Every individual whose total income exceeds the basic exemption limit is required to file an ITR. For FY 2024-25, the basic exemption limits are: Rs. 2.5 lakh (Old Tax Regime, below 60 years), Rs. 3 lakh (Old Tax Regime, Senior Citizens aged 60-79), Rs. 5 lakh (Old Tax Regime, Super Senior Citizens 80+), and Rs. 3 lakh (New Tax Regime for all individuals). Additionally, individuals must file ITR even below the exemption limit if: they have deposited more than Rs. 1 crore in bank accounts, spent more than Rs. 2 lakh on foreign travel, paid more than Rs. 1 lakh in electricity bills, have foreign assets/income, or wish to claim a refund of TDS deducted.

ITR-1 (Sahaj) is the simplest ITR form and is applicable to resident individuals with total income up to Rs. 50 lakh from: salary/pension, one house property (excluding losses brought forward), other sources (interest, dividends up to Rs. 5,000 from IT returns), and agricultural income up to Rs. 5,000. ITR-2 is for individuals and HUFs who do not have income from business or profession, but have income from: more than one house property, capital gains (from shares, mutual funds, property), foreign income or foreign assets, or total income exceeding Rs. 50 lakh. If you have any capital gains or multiple properties, you must use ITR-2. CleverCoins ensures the correct ITR form is filed for every client.

For salaried individuals (non-audit cases), the due date for filing ITR for a financial year is July 31 of the assessment year. For example, for FY 2024-25 (April 2024 to March 2025), the due date is July 31, 2025. If this date is missed, a belated return can be filed up to December 31 of the assessment year with a late filing fee of Rs. 1,000 (if total income is below Rs. 5 lakh) or Rs. 5,000 (if total income exceeds Rs. 5 lakh). Filing on time avoids interest under Section 234A, penalty under Section 234F, and loss of carry-forward of capital losses.

Form 16 is a TDS certificate issued by your employer at the end of the financial year (by June 15). It is the most important document for salaried ITR filing and contains two parts: Part A — details of TDS deducted and deposited to the government on your behalf, and Part B — a detailed breakup of your salary components (basic, HRA, allowances, perquisites), all deductions claimed (under Chapter VI-A), and taxable income computation. Form 16 serves as the primary basis for ITR filing for most salaried employees. If you have switched jobs during the year, you will receive Form 16 from each employer. CleverCoins reconciles data from multiple Form 16s to ensure accurate ITR filing.

Form 26AS is a tax passbook available on the Income Tax portal (incometax.gov.in) that shows all taxes deposited against your PAN — including TDS deducted by employer(s), TDS on bank interest, advance tax paid, and self-assessment tax paid. The Annual Information Statement (AIS) is a more comprehensive statement showing all financial transactions reported against your PAN — including salary, interest, dividends, mutual fund transactions, property transactions, and more. Since 2021, the Income Tax Department uses AIS data to pre-fill ITR forms and cross-verify disclosures. Any mismatch between your ITR and AIS can trigger notices. CleverCoins reconciles Form 26AS and AIS data with your actual income before filing.

India currently has two income tax regimes for individuals: The Old Tax Regime allows taxpayers to claim all deductions and exemptions — HRA, LTA, standard deduction, Section 80C (up to Rs. 1.5 lakh), 80D (health insurance), 80CCD(1B), home loan interest (Section 24B), etc. — but has higher base tax rates. The New Tax Regime (default from FY 2023-24) offers lower tax rates but disallows most deductions except the Standard Deduction (Rs. 75,000 for FY 2024-25) and employer NPS contribution (Section 80CCD(2)). The better regime depends on your specific income level and actual deductions. CleverCoins calculates tax liability under both regimes and recommends the option that minimizes your tax outgo.

Salaried employees can claim multiple deductions under the Old Tax Regime to reduce taxable income: Section 80C (up to Rs. 1.5 lakh) — EPF, PPF, ELSS, life insurance premium, home loan principal, tuition fees, NSC, Sukanya Samriddhi. Section 80CCD(1B) — NPS self-contribution up to Rs. 50,000 additional. Section 80D — Health insurance premium up to Rs. 25,000 (self/family) + Rs. 25,000 (parents) or Rs. 50,000 if senior citizens. Section 80E — Education loan interest (unlimited). Section 80G — Donations to approved charitable organizations. Section 24B — Home loan interest up to Rs. 2 lakh per year. HRA Exemption — Calculated based on actual rent, city, and salary. Standard Deduction — Rs. 50,000 flat deduction from salary. CleverCoins maximizes every eligible deduction for salaried clients.

House Rent Allowance (HRA) exemption is one of the most significant tax benefits for salaried employees who live in rented accommodation. The HRA exemption is the least of the following three amounts: (1) Actual HRA received from employer, (2) Actual rent paid minus 10% of basic salary, (3) 50% of basic salary (for metro cities — Delhi, Mumbai, Kolkata, Chennai) or 40% of basic salary (for non-metro cities). HRA is not available under the New Tax Regime. To claim HRA, rent receipts and/or a rent agreement are required. If annual rent exceeds Rs. 1 lakh, the landlord's PAN is also required. CleverCoins accurately calculates your optimal HRA exemption as part of the ITR filing process.

If you miss the July 31 deadline for filing your ITR, you can still file a belated return up to December 31 of the same assessment year. However, consequences of late filing include: Late filing fee under Section 234F — Rs. 1,000 (income below Rs. 5 lakh) or Rs. 5,000 (income above Rs. 5 lakh). Interest under Section 234A — 1% per month on the unpaid tax amount from the due date. Loss of carry-forward of capital losses — you cannot carry forward losses from capital gains if ITR is not filed by the due date. Ineligibility for certain deductions. Additional scrutiny risk. CleverCoins strongly recommends filing on time and helps clients prepare well before the deadline.

A tax refund arises when the total TDS deducted from your income during the year (by employer, bank, etc.) plus any advance tax paid exceeds your actual income tax liability for the year. The excess amount is refunded by the Income Tax Department directly to your bank account (registered on the IT portal). After filing your ITR, refunds are typically processed within 20 to 45 days if the return is verified and processed. You can check your refund status on the Income Tax e-Filing portal (incometax.gov.in) or via the NSDL refund tracking portal. CleverCoins tracks refund status for all clients and follows up if there are delays.

After filing your ITR online, it is mandatory to verify it within 30 days of filing — otherwise the return is treated as invalid and not filed. ITR can be verified through: (1) Aadhaar OTP — instant verification using OTP sent to Aadhaar-linked mobile number (most popular), (2) Net Banking — verification through your internet banking portal, (3) Bank ATM — generate EVC from ATM, (4) Demat Account — through registered demat account, (5) Bank Account EVC — electronic verification code sent to registered mobile/email, (6) Physical Verification — by sending signed ITR-V (acknowledgement) to CPC Bengaluru by ordinary/speed post. CleverCoins completes e-verification on the same day as filing, ensuring your return is immediately valid.

TDS (Tax Deducted at Source) on salary is deducted by your employer under Section 192 of the Income Tax Act. Your employer calculates your estimated annual tax liability at the beginning of the year and deducts TDS proportionately from each month's salary. The TDS is deposited with the government and reflected in your Form 26AS and Form 16. When you file ITR, the TDS already deducted is credited against your total tax liability. If TDS deducted is higher than actual liability — you get a refund. If lower — you pay the balance as self-assessment tax before filing. CleverCoins ensures TDS is correctly reflected and reconciled in your ITR.

Yes. All interest income must be reported in your ITR, regardless of whether TDS has been deducted on it. Interest from savings bank accounts is taxable but you can claim a deduction under Section 80TTA (up to Rs. 10,000 per year for individuals below 60 years; for senior citizens, Section 80TTB allows up to Rs. 50,000). Interest from Fixed Deposits (FDs) is fully taxable at your slab rate. Banks deduct TDS on FD interest when it exceeds Rs. 40,000 (Rs. 50,000 for senior citizens) per year. Not reporting interest income — even when TDS has already been deducted — can lead to a mismatch notice from the Income Tax Department since it appears in your AIS.

The Standard Deduction is a flat deduction from salary income that does not require any documentation or proof. For FY 2024-25, the Standard Deduction is Rs. 75,000 under the New Tax Regime and Rs. 50,000 under the Old Tax Regime. It replaced the earlier deductions for transport allowance and medical reimbursement. Every salaried employee and pensioner is entitled to the Standard Deduction automatically — it is applicable to total salary income from all employers during the year. CleverCoins ensures the Standard Deduction is correctly applied regardless of the tax regime chosen.

Section 87A provides a full tax rebate that effectively makes your tax liability NIL if your total taxable income does not exceed a specified limit. For FY 2024-25 under the New Tax Regime: If total income is up to Rs. 7 lakh, the tax rebate under Section 87A equals the tax calculated (i.e., zero tax payable). Under the Old Tax Regime: If total income is up to Rs. 5 lakh, the tax rebate is up to Rs. 12,500. This means salaried individuals with taxable income up to Rs. 7 lakh (New Regime) or Rs. 5 lakh (Old Regime) effectively pay zero income tax. CleverCoins ensures every eligible client maximizes their rebate entitlement.

Yes, and it is especially important to file ITR carefully if you have worked with multiple employers during the year — due to job changes, part-time work, or contract engagements. Each employer deducts TDS based only on the salary paid by them, without knowledge of income from other employers. This often results in under-deduction of TDS on total income. When filing ITR, income from all employers must be combined, the total tax liability computed, and any shortfall paid as self-assessment tax before filing. You will receive separate Form 16s from each employer. CleverCoins specializes in multi-employer ITR filing and ensures accurate consolidation and tax computation.

Capital gains arise when you sell a capital asset — such as equity shares, mutual fund units, property, gold, or bonds — at a profit. Even salaried employees frequently have capital gains income (from selling mutual funds, stocks, or property) that must be reported in ITR. Types of capital gains: Short-Term Capital Gains (STCG) on listed equity shares/equity mutual funds held less than 12 months — taxed at 20% (from FY 2024-25 Budget amendment). Long-Term Capital Gains (LTCG) on listed equity shares/equity mutual funds exceeding Rs. 1.25 lakh — taxed at 12.5% (FY 2024-25). Capital gains from property, gold, and debt funds are taxed at different rates. If you have any capital gains, you must use ITR-2 instead of ITR-1. CleverCoins handles all capital gains computation and reporting.

If a person required to file ITR fails to do so, the consequences can be severe: Penalty under Section 271F — up to Rs. 5,000 (for income above exemption limit). Prosecution under Section 276CC — for wilful failure to file ITR when tax payable exceeds Rs. 3,000, punishment can include imprisonment of 3 months to 2 years (or up to 7 years in serious cases). Best judgment assessment by the Income Tax Officer under Section 144 — where the officer assesses income based on available information, often resulting in a higher demand. Interest on unpaid tax under Section 234A, 234B, and 234C. Loss of refund entitlements. These consequences make timely, accurate ITR filing non-negotiable.

A Revised Return (under Section 139(5) of the Income Tax Act) can be filed to correct any omission or error in the originally filed return — such as a missed income source, wrong deduction claimed, or incorrect bank account number. A Revised Return can be filed at any time before: (1) the completion of assessment by the IT Department, or (2) December 31 of the assessment year — whichever is earlier. There is no limit on the number of times a return can be revised within the allowed period. However, a belated return (filed after the due date) can also be revised. CleverCoins reviews original ITR filings for accuracy and files revised returns whenever necessary.

Generally, salaried employees do not need to pay advance tax separately since their employer deducts TDS on salary and deposits it as tax on their behalf. However, advance tax becomes necessary for salaried persons when they have other income sources — such as rent, interest, capital gains, or freelance income — where no TDS is deducted or TDS deducted is insufficient. Advance tax is required when total tax liability after TDS credit exceeds Rs. 10,000 for the year. It must be paid in installments by June 15 (15%), September 15 (45%), December 15 (75%), and March 15 (100%) of the financial year. Failure to pay advance tax attracts interest under Sections 234B and 234C. CleverCoins advises salaried clients on advance tax planning.

Getting started with CleverCoins for your Income Tax Return filing is extremely simple and completely online. Visit CleverCoins.org, navigate to the ITR Filing for Salaried page, and fill in our quick inquiry form or contact us directly via phone or WhatsApp. Our tax expert will connect with you, request your documents (Form 16, bank statements, investment proofs), review your Form 26AS and AIS, calculate tax under both Old and New Tax Regimes, prepare your ITR, share it with you for approval, file it on the Income Tax portal, and complete e-verification — all within 24 to 48 hours of document receipt. Contact CleverCoins today and file your ITR on time, accurately, and with maximum refund.