Frequently Asked Questions (FAQs) - Income Tax Return
1. Who needs to file an Income Tax Return (ITR) in India?
You need to file an ITR if: ✔️ Your total income is more than ₹2.5 lakh in a year (₹3 lakh for senior citizens, ₹5 lakh for super senior citizens). ✔️ You are a company or a business (even if you made no profit). ✔️ You want to claim a tax refund or carry forward losses. ✔️ You own assets or financial interests outside India.
2. Which ITR form should I use?
ITR-1: Salaried individuals with income up to ₹50 lakh.
ITR-2: Multiple sources but not business income.
ITR-3: For business owners or professionals.
ITR-4: Small businesses under presumptive taxation.
Choosing the right form can be tricky—Early Grow can help!
3. What is the deadline for filing ITR for 2024-25?
July 31 – For individuals and businesses that don’t need an audit.
October 31 – For businesses that need an audit.
Deadlines can change, so it’s best to file early!
4. What if I file my ITR late?
Late filing penalty: ₹5,000 (before Dec 31), ₹10,000 (after Dec 31), and ₹1,000 (if income below ₹5 lakh). Also, interest charges may apply, and tax benefits may be lost.
5. How do I verify my ITR after filing?
Within 30 days via: Aadhaar OTP, Net Banking, or ITR-V form (sent to Bengaluru).
6. What documents do I need to file my ITR?
PAN Card, Form 16, Bank Statements, Investment Proofs, and details of all income sources.
7. Do NRIs need to file an ITR in India?
Yes, if total Indian income exceeds ₹2.5 lakh (rent, capital gains, etc.).
8. Should I file an ITR if my income is below ₹2.5 lakh?
Yes! It helps in getting refunds, applying for loans or visas, and carrying forward losses.
9. What is the new tax regime, and should I choose it?
New regime: Lower tax rates, no deductions.
Old regime: Higher rates, but deductions like 80C/HRA. Early Grow can help you decide!
10. How can Early Grow help with my ITR?
Early Grow helps you choose the right form, claim deductions, file accurately, and save taxes.
