Individuals, Hindu Undivided Families (HUFs), companies, and other entities are required to file an ITR if their income exceeds the basic exemption limit, if they have foreign assets, if they want to claim refunds, or if they meet certain specified conditions like depositing more than ₹1 crore in a bank account, among others.

The basic exemption limit varies based on age and residency:

• For individuals below 60 years: ₹2.5 lakhs
• For senior citizens (60-80 years): ₹3 lakhs
• For super senior citizens (above 80 years): ₹5 lakhs

There are several ITR forms, each applicable to different categories of taxpayers:

• ITR-1 (SAHAJ): For individuals with income from salary, one house property, other sources (interest, etc.), and having total income up to ₹50 lakhs.
• ITR-2: For individuals and HUFs not having income from business or profession.
• ITR-3: For individuals and HUFs having income from business or profession.
• ITR-4 (SUGAM): For individuals, HUFs, and firms (other than LLP) being a resident having total income up to ₹50 lakhs and having income from business and profession computed under sections 44AD, 44ADA, or 44AE.
• ITR-5: For persons other than individuals, HUFs, companies, and persons filing ITR-7.
• ITR-6: For companies other than those claiming exemption under section 11.
• ITR-7: For persons including companies required to furnish return under sections 139(4A), 139(4B), 139(4C), or 139(4D).

The due date varies:

• For individuals and HUFs not requiring audit: 31st July of the assessment year.
• For businesses requiring audit: 31st October of the assessment year.
• For companies: 31st October of the assessment year.
• For individuals and entities required to furnish a report under Section 92E: 30th November of the assessment year.

If an ITR is filed after the due date, it is termed as a belated return. Penalties and interest may be applicable under Section 234A for delayed filing. Additionally, the ability to carry forward certain losses may be lost.

TDS is a means of collecting tax at the source from the income, such as salary, interest, commission, rent, professional fees, etc., by the payer. The payer deducts a certain percentage of the amount as tax before making the payment to the payee.

Section 80C allows deductions from total income up to ₹1.5 lakhs for investments and expenses like life insurance premiums, contributions to Employee Provident Fund (EPF), Public Provident Fund (PPF), National Savings Certificates (NSC), Equity Linked Savings Scheme (ELSS), principal repayment of home loan, children's tuition fees, etc.

PAN is a ten-digit alphanumeric number issued by the Income Tax Department. It is essential for tracking and linking all tax-related activities of an individual or entity. It is mandatory for filing ITR, opening bank accounts, and major financial transactions.

Advance Tax refers to paying your taxes in installments throughout the year rather than in a lump sum at the year-end. It is applicable when the tax liability exceeds ₹10,000 in a financial year and is usually paid in four installments: 15th June, 15th September, 15th December, and 15th March.