Overview of Income Tax Return

03 Aug 2021|

2 min read |

by ICICI Securities Team

An Income Tax Return (ITR) is a form that you as a taxpayer must file with the Income Tax Department. The information you put in the return pertains to a particular financial year (i.e. from 1st April to 31st March of the following year). It is about your income/s and the applicable taxes paid on it, as per the prevailing slab, during the year. Click here to understand the benefits of filing tax returns.

Additional Read: Know more about Income Tax Basics, tax slabs and e-filing

For any individual, the various forms of income could be:

a) Income from salary or profession, in case of self-employed

b) Profits from business

c) Income (such as rent) from a house or commercial property

d) Income from capital gains (out of the sale of property, shares, mutual funds etc.)

e) Income from other sources such as interest on deposits, dividends, royalties, lottery wins, etc.

There are seven types of ITR forms, i.e. ITR-1 to ITR-7, which depend on the nature and amount of income and the type of taxpayer, with different due dates.

You must mandatorily file tax returns before the due date specified under Section 139(1). If there is a reason for the delay in filing the return, you can report it under Section 142(1). If you fail to do so, you may still file a belated return for any prior years, any time until the expiry of one year from the end of the assessment year. However, you stand the risk of being charged a penalty of Rs 5,000 (under Section 271F of IT Act 1961) in case the return is not submitted or submitted after the specified date. If the assessee's income is below the taxable limit, then a penalty is not applicable even if the ITR is filed after the deadline.

You can file an ITR online on the Income Tax e-filing portal or in physical mode at any of the designated offices of the Income-tax department. India Post also offers ITR filing services at the Common Services Centres (CSC) counters in post offices.

After submitting the tax return, one can quickly check the status online easily on the e-filing website by creating their login account on the Income Tax website. Once the ITR is submitted, the Income-tax Department generates a verification form that allows you to e-verify the filing of your tax returns. If you are an individual, you can e-verify using the Aadhar number without a digital signature. For this e-verification, it is necessary to link your PAN and Aadhar.

Additional read: Benefits of filing ITR on time

Benefits of filing ITR

For individual taxpayers, especially self-employed professionals, the income tax returns (ITR) is the only authentic Proof of Income and helps to convey a solid financial position. Filing ITR on time is a good practice if one intends to avail credit such as loans, credit cards, etc., from lenders. ITRs are also mandatory documents for children's higher studies and the processing of visa applications. Early filing of income tax returns also helps in the early processing of refunds, if any.

Additional read: How to check income tax refund status online

Disclaimer

ICICI Securities Limited has its registered office at ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025, India, Tel No:- 022 - 2288 2460, 022 - 2288 2470. The non-broking products / services like iLearn and Financial Learning are not exchange traded products / services and ICICI Securities Ltd. is just acting as a distributor/ referral Agent of such products / services and all disputes with respect to the distribution activity would not have access to Exchange investor redressal or Arbitration mechanism. iLearn is not an exchange traded product/service of ICICI Securities Ltd. All disputes with respect to the activity on the platform would not have access to Exchange investor redressal or Arbitration mechanism.

ICICI Securities Ltd. is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. ICICI Securities Ltd. is a SEBI registered with SEBI as a Research Analyst vide registration no. INH000000990. Name of the Compliance officer (broking): Mr. Atul Agrawal, Contact number: 022-69997051, E-mail address: complianceofficer@icicisecurities.com Investments in securities markets are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. ICICI Securities Ltd. and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Such representations are not indicative of future results. The securities quoted are exemplary and are not recommendatory. AMFI Regn. No.: ARN-0845. PFRDA registration numbers: POP no -05092018. ICICI Securities Ltd. acts as a Composite Corporate agent having registration number -CA0113. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Please note, Mutual Fund, Corporate Fixed Deposits, Bonds, Alternate investment funds, Tax planning, Succession planning, NPS, IPO, Investment Advisory and Loans related services are not Exchange traded products and ICICI Securities Ltd. is acting as a distributor to solicit these products. Please note, Insurance related services are not Exchange traded products and ICICI Securities Ltd. is acting as a corporate agent to solicit these products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The non-broking products / services like Research, etc. are not exchange traded products / services and all disputes with respect to such activities would not have access to Exchange investor redressal or Arbitration mechanism. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose.

Did you enjoy this article?

123 people liked this article. Share Feedback

Recent Articles

View all

HOW TO TRADE GOLD IN COMMODITY DERIVATIVES MARKET IN INDIA

Gold is one of the world's most actively traded precious metals and is widely used for investment, jewellery and industrial applications. It is also considered a safe-haven asset during periods of economic or market uncertainty.

100 views

3 minutes

07 Sep 2026

Global Commodity Exchanges: NYMEX, COMEX & LME and Their Link With MCX

In this article, we’ll explore the three exchanges that matter most: NYMEX, COMEX, and the London Metal Exchange (LME) and their link with MCX.

263 views

1 minutes

31 Aug 2026

Mainboard IPO: Meaning, Eligibility and Key Benefits

Explore the meaning of a mainboard IPO, SEBI's eligibility routes, NSE and BSE listing rules, key benefits, and the checks investors should make before applying.

1 k views

4 minutes

13 Aug 2026