Are you a student wondering whether you need to file an Income Tax Return (ITR)? Or perhaps you’ve earned from internships, freelancing, or scholarships and are unsure how to report it? Don’t worry — this step-by-step guide on ITR Filing for Students is designed to take the stress out of the process. Whether you’re earning or not, this blog will help you stay compliant and stress-free.
Do Students Really Need to File ITR?
Technically, students below the taxable income threshold aren’t required to file an ITR. But there are many benefits to filing, such as:
- It helps build your financial record
- You can claim TDS refunds
- It’s often required for visa applications or loan approvals
- You get in the habit of responsible financial management
Income threshold for FY 2024–25: ₹2,50,000 (below 60 years of age)
What Types of Income Should Students Report?
Even if you’re not salaried, you may have:
- Internship stipends
- Freelancing income (content writing, design, etc.)
- Scholarships or fellowships
- Bank interest over ₹10,000
- Gifts over ₹50,000 in a year
If you earned from any of these, you should file an ITR.
Step-by-Step Guide to File ITR for Students
1. Gather Your Documents
Make sure you have:
- PAN Card
- Aadhaar Card
- Bank statements
- Form 16 (if applicable)
- TDS Certificates (Form 16A)
- Scholarship/freelance payment proof
2. Register on the Income Tax Portal
Go to https://www.incometax.gov.in
- Register using your PAN and mobile number
- Set a password
3. Choose the Correct ITR Form
Most students fall under:
- ITR-1 (Sahaj) for income under ₹50L from salary, one house property, or interest
- ITR-2 or 3 for freelancing or capital gains
4. Fill in Your Income Details
- Input your bank interest, freelance income, or stipend
- Verify pre-filled data from Form 26AS
5. Claim Deductions
Use deductions under Section 80C, 80TTA (for savings account interest), or even 80E (education loan).
6. Verify and Submit
Once submitted, e-verify using Aadhaar OTP, net banking, or other methods.
Common Mistakes Students Should Avoid
- Filing under the wrong ITR form
- Not reporting small freelance income
- Ignoring bank interest
- Missing deadlines (usually July 31st every year)
- Not verifying the ITR after submission
Benefits of Filing ITR Even If You Have No Taxable Income
- Claim refund of TDS (if deducted)
- Build financial credibility
- Easier future loan or credit card approvals
- Requirement for foreign university applications
- Peace of mind & digital recordkeeping
When Should a Student Definitely File ITR?
You must file if:
- Your income exceeds ₹2.5 lakh
- TDS was deducted on freelance/internship work
- You received foreign remittances or gifts
- You want to claim refunds or apply for loans/visas
Why Students Should File ITR (Add under intro or near the beginning)
ITR Filing for Students not only builds financial discipline but also creates a credible financial footprint. This can help in future loan approvals, visa applications, or even job background checks. Moreover, if you’ve had TDS deducted, filing helps you claim a refund.
Common Myths About ITR Filing for Students (Add before conclusion)
Many students believe they don’t need to file ITR because ITR Filing for Students don’t earn much. However, if you earn through internships, freelancing, or receive interest on fixed deposits, it becomes important. Also, filing ITR regularly avoids penalties and builds a history with the Income Tax Department.
Tools That Can Help You File ITR Easily (Add just before CTA or conclusion)
You can use free online portals like Cleartax, TaxBuddy, or the official e-filing portal of the Government of India. Most of these platforms are beginner-friendly and guide you step-by-step.
Let Unlock Digi Services Help You File Stress-Free!
At Unlock Digi Services, we simplify ITR Filing for Students. Whether you’re earning, interning, or just starting out — we’ll file your return accurately, on time, and without hassle.
Reach out to us today and avoid penalties, confusion, and missed refunds.
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