Every year, as the deadline for filing Income Tax Returns (ITR) approaches, many individuals – especially salaried employees and first-time filers – find themselves confused about what needs to be done. Whether it's about which form to fill, whether filing is mandatory, or what documents are needed, the doubts are many.

In this blog post, I aim to answer some of the most common questions people have about income tax returns in India.

1. Who needs to file an income tax return?
Ans:If your total income before deductions (like 80C, 80D, etc.) exceeds the basic exemption limit, then you are required to file an ITR.
Below 60 years: ₹2.5 lakhs
60–80 years: ₹3 lakhs
Above 80 years: ₹5 lakhs

Even if your income is below the limit, it's advisable to file ITR for:

• Claiming refunds
• Visa application
• Getting loans
• Carrying forward capital losses

2. What is Form 16?
Ans:Form 16 is issued by your employer and contains details of salary paid and TDS deducted. It's essential for salaried employees during ITR filing.

3. What are the types of ITR forms?
Ans:ITR-1 (Sahaj): Salary, one house property, income < ₹50L
ITR-2: Capital gains, multiple house properties
ITR-3: Business or profession income
ITR-4 (Sugam): Presumptive income (sections 44AD, 44ADA)

4. Can I file my own ITR or do I need a CA?
Ans:You can file ITR online via incometax.gov.in. For simple salaried returns, you don't need a CA. But for complex cases (business, capital gains), a CA may help.

5. What documents do I need to file ITR?
Ans:

• PAN, Aadhaar
• Form 16
• Interest certificates
• Form 26AS, AIS
• Investment proofs
• Home/education loan interest certificate
• Rent receipts (for HRA)

6. What is Form 26AS and AIS?
Ans:Form 26AS: Summary of TDS, tax paid against your PAN
AIS: Annual Information Statement showing financial transactions (mutual funds, dividends, interest, etc.)

7. What if I miss the deadline?
Ans:You can file a belated return with a fine of ₹1000–₹5000 by 31st December.

8. Can I revise my ITR if I made a mistake?
Ans:Yes, you can revise your return any number of times before 31st December of the assessment year.

9. Do I need to pay tax while filing ITR if TDS is already deducted?
Ans:If TDS is less than your actual tax liability, you must pay the balance as self-assessment tax. If more TDS is deducted, you can claim a refund.

10. What is verification of ITR?
Ans:After filing, you must verify the return. You can e-verify using Aadhaar OTP, net banking, or EVC. Without verification, your return is invalid.

11. What is the difference between old and new tax regime?
Ans:Old Regime: Higher tax rates, but allows deductions (80C, HRA, etc.)
New Regime: Lower tax rates, fewer deductions
You can choose the regime every year.

12. How do I claim a refund for excess TDS?
Ans:When filing your ITR, declare your income and tax deducted. The IT department will process the return and credit the refund to your bank account.

13. What is Advance Tax and who should pay it?
Ans:If your tax liability (after TDS) exceeds ₹10,000 in a year, you must pay advance tax in 4 installments. This is especially relevant for freelancers and businesses.

14. I am a freelancer. Which ITR form should I use?
Ans:ITR-3: If maintaining books of accounts
ITR-4: If opting for presumptive scheme under Section 44ADA (for income < ₹50L)

15. Is it mandatory to link PAN with Aadhaar?
Ans:Yes. PAN not linked with Aadhaar will become inoperative. You won’t be able to file ITR or perform major transactions if not linked.

✅ Conclusion
Filing your ITR is not just a legal requirement – it's a smart financial practice. It helps you stay compliant, track your income, and build a good financial record. With simplified online systems, filing your return has never been easier.

Thanks and Regards
CMA Akhil Sai Raghavendra
Lavanya and Associates.