Filing your income tax return: the forms and terms you should know

Even if your employer deducts tax, you may still need to file a return, and filing can help with loans, visas and refunds. Rules and slabs change, so always confirm current details on the official portal.

Terms to know

• PAN: your permanent account number, the key to your tax records.
• Assessment year and financial year: you file in the assessment year for income earned in the previous financial year (April to March).
• Form 16: your employer's certificate of salary and tax deducted.
• Form 26AS and AIS: statements that show tax deducted and many financial transactions reported against your PAN. Match them with your records.
• TDS: tax deducted at source by the payer.
• Refund: money returned if you paid more tax than due.

A simple path

1. Gather Form 16, bank interest certificates and investment proofs.
2. Log in to the income tax e-filing portal and download AIS to cross-check.
3. Choose the right ITR form for your income type.
4. Verify the return, for example with Aadhaar OTP, because an unverified return is treated as not filed.

The due date for most individuals is usually in July, but check the official portal each year. Beware of fake "refund" SMS: the department does not ask for card details or OTP. Education only; consult a qualified professional for your case.