ITR filing for individuals - done right, every year

No. ITR filing is mandatory only if your total income exceeds the basic exemption limit: ₹2.5 lakh for individuals below 60, ₹3 lakh for senior citizens (60-80 years), and ₹5 lakh for super senior citizens (above 80). However, it is highly recommended to file even below the threshold for loan eligibility, visa processing, and claiming refunds.

If you have only salary income, one house property (no loss carried forward), and other sources, use ITR-1 (Sahaj). If you have capital gains, more than one house property, or foreign assets, use ITR-2. Most salaried individuals with standard investments can use ITR-1.

You can still file a belated return by 31 December of the assessment year. However, you cannot carry forward losses to set off against future income. Additionally, a late filing fee of ₹1,000 (income below ₹5 lakh) or ₹5,000 (income above ₹5 lakh) applies under Section 234F.

Yes. If excess tax has been deducted (via TDS on salary, FD interest, etc.) and you have paid more than your actual tax liability, you can claim a refund by filing your ITR. Refunds are typically processed within 30-90 days of e-verification.

Under Section 87A, resident individuals with total taxable income up to ₹5 lakh (old regime) or ₹7 lakh (new regime for FY 2025-26) can claim a rebate of ₹12,500 or ₹25,000 respectively, making their tax liability zero. This effectively means zero tax for incomes up to these limits.

The old regime offers deductions under Sections 80C, 80D, 24, HRA, etc., but at higher slab rates. The new regime offers lower slab rates (starting at 5% from ₹3L) but does not allow most deductions. Choose based on your total eligible deductions - if deductions exceed ₹2 lakh, the old regime typically saves more.

Form 26AS is your annual tax statement from the Income Tax Department showing all TDS deducted, advance tax paid, and self-assessment tax. It is the most critical document for ITR filing - mismatches between your claimed deductions and Form 26AS are the #1 cause of refund delays and scrutiny notices.

AIS is a comprehensive statement showing all information related to your income reported to the Income Tax Department by various entities - banks, brokers, mutual funds, employers. It includes TDS, interest income, dividend income, and stock/mutual fund transactions. Review it before filing to catch unreported income or incorrect entries.

Yes, you can file ITR yourself on the Income Tax e-filing portal (incometax.gov.in) for free. However, for complex situations (capital gains, foreign income, business income), a CA can ensure accurate computation, maximise deductions, and avoid defective return notices. Our fees start at ₹499.

Advance tax is tax paid in instalments during the financial year, rather than waiting until the end of the year. It applies if your total tax liability exceeds ₹10,000 in a year. Due dates: 15 June (15%), 15 September (45%), 15 December (75%), and 15 March (100%). TDS deducted at source counts towards advance tax.

HRA (House Rent Allowance) exemption is available under Section 10(13A) read with Rule 2A. The exemption is the least of: (a) actual HRA received, (b) 50% of basic salary (for metro cities) or 40% (for non-metro), (c) rent paid minus 10% of basic salary. You need rent receipts and rent agreement to claim it.

Section 80C allows deductions up to ₹1.5 lakh for: PPF, EPF, ELSS mutual funds, life insurance premiums, NSC, Sukanya Samriddhi Yojana, tuition fees for children (max 2), home loan principal repayment, and 5-year fixed deposits. These reduce your taxable income.

No. You must choose one regime for a given assessment year. Salaried individuals can switch between regimes year-to-year. However, if you have business or professional income and opt for the new regime, you can only switch back to the old regime once in your lifetime.

Form 16 is a TDS certificate issued by your employer annually, showing your salary income, TDS deducted, and tax deposited. It has two parts: Part A (employer-issued, shows TDS summary) and Part B (employer-issued, shows detailed salary, deductions, and tax computation). You should receive it by 15 June of the assessment year.

If TDS appears in your Form 16 but not in Form 26AS, you will not get credit for that TDS. Raise a complaint with your employer first. If unresolved, you can file Form 12BB and inform the Assessing Officer, who can initiate recovery against the employer under the Income Tax Act.

TDS (Tax Deducted at Source) is tax deducted by your employer, bank, or other payer before paying you. It is deposited with the Income Tax Department. When you file your ITR, you can claim credit for TDS deducted - if more TDS was deducted than your actual tax liability, you get a refund.

Yes. NRIs must file ITR if their Indian income exceeds ₹2.5 lakh. Indian income includes salary earned in India, rental income from Indian property, capital gains from Indian assets, and interest from Indian bank accounts. NRIs use the same ITR forms (ITR-1 to ITR-4) as residents, depending on income type.

For individuals not requiring an audit, the due date is 31 July 2025. If a tax audit is required (for business/profession income above ₹1 crore turnover), the due date is 31 October 2025. Belated returns can be filed by 31 December 2025.

If you have foreign income (salary, rent, capital gains) or foreign assets (bank accounts, investments, property), you need to file ITR-2 (not ITR-1) and fill Schedule FA (Foreign Assets) and Schedule FSI (Foreign Source Income). You may also need to file Form 67 to claim credit for foreign taxes paid under DTAA.

Under Section 234F, the late filing fee is ₹1,000 if total income is below ₹5 lakh and return is filed before 31 December; ₹5,000 if filed after the due date but before 31 December; and ₹10,000 if filed after 31 December. Additionally, interest under Section 234A applies on unpaid tax at 1% per month. The Assessing Officer can also levy a penalty of ₹5,000-₹25,000 under Section 271F for willful non-filing.

To carry forward losses (business loss, capital loss, house property loss), you must file your ITR on or before the original due date (31 July for individuals). Belated returns filed after the due date do not allow loss carry-forward. Losses are set off against income in subsequent years: business losses can be carried forward for 8 assessment years; capital losses can be carried forward for 8 assessment years (indefinitely for unabsorbed depreciation).