Income Tax Return Filing in India: Your Complete Guide

Here's Your Ultimate Guide on Income Tax Return (ITR) In India

Paying income tax is a vital contribution to nation-building, enabling the government to provide essential services like infrastructure, education, and healthcare. But while most taxpayers understand the importance of paying taxes, the term "Income Tax Return (ITR)" can often raise questions and anxieties. This comprehensive guide aims to simplify everything you need to know about ITR filing in India, making the process smooth and stress-free.

Understanding ITR: The Form that Tells Your Tax Story

ITR Meaning & What It Does: ITR, short for Income Tax Return, is a form submitted to the Income Tax Department. It acts like a financial report, detailing your income earned during the financial year (April 1st to March 31st) and the taxes you've already paid through TDS (Tax Deducted at Source).

Who Needs to File ITR?

Everyone doesn't need to file an ITR. Here's who does:

  • Individuals:
    • Up to 59 years: Income exceeding Rs. 2.5 lakh
    • 60-79 years: Income exceeding Rs. 3 lakh
    • 80+ years: Income exceeding Rs. 5 lakh
  • Companies (regardless of income)
  • Individuals seeking tax refunds
  • Individuals with foreign assets or NRIs (Non-Resident Indians) with income exceeding Rs. 2.5 lakh in India

Secure Your Financial Future: Explore Top Investment Plans!

Documents for Smooth E-filing:

  • Bank/Post Office Passbook(s)
  • PPF Account Passbook (if applicable)
  • Salary Slips (if salaried)
  • Aadhaar Card and PAN Card
  • Form 16 (if salaried)
  • Form 26AS and AIS (explained later)

Form 26AS & AIS: Your Tax Statements Explained:

  • Form 26AS: A crucial document summarizing all TDS deducted from your income (salary, investments, etc.) by various entities. It simplifies tax filing and helps claim refunds if you've overpaid.
  • AIS (Annual Information Statement): Details specific transactions like high-value investments, foreign remittances, etc., further assisting in accurate tax filing.

Checking Your ITR Status Online:

  • Without Login: Enter your PAN and ITR acknowledgment number on the e-filing website.
  • With Login: Login to the e-filing website and access your ITR status under "View Returns" > "Income Tax Returns".

Downloading Your ITR:

  • Log in to the Income Tax Department website.
  • Click "View Returns" and select "Income Tax Returns".
  • Choose the relevant assessment year and ITR form.
  • Click "Download XML" or "Download PDF" (for viewing).

Benefits of Filing ITR Promptly:

  • Responsible Citizenship: Fulfilling your civic duty and contributing to national development.
  • Smooth Transactions: ITR serves as proof of income for various purposes like loan applications, visa requests, etc.
  • Loan Eligibility: Many financial institutions require filed ITRs for loan approvals.
  • Tax Refunds: Claim any excess tax deducted by claiming a refund in your ITR.

Be Proactive, Not Reactive - Invest in Life Insurance for a Secure Tomorrow!

Filing ITR: Simplified and Secure

Remember, filing ITR online is convenient and secure. The Income Tax Department website offers user-friendly guides and tutorials to assist you. By understanding the process and keeping the necessary documents handy, you can file your ITR confidently and avoid any last-minute hassles.

Additional Resources:

Remember, timely and accurate ITR filing ensures a smooth relationship with the Income Tax Department and empowers you to claim your rightful tax benefits

Disclaimer :

*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time’

The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

Suggested Plans

Bharti AXA Life Wealth Pro

  • An Individual Linked life cover with Insurance cum Savings Plan.
  • Choose a Variant: The plan offers you two variants to choose from a) Growth Variant b) Legacy variant
  • Grow your wealth further with Wealth booster
  • Multiple Investment Strategies to suit your investment needs
  • Tax benefits

Bharti AXA Life Guaranteed Wealth Pro

  • A non-linked, non-participating individual savings life insurance plan
  • Flexibility to choose the payout structure
  • Multiple income options
  • Option to receive tax free income beginning from the second policy year itself
  • Option to get lifelong income along with life cover till 100 years of age

Bharti AXA Life Flexi Term Pro

  • A Non-linked, Individual, Non-participating Pure Risk Premium Life Insurance policy
  • The plan offers two options: Without Return of Premium and With Return of Premium
  • Under the Without Return of Premium variant, you have the option between Single Life cover or Joint Life Cover i.e., cover for your spouse under the same policy.
  • Flexibility in policy and premium payment terms