ITR Filing (Income Tax Return Filing) is the official procedure of reporting your gross income, tax dues, deductions, and paid taxes to the Income Tax Department of India as mandated under the Income Tax Act, 1961. It is an annual mandatory compliance for eligible individuals, businesses, firms, and other legal entities. By submitting your ITR, you are not only operating within the constitutional boundaries of Indian taxation law but also adding value to the country’s financial system with transparency and financial integrity.
Why is ITR Filing Important?
Filing your ITR offers more than just tax compliance — it delivers:
✅ Legal Proof of Income
✅ Eligibility for Loans, Visas, and Government Tenders
✅ Entitlement to Tax Refunds (if excess tax paid)
✅ Avoidance of Interest, Penalties & Notices
✅ Credible Financial Record with the Government of India
Who Should File an ITR?
✅ Individuals earning ₹2.5 lakh or more annually
✅ All registered Companies, Firms, and LLPs
✅ Freelancers, Consultants, and Professionals
✅ NRIs with income earned or received in India
✅ Those wishing to carry forward capital losses
✅ Anyone applying for home/vehicle loans or immigration
What’s Included in an ITR Filing?
✅ Declaration of total income from all sources
✅ Details of investments, deductions & exemptions (e.g. under Section 80C)
✅ Taxes paid (TDS, advance tax, self-assessment)
✅ Computation of final tax liability or refund claim
Filing Deadline
The due date for most individuals and non-audit cases is 31st July of every
assessment year. For companies and audits, extended dates apply.
