Income Tax
Form 16, read line by line
Most people glance at the net figure and file. The three boxes worth actually checking are elsewhere, and two of…
Who has to file
You must file a return if your total income before deductions crosses the basic exemption limit. You should also file — even below the limit — if tax has been deducted at source and you want it refunded, if you hold foreign assets, if you want to carry a capital loss forward, or if you need a filed return for a visa or a loan application.
Picking the correct form #
ITR-1 suits a resident with salary, one house property and modest interest income. ITR-2 is for capital gains, more than one property or foreign income. ITR-3 is for business or professional income with books. ITR-4 covers presumptive income under sections 44AD, 44ADA and 44AE. Filing on the wrong form is the most common reason a return is treated as defective.
Old regime or new #
The new regime has wider slabs and a lower rate but removes most deductions and exemptions. The old regime keeps 80C, 80D, HRA and interest on a housing loan. There is no universally better answer: it depends on how much you actually claim. We compute your liability under both and file under whichever is lower for you.
A salaried person can generally choose each year. Someone with business income has far less freedom to switch back and forth, so the first choice matters more.
What you will need
- Form 16 (Part A and Part B) from each employer
- Form 26AS and the Annual Information Statement
- Interest certificates from banks and the post office
- Rent receipts or the landlord's PAN if you claim HRA
- Home loan interest and principal certificate
- Investment proofs for 80C, 80D and similar sections
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Latest articles
Income Tax
Form 16, read line by line
Most people glance at the net figure and file. The three boxes worth actually checking are elsewhere, and two of…
Income Tax
Eight ITR filing mistakes that trigger a notice — and how to avoid each one
Almost every scrutiny notice we see starts the same way: the return says one thing and the Annual Information Statement…
Income Tax
Old regime vs new regime: how to actually decide
The break-even depends on how much you genuinely claim, not on what you could claim.