Author: PEAK Business Consultancy Services | Category: Income Tax Filing in India
If you’re new to filing your Income Tax Return (ITR) in India, the process may seem overwhelming—but it doesn’t have to be. With proper understanding, timely planning, and the right documentation, ITR filing can be simple, accurate, and even financially rewarding. In this guide, we walk you through the essentials: why ITR filing is important, what documents you need, how to choose the right form, and a step-by-step filing process tailored for beginners.
Why Should You File Your ITR?
- Legal requirement: If your annual income exceeds ₹2.5 lakh (₹3 lakh for senior citizens), you must file ITR.
- Claim tax refunds: If excess TDS was deducted, you can only get it back by filing ITR.
- Financial proof: ITRs are required for loans, visa applications, and high-value investments.
- Loss carryforward: To carry forward capital or business losses, you must file ITR before the due date.
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Documents Required for ITR Filing in India
Before starting, gather the following documents:
- PAN Card and Aadhaar Card – Mandatory for all taxpayers.
- Form 16 – Issued by your employer detailing salary and TDS.
- Form 26AS – Consolidated TDS summary from the Income Tax Department portal.
- Bank account details – For refund credit and verification.
- Interest certificates – From savings accounts, FDs, or other deposits.
- Investment proofs – ELSS, LIC premiums, PPF, 80C and 80D deductions, etc.
- Capital gains statements – For mutual funds, shares, and property sales.
- Rental income details – Including municipal tax and interest on home loan (if applicable).
- Foreign income/assets disclosure – For residents with overseas income or holdings.
Tip: Organize digital or physical copies of these documents before starting your ITR process. For personalized filing help, connect with our tax consultants.
Which ITR Form Should You Use?
The form depends on your income source and residential status:
- ITR-1 (Sahaj): Salaried individuals with income up to ₹50 lakh and one house property.
- ITR-2: For individuals with capital gains, foreign income, or income above ₹50 lakh.
- ITR-3: For professionals and business owners with presumptive or actual income.
- ITR-4 (Sugam): For presumptive income under Section 44AD, 44ADA, or 44AE.
Choosing the right ITR form is crucial. A wrong form can lead to a defective return notice. Let our team help you choose and file correctly.
Step-by-Step Process to File Your ITR
Step 1: Register on the e-Filing Portal
Visit https://www.incometax.gov.in/ and create or log in to your account using PAN and Aadhaar-based OTP.
Step 2: Choose the Correct ITR Form
Based on your income sources, choose from ITR-1 to ITR-4. You can opt for assisted filing through a professional if unsure.
Step 3: Download Form 26AS and AIS
Review your TDS details, advance tax paid, SFT transactions, and interest statements. Match with your income records to avoid mismatches.
Step 4: Fill in Your Income Details
Declare all income: salary, house property, capital gains, business, other sources, etc. Include exempt income like agricultural income or interest from PPF as well.
Step 5: Claim Deductions and Tax Credits
Claim deductions under Sections 80C, 80D, 80G, 24(b), and any applicable rebates like 87A.
Step 6: Compute Tax Liability and Pay Self-Assessment Tax
If tax payable exceeds TDS/advance tax, pay self-assessment tax via challan ITNS-280. Submit tax details in the form.
Step 7: Validate and Submit the Return
Double-check all entries. Once satisfied, submit the return online. You’ll receive an acknowledgment (ITR-V).
Step 8: Verify the Return
Complete e-verification within 30 days using Aadhaar OTP, net banking, or by sending signed ITR-V to CPC Bangalore.
Pro Tip: Professional services handle all of this for you—accurately, on time, and without stress. Start your ITR filing with OurTaxPartner.com now.
Common Mistakes Beginners Make
- Selecting the wrong ITR form.
- Forgetting to include interest income.
- Not reconciling Form 26AS/AIS with TDS claimed.
- Claiming incorrect deductions or missing valid ones.
- Failing to e-verify the return after submission.
Due Dates for Filing ITR in FY 2024–25
- 31st July 2025 – For individuals not subject to audit.
- 31st October 2025 – For businesses and professionals subject to audit.
Delays can result in penalties up to ₹5,000 and loss of refund interest. Don’t take the risk—let our experts guide you.
Why Choose Professional Help?
Hiring a professional tax consultant ensures:
- Zero errors in filing
- Correct deductions and maximum refund
- Fast turnaround and refund tracking
- Support for notices or revisions
- Year-round tax planning advice
Click here to file your ITR the right way with our trusted experts.
Final Thoughts
ITR filing doesn’t have to be intimidating. With the right documents, knowledge of applicable forms, and a step-by-step process, even beginners can navigate tax season smoothly. However, expert assistance helps avoid pitfalls and maximize benefits.
Ready to file? Start your ITR filing with PEAK Business Consultancy Services today.
Need help at any step? Visit www.ourtaxpartner.com/filing-service/income-tax-efiling for fast, accurate, and affordable ITR filing assistance.
