Income Tax
in India
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An Overview of Income Tax Return Filing
An income tax return filing (ITR filing) is the process through which a taxpayer must record their total income earned during the fiscal year. Individuals can file their ITR through the Income Tax Department’s official portal. The due date for income tax e-filing in India is July 31st of every financial year.
ITR filing is simply a legal obligation for individuals and entities earning income during a financial year. The income tax return filing enables firms and corporations, Hindu Undivided Families (HUFs), and self-employed or salaried individuals to claim eligible deductions and exemptions under sections 80C, 80D, and HRA of the Income Tax Act, 1961.
Do you have a fear of hurdles in the path of income tax return filing? Our Corpbiz consultants will simplify the process of Income Tax Return Filing.
What is ITR?
ITR, which stands for Income Tax Return, is a form primarily used for filing details about an individual’s income and the applicable tax to the Income Tax Department under the Ministry of Finance. Every taxpayer must ensure compliance with the country’s tax laws and all reporting sources of income, deductions, and tax liabilities. .
ITR is an important part of fulfilling your tax responsibilities. It is a formal declaration providing information concerning the financial status of the individuals, their sources of revenue, deductions, and tax payable, or any due refund.
FSSAI License Benefits
The income tax e-filing in India, which is more than a legal obligation, is considered a smart financial move by the government. It helps the government assess your income and expenses and also opens the door to various benefits such as refunds and tax relief.
Easy Loan Approval
Income tax return filing facilitates easy loan processing and approvals without worrying about tedious paperwork or long wait times.
Proof of Income
Income tax return filing serves as proof of the financial situation, including income, expenses, assets, and liabilities of either the individual or business.
Quick Visa Processing
Filing income tax returns is mandatory for quick processing of visa applications, having verified income and tax status.
Claim Tax Refund
Income tax return filing helps individuals to claim easy and quick tax refunds in case they’ve paid a higher tax than their actual liability.
Compensate for Losses
ITR filing online assists business owners to compensate for losses by carrying forward it to the next year. However, this compensation for losses is only possible if ITR is filed before the due date.
Avoid Penalties
Income tax return filing is crucial for avoiding penalties and hefty interests under various sections of the Income Tax Act. It further allows businesses and individuals to stay compliant and save money by avoiding unnecessary late fees.
Eligibility Criteria for Income Tax e-Filing in India
Income tax eligibility criteria refer the requirements that determine whether an individual is liable for income tax return filing in India. Have a look over the following eligibility criteria for income tax e-filing in India, as discussed below
Checklist for applicants to apply for FSSAI license:
Individuals serving as directors or partners.
Dividend, interest, and capital gains earners.
Resident taxpayers with overseas assets or signing authority.
Individuals having financial relationships with companies headquartered outside India
The non-resident Indians and residents not ordinarily residents of India
Salaried individuals who are less than 60 years of age.
Senior citizens above 60 to 80 years of age.
Super senior citizens with age above 80 years of age.
Individuals having bank deposits of more than Rs. 50 lakhs for the financial year.
Self-employed professionals such as doctors, lawyers, designers, etc.
Business owners such as SMEs, MSMEs, LLPs, partnerships, etc.
Firms and companies making money, regardless of the fact of making a profit for the year.
Organizations managing charity funds, religious institutions, or voluntary contributions.
Documents Needed for ITR Filing Online
The list of documents needed for ITR filing online is as discussed below:
Passbook for accounts held with the Public Provident Fund.
Copy of Form-16 TDS Certificate and Form 16A.Form 16C from your landlord detailing any tax on holdings from your rent.
Your yearly tax statement in Form 26AS.
Proof of Tax Saving Investments.Rent receipts for claiming house rent allowance.
Evidence of deduction, purpose for articles 80D to 80U.
Bank Statement for a mortgage loan.
Proof of investment.
Medical expenses receipts, if any.
Proof of home loan interest, if any.
Copy of share transaction statement, if any.
Copy of GST registration certificate.
Income Tax ITR Filing Strategies for Saving Tax
Under Section 80C, you may deduct up to Rs 1.5 lakh for things like investments in ELSS, LIC, mutual funds, paying for your children’s education, and the interest on your home loan.
Contributions to Central Government National Pension Schemes are entitled to an extra deduction of Rs 50,000 in 80CCC above Rs 1.5 lakh (1b).
According to Section 80D of the Internal Revenue Code, taxpayers may deduct the cost of health insurance premiums for themselves, their spouse, their dependent children (up to the age of 26), and their dependent parents (up to the age of 65).
Donations to organizations and trusts that meet the requirements of Section 80G are eligible for a tax deduction.
If you have fewer than 10 children, your housing allowance can be lowered (13A).
Loans for higher education that are eligible for the 80E deduction.
For homes that are owner-occupied, the deduction for a house loan under Section 4 is limited to 2 lakhs, while it is limitless for properties that are rented out.
New Income Tax Regime for FY 2024-25 (AY 2025-26)
As per the revised provisions under Section 115BAC of the Finance Act, 2024, effective from the AY 2025-26, the new tax regime is applicable for individual HUF, AOP, BOI, or artificial juridical persons. Have a look at the below-mentioned tax regime for individuals (residents or non-residents) having an age of less than 60 years, anytime during the previous year discussed below:
| Income Tax Slab | Income Tax Rate | Surcharge |
|---|---|---|
| Up to Rs. 3,00,000 | Nil | Nil |
| Rs. 3,00,001 - Rs. 7,00,000 | 5% above Rs. 3,00,000 | Nil |
| Rs. 7,00,001 - Rs. 10,00,000 | Rs. 20,000 + 10% above Rs. 7,00,000 | Nil |
| Rs. 10,00,001 - Rs. 12,00,000 | Rs. 50,000 + 15% above Rs. 10,00,000 | Nil |
| Rs. 12,00,001 - Rs. 15,00,000 | Rs. 80,000 + 20% above Rs. 12,00,000 | Nil |
| Rs. 15,00,001 - Rs. 50,00,000 | Rs. 1,40,000 + 30% above Rs. 15,00,000 | Nil |
| Rs. 50,00,001 - Rs. 100,00,000 | Rs. 1,40,000 + 30% above Rs. 15,00,000 | 10% |
| Rs. 100,00,001 - Rs. 200,00,000 | Rs. 1,40,000 + 30% above Rs. 15,00,000 | 15% |
| Above Rs. 200,00,001 | Rs. 1,40,000 + 30% above Rs. 15,00,000 | 25% |
Proposed Income Tax Slab Under the New Tax Regime
The Finance Minister, Smt. Nirmala Sitharaman proposed changes in the income tax slabs under the new tax regime in the Union Budget for the financial year 2025-26 (AY 2026-27).
These slabs, aiming to restructure the tax system and provide relief to taxpayers across different income brackets, are proposed to come into effect from April 1st, 2025. Have a look over the proposed income tax slab under the new tax regime, as discussed below:
| Income Tax Slab | Income Tax Rate |
|---|---|
| Up to Rs. 4,00,000 | 0% |
| From Rs. 4,00,001 to Rs. 8,00,000 | 5% |
| From Rs. 8,00,001 to Rs. 12,00,000 | 10% |
| From Rs. 12,00,001 to Rs. 16,00,000 | 15% |
| From Rs. 16,00,001 to Rs. 20,00,000 | 20% |
| From Rs. 20,00,001 to Rs. 24,00,000 | 25% |
| Above Rs. 24,00,001 | 30% |
Income Tax Slab for Individuals Between 60 and 80 Years
The income tax slab for individuals, whether residents or non-residents, who are above 60 years but below 80 years of age at any time during the previous year is as discussed below:
| Income Tax Slab | Income Tax Rate | Surcharge |
|---|---|---|
| Up to Rs. 3,00,000 | Nil | Nil |
| Rs. 3,00,001 - Rs. 7,00,000 | 5% above Rs. 3,00,000 | Nil |
| Rs. 7,00,001 - Rs. 10,00,000 | Rs. 20,000 + 10% above Rs. 7,00,000 | Nil |
| Rs. 10,00,001 - Rs. 12,00,000 | Rs. 50,000 + 15% above Rs. 10,00,000 | Nil |
| Rs. 12,00,001 - Rs. 15,00,000 | Rs. 80,000 + 20% above Rs. 12,00,000 | Nil |
| Rs. 15,00,001 - Rs. 50,00,000 | Rs. 1,40,000 + 30% above Rs. 15,00,000 | Nil |
| Rs. 50,00,001 - Rs. 100,00,000 | Rs. 1,40,000 + 30% above Rs. 15,00,000 | 10% |
| Rs. 100,00,001 - Rs. 200,00,000 | Rs. 1,40,000 + 30% above Rs. 15,00,000 | 15% |
| Above Rs. 200,00,001 | Rs. 1,40,000 + 30% above Rs. 15,00,000 | 25% |
Why Partner with Rajtax for Income Tax Return Filing?
Supported 10 million+ taxpayers with income tax return filing.
Tax planning and advisory services.
Team of dedicated tax experts and CAs filing income tax return.
Eases NRI tax filing in India.
100% hassle-free ITR filing and comprehensive tax compliance services.
Provides regular updates concerning ITR filing status.
Develops financial models for budgeting, planning, and securing funds.
Ensure securing loans and other debt financing.
Prioritize time, delivering prompt and insightful solutions.
Cost-effective services offering value for money.
Efficient problem-solving resolutions for ITR filing online.
Provides 24*7 customer assistance.
Digital, paperless, and quick ITR filing process.
FAQs on ITR filing online
Have a look at the answers to the most asked questions about FSSAI Registration.
What is ITR?
What is the filing of an income tax return?
Income tax return filing is a legal obligation for individuals and entities earning income during a financial year. It further records the total taxable income of the taxpayer, during the fiscal year.
Who file income tax returns?
The businesses, salaried or pensioned individuals, individuals earning income from house property or capital gains, and those with income from lotteries, horse racing, or other sources must ensure the income tax return filing on their net taxable income.
Who are exempted from filing income tax returns?
The Central government holds the power to exempt specified classes of persons from income tax return filing, as provided below:
- Individuals having total income less than the basic tax expedition limit
- Non-residents not having income accruing or arising from India
Is there any surcharge paid above income tax?
When is it necessary to file a NIL ITR?
By filing a tax return, you may obtain a refund of the excess payment. ECS transfer will be used to return the funds to your account. On the ITR form, bank information (‘account number,’ ‘IFSC code,’ etc.) must be filled correctly to avoid fines.
Should I still submit a tax return if my company's earnings are below average?
Can an ITR be submitted beyond the deadline?
If you miss the deadline for filing your tax return, you must submit it within a set time frame. However, the late payment may be paid before the end of the Assessment Year for the applicable financial year in return for a late filing fee and reduced interest.
Authors
Written by Sishanki Kashyap . Last updated on Jul 12 2025, 03:34 PM
Sishanki Kashyap has 4+ of strong experience in content writing. Her main expertise lies in creative writing and story building, web content writing, and blogging on topics related to finance, startup, environment, law, etc.
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