Income Tax Return Filing
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Income Tax is a direct tax levied by the Government of India on the income earned by individuals and entities. It is governed by the Income Tax Act, 1961 and administered by the Income Tax Department under the Ministry of Finance.
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Who Is Liable to Pay Income Tax?
- Hindu Undivided Families (HUFs)
- Individuals (Residents and Non-Residents)
- Firms and LLPs
- Companies
- Association of Persons (AOPs) and Body of Individuals (BOIs)
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Basic Exemption Limits
| Category | Old Regime | New Regime |
|---|---|---|
| Individual (below 60 yrs) | ₹2,50,000 | ₹3,00,000 |
| Senior Citizen (60–80 yrs) | ₹3,00,000 | ₹3,00,000 |
| Super Senior (80+ yrs) | ₹5,00,000 | ₹3,00,000 |
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Slab Rates under New Regime
| Annual Income | Tax Rate |
|---|---|
| Up to ₹3,00,000 | Nil |
| ₹3,00,001 to ₹6,00,000 | 5% |
| ₹6,00,001 to ₹9,00,000 | 10% |
| ₹9,00,001 to ₹12,00,000 | 15% |
| ₹12,00,001 to ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
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Key Features of New Tax Regime
- Standard Deduction: ₹50,000 for salaried individuals and pensioners
- Family Pension Deduction: ₹15,000 or 1/3rd of pension, whichever is lower
- NPS Employer Contribution Deduction: Up to 14% under Section 80CCD(2)
- No deductions allowed under 80C, 80D, HRA, etc. (unless opted for Old Regime)
Step-by-Step Guide to Filing Income Tax Return (ITR)
Step 1 - Login to Income Tax Portal
- Visit incometax.gov.in
- Use PAN as User ID
Step 2 - Select Assessment Year
- Choose AY 2025–26 for income earned in FY 2024–25
Step 3 - Choose Filing Mode
- Online: Direct entry on portal
- Offline: Upload JSON file via utility
Step 4 - Select ITR Form
| Form | Applicable For |
|---|---|
| ITR-1 | Salaried individuals with one house property |
| ITR-2 | Capital gains, multiple properties, foreign income |
| ITR-3 | Business/profession income |
| ITR-4 | Presumptive income under Sections 44AD/44ADA |
Step 5 - Fill Income & Deduction Details
- Auto-filled from Form 26AS and AIS
- Manually add missing income
- Claim deductions (if under Old Regime)
Step 6 - Compute Tax & Pay Dues
- Calculate final tax liability
- Pay any outstanding tax via challan
Step 7 - Submit Return
- Validate all entries
- Submit ITR
Step 8 - E-Verify the Return
Must be done within 30 days of submission. Methods:
- Aadhaar OTP
- Net Banking
- EVC via bank account or demat
| Category | Due Date |
|---|---|
| Individual (non-audit) | 31 July 2025 |
| Audit cases (business) | 31 October 2025 |
| Revised/Belated | 31 December 2025 |
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