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ITR filing is a mandatory process for taxpayers in India, reporting all your income, income sources, deductions, and liabilities to the Income Tax Department. You must file your ITR on time to avoid penalties and last-time technical issues.

Who should e-file ITR?

1) Salaried persons: Salary income above the exemption limit.

2) Professionals: Freelancers, doctors, lawyers, consultants, etc.

3) Business owners: all businesses, whether profit or loss.

4) Directors/Partners: Company directors or firm/LLP partners.

5) Investors: Income from dividends, interest, or capital gains.

6) NRIs/RNORs: Income or assets in India.

7) Foreign asset holders: Assets or income outside India.

8) High-value spenders: Large bank deposits, travel, or electricity bills.

9) Refund claimants: To get excess tax back.

10) Charitable trusts: Annual filing is mandatory.

New Tax Slabs (New Regime)

Taxable Income (₹) Tax Rate

0 – 400,000 Nil

400,001 – 800,000 5%

800,001 – 1,200,000 10%

12,00,001 – 16,00,000 15%

16,00,001 – 20,00,000 20%

20,00,001 – 24,00,000 25%

Above 24,00,000 30%

Documents Required for ITR filing

1) Basic: PAN, Aadhaar, bank details

2) Income: Form 16, salary slips, Form 26AS

3) Deductions: LIC, PPF, ELSS, home loan

4) Others: Capital gains, rent, foreign income

Confirm which form you should file

1) ITR-1 (Sahaj): Salaried individuals with income up to ₹50 lakh, one house property, and interest income.

2) ITR-2: Individuals/HUFs with capital gains or more than one house property.

3) ITR-3: Individuals/HUFs having business or professional income.

4) ITR-4 (Sugam): Individuals/HUFs/Firms opting for presumptive taxation (44AD/44ADA/44AE).

5) ITR-5: Partnership firms, LLPs, AOPs, BOIs.

6) ITR-6: Companies (other than those claiming exemption under section 11).

7) ITR-7: Trusts, political parties, and charitable or religious institutions.

Step to be follow while filing an ITR

Offline to Online Method

1. Download the correct ITR form from the IT portal.

2. Fill it offline using Excel/Java utility.

3. Save it as an XML file.

4. Upload the XML on the e-filing portal.

Online Filing Method

1. Log in to the e-filing portal.

2. Select the assessment year and ITR form.

3. Review/edit pre-filled data.

4. Submit and pay tax, if applicable.

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