Income Tax

• You must file an ITR if:
• Your total income exceeds the basic exemption limit:
  • ₹2.5 lakh (below 60 years)
  • ₹3 lakh (60-80 years)
  • ₹5 lakh (above 80 years)
• You have foreign assets or income.
• You deposited more than ₹1 crore in a bank account.
• Your electricity bill exceeded ₹1 lakh in a year.
• You spent over ₹2 lakh on foreign travel.

• Form 16 (issued by the employer)
• Form 26AS (tax credit statement from the Income Tax website)
• Salary slips
• Bank statements
• Investment details (PPF, FD, ELSS, NPS, etc.)
• Capital gains statements (for shares, mutual funds, property)
• Aadhaar and PAN card

⦁ ITR-1 (Sahaj) – Salaried individuals with income up to ₹50 lakh.
⦁ ITR-2 – For individuals with capital gains, rental income, or foreign assets.
⦁ ITR-3 – For business income or professionals.
⦁ ITR-4 (Sugam) – Presumptive taxation for small businesses and professionals.

Steps to File Income Tax Return Online:

• Go to www.incometax.gov.in
• Click Login and enter your PAN, password, and CAPTCHA.
• Click on e-File > Income Tax Return.

• Choose the Assessment Year (For FY 2023–24, choose AY 2024–25).
• Select Online or Offline mode for filing.
• Enter income details, deductions, and tax-saving investments.
• Validate and compute the tax payable/refundable.

• If additional tax is due, pay it using Challan 280 through net banking or at a bank.
• If TDS deducted is more than your tax liability, you will get a refund.

• Click Submit after reviewing details.
• Choose one of the following methods for verification:
  • E-Verification (Recommended):
    • Through Aadhaar OTP
    • Net banking
    • Demat account
    • Bank ATM
  • Manual Verification: Send a signed copy of ITR-V to CPC Bangalore by post within 30 days.

• Go to Dashboard > View Returns/Forms on the IT portal.
• Refunds, if any, will be credited to your bank account after processing.