What is Income Tax Return Filing in India?

Income tax filing in India involves individuals and entities submitting their financial information, income details, deductions, and tax liability to the Indian Income Tax Department. It is mandatory for those exceeding income thresholds or meeting specific criteria. Filing helps declare taxable income, claim deductions, and ensures compliance with tax laws. Late filing can result in penalties. Taxpayers use designated forms and the official tax portal for submission.

Frequently Asked Questions

  • Mandatory Income Tax return filing if Total Income > Rs.2, 50,000 (age < 60).
  • Also required for:
    • Residents with assets outside India or financial interest/beneficiary/signing authority abroad.
    • Deposits > Rs.1 crore in Bank Current Accounts.
    • Deposits > Rs.50 lakhs in one/more saving accounts.
    • Expenditure > Rs.2 lakhs on Foreign travel.
    • Expenditure > Rs.1 lakh on electricity.
    • Total Sales, Turnover, Gross Receipts > Rs.60 Lakhs.
    • Total Gross Receipts in Profession > Rs.10 Lakhs.
    • TDS/TCS > Rs.25, 000 (Rs.50, 000 for resident senior citizens).
  • Mandatory Income Tax return filing if Total Income > Rs.3, 00,000 (age > 60 to <80).
  • Mandatory Income Tax return filing if Total Income > Rs.5 00,000 (age > 80).
  • Individuals aged above 72 years with only bank deposit annuity income and pension are exempt from filing IT returns.

You can file the IT return by yourself by login to https://www.incometaxindiaefiling.gov.in/ (official IT website).

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(i) Individual KYC Documents

  • Copy of PAN and Aadhaar.
  • Email ID & Mobile Number.
  • IT Password if known.
  • Bank Account details for refund credit (Bank Name, Account Number, and IFSC Code).

(ii) Income Documents

  • If Salaried - Copy of Form 16 (Part A & B with Annexure 12BA) in PDF Format only.
  • If Self Employed or Additional Income to be disclosed - Copy of bank statement from April 1 to March 31 in PDF Format.
  • If engaged in trading with D-Mat account - Tax Profit & Loss statement required for share, mutual fund, and crypto trading from April 1 to March 31. (Statement must be in Excel Format containing Name of Item, Purchase Date, Price & Quantity, Sale Date, Price& Quantity, with Profit or Loss of each transaction).
  • Rental Income – Rental Agreement with the tenant, Tenant's PAN Copy, 12 Months’ rent breakup monthly.
  • Interest Income - Bank interest certificate.

(iii) Deduction Details (From April 1 to March 31 on actual payment basis)

  • PF, PPF, VPF (Passbook).
  • LIFE & Health Insurance ULIP (Premium paid certificate or monthly receipt).
  • School or college or university fee paid for children (only tuition fee portion will be considered).
  • Housing loan - Interest certificate with interest and principal separated (from April 1 to March 31).
  • Education and EV Loan interest certificate. Tax Saver FD Receipt.