ITR Filing Process in Chennai for Individuals

Filing income tax returns (ITR) is a mandatory responsibility of every taxpayer in India. It ensures compliance with the Income Tax Act, 1961, and acts as an important financial record. Filing ITR serves as proof of income when applying for loans, visas, or financial credibility. It also allows taxpayers to claim refunds on excess taxes paid, carry forward losses, and ensure proper tax adjustment. Timely and accurate ITR filing can help avoid penalties and legal complications. For individuals residing in Chennai who are unsure about the ITR filing process, this guide offers a comprehensive, step-by-step explanation to make the process simpler.

Who Should File Income Tax Returns?

In India, Income Tax Return for the following individuals, if:

• Their gross total income exceeds the basic exemption limit (₹2.5 lakh for individuals below 60 years, ₹3 lakh for senior citizens between 60-80 years, and ₹5 lakh for super senior citizens above 80 years).
• They want to claim a refund of the excess TDS deducted.
• They have foreign assets or foreign income.
• They have deposited more than ₹ one crore in a bank account, incurred foreign travel expenses over ₹2 lakh, or electricity expenses over ₹1 lakh.
• They seek to carry forward losses for future tax adjustments.

Benefits of Filing ITR

• Helps maintain financial credibility for future loans.
• Mandatory for visa applications in several countries.
• Facilitates faster processing of TDS refunds.
• Acts as proof of income when applying for high-value credit cards or home loans.
• Protects against penalties and notices from the Income Tax Department.

Tip: Even if your income is non-taxable, a ‘NIL’ Return improves your financial track record.

Documents Required for ITR Filing

You need the following documents to file ITR in India:

• PAN Card
• Aadhaar Card
• Form 16 issued by your employer (if salaried)
• Form 26AS for TDS details
• Bank statements (especially for interest income)
• Investment proofs (for deductions under Section 80C, 80D, etc.)
• Home loan statements (if applicable)
• Capital gain statements (if any sale of property, stocks, or mutual funds)
• Details of other income sources (rental income, dividend income, etc.)

Choose the Correct ITR Form

Filing the wrong form can lead to the return being treated as defective. Here is a guide to help you out with the correct form:

If unsure, it is better to consult a professional to avoid mistakes.

Step-by-Step Process to File ITR in Chennai

Visit the Income Tax E-Filing Portal at https://www.incometax.gov.in/iec/foportal/

Register or Log In

• First-time users: Register using your PAN, which also acts as your User ID.
• Existing users: Log in using your credentials. You will receive OTP-based verification using your registered mobile number and email ID.

Select ‘File Income Tax Return’

On your dashboard, click on ‘e-File’ > ‘Income Tax Return’ > ‘File Income Tax Return’.
Choose the relevant assessment year (for income earned in FY 2023-24, select AY 2024-25).

Choose the Filing Mode

The portal offers two filing modes:

• Online Mode: It is recommended for individuals with simple salary income.
• Offline Mode: For complex returns, where you download and fill out the utility offline, then upload it back to the portal.

TIP: For salaried individuals in Chennai, the online mode is usually sufficient.

Fill in the Required Details

• Confirm your basic information: name, PAN, Aadhaar, contact details.
• Select your applicable ITR form (e.g., ITR-1 for most salaried individuals).
• Fill in your income details carefully (salary, house property income, other income).
• Enter deduction claims under sections like 80C (LIC, PPF, ELSS), 80D (health insurance), 80G (donations), etc.

The portal may pre-fill some fields based on TDS returns filed by your employer or bank. Ensure you cross-check all details before proceeding.

Calculate and Pay Any Tax Due

After entering all income and deduction details, the system will automatically calculate your tax liability.

• If taxes have already been fully paid (via TDS), no payment is needed.
• If any balance tax is due, you must pay it immediately using Challan 280 through the portal.

Submit the ITR

Once all details are verified, it is advisable to review your filled-out form carefully and click on ‘Submit’, which will submit your ITR to the Income Tax Department.

E-Verify the Return

Note that the submission of your Income Tax Return is not complete until verification. E-verification can be done instantly through:

• Aadhaar OTP
• Net banking login
• EVC via bank account
• Demat account authentication

Alternatively, you can send a physically signed copy of ITR-V to CPC Bengaluru within 30 days, but online e-verification is faster and easier.

Important Deadlines for Individuals in Chennai

• Due date for individuals (non-audit cases): July 31 of the relevant assessment year.
• Late filing penalty:

• ₹5,000 if filed after the due date but before December 31
• ₹1,000 if your income is below ₹5 lakh

Common Mistakes to Avoid

• Choosing the wrong ITR form
• Missing out on reporting all income (e.g., FD interest)
• Incorrect bank account details (delayed refund)
• Forgetting to e-verify the return
• Claiming ineligible deductions
• Delaying payment of self-assessment tax

How Chennai Filings Can Help

Filing ITR on your own can sometimes feel like a challenging task. At Chennai Filings, we offer:

• Personalized tax consultation to assess your filing category
• Accurate computation of taxes payable or refund due
• Assistance in advance tax and TDS reconciliation
• Filing the correct ITR form
• Handling of notices, rectifications, and appeals, if necessary

Our tax experts make sure that your filing is accurate, compliant, and completed well before deadlines.

Need help filing your ITR?

Contact Chennai Filings today and file your return easily, accurately, and stress-free!