Income Tax Return (ITR) eFiling
Quick and accurate income tax return filing done online with senior tax experts.
Filing support for ITR-1 to ITR-7 and ITR-U handled by top Chartered Accountants.
Maximize refunds and avoid notices with personalized tax planning and advice.
What is Income Tax Return Filing?
ITR filing is the process of reporting your total income, deductions, and taxes paid to the Income Tax Department for a specific financial year. It is mandatory for individuals and businesses whose income exceeds the basic exemption limit.
Why it matters:
- Declares your total income and tax paid
- Helps you claim deductions and refunds
- Legally required if income exceeds exemption threshold
Sources of Income for ITR
A source of income in India refers to the origin of your earnings that must be reported while filing your Income Tax Return (ITR). The Income Tax Department categorizes income into specific heads, and each must be declared accurately.
Common sources of income to report include:
- Salary Income
- Business or Professional Income
- Capital Gains (from shares, mutual funds, or property)
- Income from House Property
- Other Income (like interest from savings, lottery winnings, etc.)
Who Should File ITR?
Anyone earning above the basic exemption limit or meeting specific financial criteria must file an Income Tax Return (ITR) in India.
Under the Union Budget 2025, the basic exemption limit under the new tax regime has been revised from ₹3 lakhs to ₹4 lakhs. Additionally, the tax rebate under Section 87A has been increased, offering more relief for taxpayers in the lower-income brackets.
ITR filing applies to a wide range of taxpayers, including:
- Salaried Individuals: With annual income exceeding the basic exemption limit
- Self-Employed Professionals: Freelancers, consultants, and business owners with taxable income
- NRIs: With income earned or received in India
- HUFs (Hindu Undivided Families): Earning income from ancestral property or investments
- Companies and Firms: Required to file ITRs regardless of profit or loss
Even if your income is below the exemption limit, the Government of India encourages voluntary filing—especially useful when applying for loans, visas, or maintaining financial records. Vakilsearch supports all types of taxpayers in filing accurate, timely returns with ease.
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