What is ITR?

ITR (Income Tax Return) is a form filed with the Income Tax Department declaring your income, deductions, and tax paid for a financial year.

Who Should File ITR?

  • Individuals with income above ₹2.5 lakh (₹3 lakh for senior citizens)
  • Salaried employees, freelancers, and business owners
  • Anyone who wants to claim a refund
  • Those with foreign assets or foreign income

Step-by-Step: How to File ITR Online

  1. Login to the Income Tax portal at incometax.gov.in
  2. Go to e-File → Income Tax Returns → File Income Tax Return
  3. Select Assessment Year (e.g., 2024–25 for FY 2023–24)
  4. Choose the correct ITR Form (ITR-1 for salary, ITR-3 for business)
  5. Fill in your income details — salary, interest, capital gains, etc.
  6. Enter deductions under 80C, 80D, HRA, etc.
  7. Verify tax payable — pay any remaining tax via Challan 280
  8. Submit and e-Verify using Aadhaar OTP, Net Banking, or DSC

Key Points to Remember

  • Deadline: July 31 of every year for individuals (unless extended)
  • Late filing fee: ₹5,000 (₹1,000 if income below ₹5 lakh)
  • Always cross-check with Form 26AS and AIS before filing

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