Income Tax Return (ITR) filing for Internship in INDIA
P.s. – please check current rule as this is old may not work.
Hey….
I know you came here as not able to find answers of questions like
- Where should I file ITR ?
- Which year to select for filing ITR? What is Assessment and financial year?
- Which ITR form to file for internship?
- What documents I will need when I file ITR for income earned by internship?
- How much I have to pay income tax?
- What are the steps to follow to file ITR for income earned from internship ?
I also had same question while filing ITR. After many research and help from people, I was able to file the ITR for income earned from my internship and get the full return of my deducted TDS with interest. 😄
Where should I file ITR ?
You need to create the account at Income tax India website if not registered. After login, it will show the details like Tax Deposited, Recent Filed Returns and many more.
Portal will open to file ITR in the month of June or July.
What is Assessment and financial year? Which year to select for filing ITR?
So income tax is calculated in income earned from 1st April to 31 March of next year. This is called financial year (FY).
Assessment year (AY) is the year that comes after the Financial year. So you file ITR for this AY for income earned during FY.
Example : Income earned from 1st April 2021 to 31st March 2022. This will be financial year. And you will file ITR for 2022–23 AY. So you will select 2022–23 as assessment year in portal while filing ITR.
Which ITR form to file for internship?
For internship, Select ITR-1 form.
What documents I will need when I file ITR for income earned by internship?
No need of documents.
If you company detected TDS (Tax Detected at Source) then you may ask for FORM 16A from your company to see the details of deductions . You will not get FORM 16 as internships are considered as contract or professional service, Form 16 issued to people who get salary.
You can also see TDS detail in Form26AS online from income tax website. After login goto
How much I have to pay income tax?
If you income in that FY is less than ₹5,00,000. Then you will not have to pay the income tax. Because you are eligible to get a tax rebate of up to INR 12,500. But you still need to file ITR if you net income is more than ₹2,50,000.
If you income is more that ₹5,00,000 Then you have to pay tax. See Tax Slab.
What are the steps to follow to file ITR for income earned from internship ?
Login into Income tax India website and goto file ITR. Select current Assessment year. And status application as applicable.
Then select ITR-1 form. Now fill the all details.
Then Let’s Get Started. Then fill the appropriate detail step by step.
Then Fill these details
In Gross Total income,
Select Add Another. , Skip the questions and then, change as shown below and add total income earned.(also include the TDS)
Then other sections are simple to fill or it may be auto filled. But check all the details. Then proceed as with the flow. Do all verifications and submit.
That’s all from my side. Thanks
If I made any error somewhere do let me know.