Income Tax Return (ITR) Filing in India – A Complete Guide
Income Tax Return (ITR) filing is the process by which individuals and entities declare their income earned during a financial year to the Income Tax Department of India. Filing on time ensures compliance with the Income Tax Act, 1961, enables claiming deductions under sections like 80C, 80D, and HRA, and avoids penalties.
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What is ITR Filing?
ITR filing is the process of declaring income, deductions, tax liability, and taxes paid or refunds due for a financial year to the Income Tax Department. The due date for most returns is July 31 following the end of the financial year (March 31). Returns are filed electronically via the Income Tax e-Filing portal.
What is ITR?
ITR (Income Tax Return) is a form through which taxpayers report total income earned, deductions claimed, tax liability, and taxes paid or refunds due. Filing ITR ensures transparency and accountability in financial declarations.
Benefits of Filing ITR
• Easy Loan Approval – Banks require ITR receipts for home, car, or personal loans. • Proof of Income – Documents income for self-employed individuals. • Faster Visa Processing – ITR receipts verify financial stability. • Claim Tax Refunds – Overpaid taxes can be reclaimed. • Carry Forward Losses – Business or capital losses can be carried forward if filed on time. • Avoid Penalties – Timely filing avoids late fees and interest.
1. Documents Required for ITR Filing Online
• PAN & Aadhaar Card
• Form 16 (employer), Form 16A (TDS), Form 16C (rent TDS)
• Form 26AS (annual tax statement)
• Proof of deductions (80C–80U)
• Rent receipts for HRA
• Investment proofs (ELSS, LIC, PPF, etc.)
• Interest certificates (banks, post office)
• Home loan principal and interest statements
• Share trading/capital gains reports
• GST registration certificate (if applicable)
Step-by-Step Guide to File ITR Online
1. Login to the Income Tax e-Filing portal
2. Enter Assessment Year & select ITR Form type
3. Select taxpayer status – Individual, HUF, Firm, etc.
4. Choose the correct ITR Form based on income profile
5. Fill in income, deductions, taxes paid, etc.
6. Validate & e-verify via Aadhaar OTP, net banking, or DSC
7. Submit and download acknowledgment (ITR-V)
Types of ITR Forms in India
Different ITR forms apply to different taxpayer categories based on income sources and entity type.
| Manufacturer (Production Capacity) | License Fees/year (INR) |
|---|---|
| ITR 1 (SAHAJ) | Resident individuals with income up to ₹50 lakhs from salary, one house property, and other sources |
| ITR 2 | Individuals/HUFs not having business/profession income but with capital gains |
| ITR 3 | Individuals/HUFs with income from business or profession |
| ITR 4 (SUGAM) | Individuals, HUFs, or firms with presumptive business income up to ₹50 lakhs |
| ITR 5 | Firms, LLPs, AOPs, BOIs, etc. |
| ITR 6 | Companies (excluding those claiming exemption under Section 11) |
| ITR 7 | Trusts, political parties, educational institutions under Sections 139(4A–4D) |
Timeline to File ITR
Most taxpayers must file by July 31. Belated returns can be filed before the end of the assessment year with late fees.
Preparation
1–3 days
Gather documents and Form 26AS.
Filing
1 day
Complete online form and submit.
E-Verification
Same day
Verify via Aadhaar OTP, net banking, or DSC.
Why Choose DoStartup for ITR Filing
Expert guidance on selecting the correct ITR form.
End-to-end assistance with document collection and e-filing.
Real-time tracking of your filing status.
Help with deductions and tax-saving strategies.
Support with e-verification and handling notices.