Filing your Income Tax Return (ITR) does not have to be stressful. Once you understand what is required and keep your documents organised, it becomes a routine yearly task. Here is a simple guide for individuals.
Who should file an ITR?
You should generally file if your total income for the year is above the basic exemption limit. Even when filing is not mandatory, it is often worth doing — an ITR is useful when applying for loans or visas, and it lets you claim a refund of any excess tax deducted.
Documents to keep ready
- PAN and Aadhaar
- Form 16 from your employer (for salaried individuals)
- Interest certificates from banks and the Annual Information Statement (AIS)
- Proof of deductions you plan to claim (insurance, investments, donations, home-loan interest, etc.)
- Bank account details for any refund
Common mistakes to avoid
- Choosing the wrong ITR form for your income type.
- Forgetting to report interest income or capital gains.
- Not reconciling your figures with Form 26AS and the AIS.
- Missing the deadline — which can attract a late fee and interest.
- Not verifying the return after filing (an unverified return is treated as not filed).
Old regime or new regime?
The choice between the old and new tax regimes depends on the deductions you actually claim. If you have significant eligible deductions, the old regime may work out better; if not, the new regime's simpler structure can be advantageous. It is worth comparing both before you file.
Tax rules and due dates change from year to year, so always confirm the current year's specifics. If you would like your return reviewed or filed accurately and on time, RDT & Associates can help — reach out and we will guide you through it.