Partnership firms, LLPs, AOPs, BOIs
ITR-6
Companies other than those claiming exemption under Section 11
ITR-7
Trusts, political parties, institutions claiming exemption
Documents Needed for ITR Filing
- PAN Card & Aadhaar Card
- Form 16 (from employer, for salaried individuals)
- Form 16A / 16B / 16C (TDS certificates)
- Bank statements & interest certificates
- Investment proofs (PPF, ELSS, LIC, NPS, etc.)
- Home loan interest certificate (Section 24)
- Health insurance premium receipts (Section 80D)
- Rent receipts (for HRA exemption)
- Capital gains statements (mutual funds, shares, property)
- Form 26AS / AIS (Annual Information Statement)
Key Tax Deductions & Exemptions
PPF, ELSS, LIC, EPF, NSC, tuition fees, home loan principal
Health insurance premium for self, family, and parents
Interest on education loan (for 8 years)
Donations to approved charitable institutions
Interest on savings bank account
Interest on home loan for self-occupied property
Step-by-Step ITR Filing Process
Gather All Documents & Form 26AS
Collect Form 16, bank statements, investment proofs, and download Form 26AS/AIS from the income tax portal. Cross-verify TDS credits with Form 26AS.
Choose the Correct ITR Form
Select the appropriate ITR form based on your income sources. Salaried individuals with simple income use ITR-1, business owners use ITR-3 or ITR-4, and so on.
Compute Total Income
Calculate income under all heads: salary, house property, capital gains, business/profession, and other sources. Include all taxable income and exempt allowances.
Claim Deductions & Exemptions
Apply eligible deductions under Section 80C (up to 1.5 lakhs), 80D (health insurance), 80E (education loan), HRA exemption, standard deduction, and more.
Calculate Tax Liability
Compute tax under Old or New regime (whichever is beneficial), add cess and surcharge, and deduct TDS/advance tax already paid to arrive at net tax payable or refund.
Fill & Verify the ITR Form Online
Log in to incometax.gov.in, select the assessment year, fill the ITR form, upload if applicable, and verify all pre-filled data before submission.
E-Verify Your Return
E-verify within 30 days using Aadhaar OTP, net banking, bank account EVC, or Demat account. Without e-verification, your return is considered not filed.
Download ITR-V Acknowledgement
After successful e-verification, download and save the ITR-V acknowledgement. Track your refund status (if any) on the income tax portal.
Important Tip
The due date for filing ITR for individuals (non-audit cases) is usually July 31 of the assessment year. For audit cases, the deadline is October 31. Late filing attracts a penalty of up to Rs. 5,000 under Section 234F.
Need Help Filing Your IT Return?
Let our experienced team at Pujara & Co handle your ITR filing accurately and on time. We ensure maximum deductions and zero hassle.