🧾 Income Tax Filing in India: A Step-by-Step Process

Filing income tax returns (ITR) is a legal obligation for individuals and businesses in India whose income exceeds the prescribed limit. It's not just about compliance—filing your returns ensures transparency, eligibility for loans, and claim of refunds. ✅ Step-by-Step Process of Income Tax Filing Determine Applicability Check whether your gross income exceeds the exemption limit (₹2.5 lakh for individuals under 60). Assess if filing is mandatory due to other factors like foreign assets, high-value transactions, etc. Gather Documents PAN, Aadhaar, bank statements Form 16 (for salaried individuals) Form 26AS (tax credit statement) Investment proofs, rent receipts, etc. Select the Right ITR Form ITR-1: Salaried individuals ITR-2 to ITR-7: For other sources like capital gains, business income, foreign income, etc. Compute Total Income and Tax Liability Include all income sources: salary, house property, capital gains, business, other sources Apply relevant deductions (80C, 80D, etc.) Pay Tax Dues (if any) If tax payable > TDS deducted, pay self-assessment tax online before filing File Return on Income Tax Portal Visit https://incometax.gov.in Log in and file the return by uploading the ITR form or using the online method E-Verify the Return Options: Aadhaar OTP, Net banking, Demat account, or sending a signed ITR-V to CPC, Bangalore Check Processing Status After filing and verification, wait for intimation under Section 143(1) 🕒 Important Deadlines 31st July – For individual taxpayers (non-audit cases) 31st October / 30th November – For audit/transfer pricing cases 💡 Why Filing Is Important Helps claim tax refunds Mandatory for loan applications and visas Avoids penalties and legal notices Ensures financial credibility