What is income tax return filing?+
Income tax return filing is the process of submitting a statement to the Income Tax Department containing details of your income, deductions, taxes paid, and tax payable or refundable for a financial year.
Who needs to file an ITR?+
ITR filing requirements can depend on your income, taxpayer status, transactions and applicable provisions for the relevant assessment year — not something that applies uniformly to everyone.
Which ITR form should I file?+
The appropriate ITR form depends on factors such as the nature and sources of your income, whether you have business or professional income, capital gains, foreign income or assets, and your taxpayer category.
What is the difference between ITR-1 and ITR-2?+
ITR-1 is generally used by resident individuals with simpler income sources like salary and one house property, while ITR-2 covers a wider range including capital gains, foreign income and multiple house properties — subject to applicable conditions.
What is ITR-3?+
ITR-3 is generally used by individuals and HUFs with income from business or profession under the regular taxation scheme, subject to applicable conditions.
What is ITR-4?+
ITR-4 is generally associated with taxpayers opting for a presumptive taxation scheme, subject to applicable eligibility conditions.
Which tax regime should I choose?+
There isn't a single answer — the more suitable regime depends on your income, eligible deductions and exemptions, and the applicable rules for the relevant assessment year. A comparison based on your specifics helps.
What documents are required for ITR filing?+
Commonly requested documents include PAN, Aadhaar, Form 16, Form 26AS, AIS, bank statements and investment proofs — though the exact list depends on your income sources and taxpayer status.
What is Form 16?+
Form 16 is a certificate typically issued by an employer showing salary paid and tax deducted at source during the financial year.
What is Form 26AS?+
Form 26AS is a tax credit statement reflecting TDS, TCS and certain other tax-related information linked to your PAN.
What is AIS?+
AIS, or Annual Information Statement, is a comprehensive statement of financial transactions and information available with the Income Tax Department, used to cross-check your return.
What is TIS?+
TIS, or Taxpayer Information Summary, is a summarised, category-wise view of the information contained in the AIS.
Can I file an ITR if I have no tax payable?+
Yes, filing with no tax payable — sometimes called a nil return — is possible and can be useful for building a filing record or claiming a refund, depending on your circumstances.
Can I claim a tax refund through ITR filing?+
Yes, if your total tax paid (through TDS, advance tax or self-assessment tax) exceeds your final tax liability, filing your ITR is generally how you claim that refund.
How are capital gains reported in an ITR?+
Capital gains reporting generally involves details like purchase cost, sale consideration, holding period and applicable provisions for each transaction — the specifics depend on the asset type and current rules.
How do I report freelance income?+
Freelance income is typically reported as business or professional income, subject to the applicable ITR form and provisions for your situation.
How do I report rental income?+
Rental income is generally reported under income from house property, with certain deductions potentially available depending on applicable provisions.
How do I report foreign income?+
Foreign income and asset reporting can involve additional schedules and disclosure requirements, and depends heavily on your residential status and the applicable provisions — professional review is recommended.
Can NRIs file an ITR in India?+
Yes, NRIs with income taxable in India may need to file an ITR, subject to applicable provisions and thresholds for the relevant assessment year.
What happens if I file my ITR late?+
Late filing can involve fees and interest under applicable provisions, and may affect certain benefits like carrying forward losses — the specifics depend on current rules for the relevant assessment year.
Can I revise my income tax return?+
Revised returns are generally possible within an applicable window if you discover an error, subject to current provisions.
What happens if my ITR has an error?+
Depending on the nature of the error, you may be able to file a revised return or respond to a notice or communication from the department.
What happens after I file my ITR?+
After filing, you'll generally need to verify your return, after which it may be processed, and any applicable refund or demand determined.
How do I verify my ITR?+
ITR verification is typically done electronically (such as via Aadhaar OTP or net banking) or through other applicable methods, within the prescribed time after filing.
Can TaxFilr help with ITR filing?+
Yes. TaxFilr helps you review your income, understand your tax position, select the appropriate ITR form, prepare your return and guide you through filing and verification.
