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Income Tax Return (ITR) is a method to report gross taxable income from different sources, claiming tax deductions and declaring net tax liability to the Income Tax Department. It is filed by salaried or self-employed individuals, Hindu Undivided Families (HUF), companies or firms. A taxpayer can file the ITR online on the e-portal of the Income Tax Department. The process of filing ITR online is referred to as e-filing. Read on to know other key details about ITR including who should file ITR, documents required, income tax slabs, e-filing and more.
Table of Contents:
Who is Required to File ITR?
As per section 139(1) of the Income Tax Act, 1961, any individual whose total income in the financial year exceeds the income tax exemption limit is liable to file the income tax return. Apart from that, any private or public company based out of India or doing business in India, firms, Hindu Undivided Family (HUFs), Association of Persons (AOP), Body of Individual (BOI) etc. are also liable to declare net profits/losses of the year and pay their tax liability by filing ITR.
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The following individuals/HUFs also need to file income tax returns:
- An individual who is a resident and ordinary resident in India need to file his ITR even if his income does not go beyond the maximum exemption limit in case:
a). He holds, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India
b). He has a signing authority in any account located outside India
c). He is a beneficiary of any asset (including any financial interest in any entity) located outside India
- An individual/HUF who has deposited an amount (or aggregate of amount) exceeding Rs. 1 crore in one or more current accounts maintained with a banking company/co-operative bank
- An individual/HUF who has incurred foreign travel expenses exceeding Rs. 2 lakh for himself/any other person
- An individual/HUF who has incurred expenses exceeding Rs. 1 lakh on electricity consumption
- In case total sales, turnover or gross receipt of the business is more than Rs. 60 lakh during the previous year
- In case total gross receipt of profession is more than Rs. 10 lakh during the previous year
- If a person’s total tax deducted and collected during the previous year is Rs. 25,000 or more (Rs. 50,000 in case of resident senior citizens)
- In case the aggregate deposit in one or more savings bank accounts of the person is Rs. 50 lakh or more during the previous year
What is the Income Tax Slab for FY 2024-25
Individuals and HUFs can opt for either the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act) for FY 2024-2025. Taxpayers opting for concessional rates under the New Tax Regime cannot avail certain exemptions and deductions (like 80C, 80D, HRA, 80TTB) available under the Existing Tax Regime. However, the New Tax Regime can be beneficial for those who invest less in tax-saving options.
Income tax slabs for individuals, both residents and non-residents (less than 60 years old) and HUFs for FY 2024-25:
| Existing Tax Regime | New Tax Regime | ||
| Income Slab | Income Tax Rate | Income Slab | Income Tax Rate |
| Up to Rs. 2,50,000 | Nil | 0 – Rs. 3,00,000 | Nil |
| Rs. 2,50,001 – Rs. 5,00,000 | 5% above Rs. 2,50,000 | Rs. 3,00,000 – Rs. 6,00,000 | 5% |
| Rs. 5,00,001-Rs. 10,00,000 | Rs. 12,500 + 20% above Rs. 5,00,000 | Rs. 6,00,000 -Rs. 9,00,000 | 10% |
| Above Rs. 10,00,000 | Rs. 1,12,500 + 30% above Rs. 10,00,000 | Rs. 9,00,00 – Rs. 12,00,000 | 15% |
| Rs. 12,00,000 – Rs. 15,00,000 | 20% | ||
| Above Rs. 15,00,000 | 30% | ||
Income tax slabs for individuals, both residents and non-residents (60 years or more but less than 80 years) and HUFs for FY 2024-25:
| Existing Tax Regime | New Tax Regime | ||
| Income Slab | Income Tax Rate | Income Slab | Income Tax Rate |
| Up to Rs. 3,00,000 | Nil | 0 – Rs. 3,00,000 | Nil |
| Rs. 3,00,001 – Rs. 5,00,000 | 5% above Rs. 3,00,000 | Rs. 3,00,000 – Rs. 6,00,000 | 5% |
| Rs. 5,00,001-Rs. 10,00,000 | Rs. 10,000 + 20% above Rs. 5,00,000 | Rs. 6,00,000 -Rs. 9,00,000 | 10% |
| Above Rs. 10,00,000 | Rs. 1,10,000 + 30% above Rs. 10,00,000 | Rs. 9,00,00 – Rs. 12,00,000 | 15% |
| Rs. 12,00,000 – Rs. 15,00,000 | 20% | ||
| Above Rs. 15,00,000 | 30% | ||
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Income tax slabs for individuals, both residents and non-residents (80 years and above) and HUFs for FY 2024-25:
| Existing Tax Regime | New Tax Regime | ||
| Income Slab | Income Tax Rate | Income Slab | Income Tax Rate |
| Up to Rs. 5,00,000 | Nil | 0 – Rs. 3,00,000 | Nil |
| Rs. 5,00,001 – Rs. 10,00,000 | 20% above Rs. 5,00,000 | Rs. 3,00,000 – Rs. 6,00,000 | 5% |
| Above Rs. 10,00,000 | Rs. 1,00,000 + 30% above Rs. 10,00,000 | Rs. 6,00,000 -Rs. 9,00,000 | 10% |
| Rs. 9,00,00 – Rs. 12,00,000 | 15% | ||
| Rs. 12,00,000 – Rs. 15,00,000 | 20% | ||
| Above Rs. 15,00,000 | 30% | ||
Important Points to Note while Filing ITR Online
- The rebate up to Rs. 12,500 for taxpayers having total taxable income up to Rs. 5,00,000 under section 87-A shall be applicable for those who opt for old tax regime.
- The rates of Health & Education Cess and tax surcharge (surcharge on income) are the same for both tax regimes. However, the highest surcharge rate under the new tax regime has been reduced to 25% from 37%
- The current rate of Health & Education Cess is 4% of the income tax amount plus surcharge (in case any)
- The surcharge rate for FY 2024-25 is as follows:
| Income Bracket | Surcharge Rate (Levied on net payable tax) |
| Above Rs. 50 lakh – up to Rs. 1 crore | 10% |
| Above Rs. 1 crore – up to Rs. 2 crore | 15% |
| Above Rs. 2 crore – up to Rs. 5 crore | 25% |
| Above Rs. 5 crore | 37% (under old regime) and 25% (under new regime) |
| Maximum rate of Surcharge on Income under the provisions of Sections 111A, 112A and 115AD or income by way of dividend is 15% | |
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Types of ITR Forms
On the Income Tax Department of India website, there are different forms that can be used to file income tax returns based on different income sources and types of taxpayers (resident/non-resident/individual/non-individual, etc.). As of Assessment Year 2025-2026, there are seven forms available from ITR-1 to ITR-7. Some of these forms might be longer than others and may require additional disclosures such as profit and loss statements. To help you know which one of the forms fits best to your requirements, here is each one of them briefly explained:
● ITR-1 – This form is also called SAHAJ. ITR – 1 is meant to be filed by an individual who gets income from salary, pension, one house property, interest or income from other sources (excluding income from lottery winnings and income from race horses) and having a total income of up to Rs. 50 lakh.
● ITR-2 – This form is for individuals or the Hindi Undivided Families (HUFs) who have income which is not from the profits and gains of a business or profession.
● ITR-3 – This form is for different persons or the HUFs whose source of income is from the profits and gains of a business or profession.
● ITR-4 – This form is for individuals, HUFs and partnership firms who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE
● ITR-5 – This form is for everyone other than individuals, HUFs, companies and people filing Form ITR-7.
● ITR-6 – This form is for all those companies which are not claiming exemption under Section 11 of the Income Tax Act.
● ITR-7 – This form is relevant for all people including those enterprises who are required to file tax returns under Section 139(4A), Section 139(4B), Section 139(4C) or Section 139(4D)
How to Download Income Tax Return Form
Taxpayers can find income tax return forms on the official website of the Income Tax Department. To download forms, follow these steps:
1. Visit the Income Tax Department website
2. Click on the ‘Form/Downloads’ option
3. Select the ‘Income Tax Returns’ option from the drop-down menu
4. Once you are redirected to the ‘Income Tax Return’ webpage, download the form that seems applicable as per your source of income and assessment year
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Is it Mandatory to File ITR Online
Taxpayers belonging to any of the following classes are mandatorily required to file their income tax return only through the e-filing mode:
● Individuals or HUFs having a total income of more than Rs. 2.5 lakh or having a tax refund claim are mandated to file ITR electronically. However, super senior citizens (Individuals aged 80 years or above) filing ITR 1 or 4 have the option to file the ITR manually or electronically.
● Every company is required to file ITR electronically using a digital signature.
● A firm or individual or HUF whose books of account are to be audited under section 44AB is mandated to e-file the ITR.
● A person who is required to file ITR-5 or who is claiming tax relief under section 90, 90A or 91 of the Income Tax Act, 1961 is required to file tax return electronically.
● A resident taxpayer having assets located outside India is required to submit tax return electronically
- A person required to furnish the return in Form ITR-7 also has to submit the ITR electronically
Documents Required for ITR Filing
ITR forms are attachment-less forms and thus, the taxpayer need not attach any documents along with the return of income unless required by the order of the Income Tax Department. However, some key documents that the taxpayer must keep handy for smooth ITR filing experience include:
| PAN card | Bank statement | Interest certificates from banks or post offices |
| Proof of tax-saving investments | Form 16 (for salaried individuals) | Salary Slips |
| TDS certificate | Form 16A/16B/16C | Form 26AS |
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How to File Income Tax Returns Online
The Income Tax Department provides the e-filing software for all ITR forms. However, only ITR-1 and ITR-4 can be filed completely online without downloading any software in Excel or Java. After keeping the required documents ready, you can file tax returns completely online by following these steps:
Step 1: Go to the Income Tax Department website
Step 2: Register if you are a new user or login in case you already have an account.
Step 3: From the ‘e-File’ drop-down menu, select the ‘Income Tax Return’ option
Step 4: Choose the assessment year and submission mode
Step 5: Click on ‘Start New Filing’ to file a fresh ITR
Step 6: Choose your applicable status, that is, whether you are an individual/HUF/others and click on ‘Continue’
Step 7: Select a suitable ITR Form to proceed further. Resident individuals with a total income up to Rs. 50 lakh and those with agricultural income up to Rs. 5,000 can choose Form ITR 1.
Step 8: Choose the reason for which you are filing the ITR
Step 9: You will receive your pre-filled return based on the information available with the Income Tax Department. To proceed further, validate/confirm the details in each section including your personal information, gross total income, total deductions, taxes paid and total tax liability.
Step 10: Also, provide details that were not filled in earlier.
Step 11: Confirm your ITR summary details.
Step 12: Preview and submit your ITR
However, it is not necessary that an individual can only file for an income tax return from the authorized site of Government of India but there are also various private sector entities that assist in the ITR filing. Private entities charge a particular fee from the individual in return for the service rendered. The amount of fee charged varies from firm to firm.
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How to Check ITR Status Online
Once you have filed your income tax return, you can check its status. There are two ways to check your income tax return status:
Using Acknowledgement Number (without login credentials)
1. Visit the Income Tax Department website
2. Click on ‘Income Tax Return (ITR) Status’
3. On the Income Tax Return (ITR) Status page, enter your acknowledgement number, a valid mobile number and click on ‘Continue’
4. Enter the OTP that you receive on your mobile number and click on ‘Submit’
Upon successful validation, you will be able to view your ITR status.
By Using Login Credentials
1. Login using your user id and password on the Income Tax Return e-filing Portal
2. Under the e-File menu, click on Income Tax Returns and select View Filed Returns
3. On the View Filed Returns page, you will be able to see all the returns filed by you. You will be able to download the ITR-V Acknowledgement, complete ITR form in PDF, uploaded JSON (from the offline utility) and intimation order (using the options on the right-hand side)
Important Dates to Remember for ITR Filing
The due date for filing Income Tax Returns for any financial year is usually the same, which is 31st July but it may be extended by the tax authorities. However, there are a few categories of taxpayers that have a different due date. The following table will help you find due dates for the current assessment year:
| Category of Taxpayer | Due Date for Tax Filing |
| Any company apart from those required to furnish a report in Form No. 3CEB under section 92E | 31st October |
| Any person (can be corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92E | 30th November |
| Any person (other than a company) whose accounts require audit | 31st October |
| A working partner of a firm whose accounts require audit | 31st October |
| Any other assessee | 31st July |
FAQs
Q1. Do I need to submit documents when filing my tax returns?
Ans. You do not need to submit any documents when you are filing your income tax returns. However, do keep key documents such as your Form 16, business balance sheet/P&L account details, audit reports, investment proof, etc. handy, in case you receive a notice from the tax department and have to provide these to the tax authorities at a later date.
Q2. How do I correct my ITR if I made a mistake when filing it earlier?
Ans. If you made a mistake when filing your ITR, you have the option of correcting your error by filing a revised return. While there are no penalties for filing a revised return, you do need to keep in mind that you need to file the revised return prior to completion of the assessment by the assessing officer or before the end of the applicable assessment year, whichever is earlier.
Q3. What happens if I miss the income tax return filing deadline?
Ans. In case you have missed the income tax return filing deadline, you have the option of filing a belated return by the end of the applicable assessment year. For AY 2025-26, there are various penalties that you might need to pay depending on your annual income and how late you are filing your tax returns. If your annual income is Rs. 5 lakh or less, your late filing fees will be Rs. 1,000 irrespective of when you are filing your returns.
Q4. How much would it cost me to get my taxes filed by an authorized e-filing intermediary?
Ans. There is no standard rate chart when it comes to getting income tax returns filed by an income tax e-filing intermediary. However, rates are higher for more complicated income tax returns such as capital gains returns, returns of a business/self-employed individual under Section 44AB, etc.
Q5. I do not have a PAN card. Can I file my Income Tax Return?
Ans. It is not possible to file Income Tax Return without providing PAN. However, this is expected to change with the interoperability of Aadhaar and PAN in the coming years.