An Income Tax Return (ITR) is a form used to declare an individual’s or entity’s income, tax liabilities, and eligible deductions to the Income Tax Department. It also helps in calculating the tax payable or refund due for the financial year.

Filing an ITR is mandatory for:

• Individuals with income exceeding the basic exemption limit (₹2.5 lakhs for individuals below 60 years, ₹3 lakhs for senior citizens aged 60–80, and ₹5 lakhs for super-senior citizens).
• Individuals wishing to claim a tax refund.
• Those with foreign assets or income.
• Businesses and firms, regardless of income.
• Individuals who deposited more than ₹1 crore in a bank account, incurred more than ₹2 lakhs on foreign travel, or spent more than ₹1 lakh on electricity bills in a financial year.

The major ITR forms are:

• ITR-1 (Sahaj): For individuals earning income from salary, one house property, and other sources (interest) with total income up to ₹50 lakhs.
• ITR-2: For individuals and HUFs with income from capital gains or more than one house property.
• ITR-3: For individuals and HUFs with income from a business or profession.
• ITR-4 (Sugam): For individuals, HUFs, and firms opting for presumptive taxation.
• ITR-5: For LLPs and partnerships.
• ITR-6: For companies (except those claiming exemptions under Section 11).
• ITR-7: For entities such as trusts, political parties, and other specified organizations.

• For individuals and non-audit cases: July 31 of the assessment year.
• For businesses requiring audit: September 30 of the assessment year.
• For companies: September 30 of the assessment year.

Late filing can lead to penalties and interest on tax dues.

Filing ITR after the due date incurs a late fee of ₹1,000 if your income is below ₹5 lakhs, and ₹5,000 if it is above ₹5 lakhs. Additionally, you may lose the ability to carry forward certain losses, and interest at 1% per month will be charged on unpaid taxes.

Yes, an ITR can be revised if you discover a mistake after filing. You can revise your return before the end of the assessment year or before the return is assessed, whichever is earlier.

Some of the essential documents for ITR filing include:

• PAN Card
• Form 16 (from employer)
• Bank statements for interest income
• Investment proofs for tax-saving deductions (under Section 80C, 80D, etc.)
• TDS certificates (Form 16A/16B)
• Form 26AS (Annual tax statement)
• Aadhaar Card

Form 26AS is a consolidated tax statement that contains details of tax deducted at source (TDS), tax collected at source (TCS), advance tax, self-assessment tax, and refunds issued by the tax department. It helps you cross-check the tax deducted by various entities and ensures accuracy while filing ITR.

E-verification is the process of confirming that the ITR submitted is genuine and accurate. You can e-verify your ITR via:

• Aadhaar OTP (sent to your Aadhaar-registered mobile number)
• Net banking
• Electronic Verification Code (EVC) generated through your bank account or demat account
• Digital Signature Certificate (DSC) (for certain categories like companies)
• ITR-V (physically send the signed ITR-V to the CPC in Bengaluru within 120 days)

If excess tax has been deducted (through TDS or advance tax payments), you can claim a refund by filing your ITR. The refund will be processed by the Income Tax Department and credited to your registered bank account.