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So, you’ve got your books, your projects, your exams—and now someone’s throwing Income Tax Return (ITR) into the mix? Wait, what? Taxes? At your age?
Yep, we get it. Filing ITR might sound like something only your parents or full-time job folks should worry about. But surprise—you might actually need to file one too. Whether you’re freelancing, doing a paid internship, earning from YouTube or stock trading, or just getting bank interest that crosses the basic exemption limit.
But don’t stress! Filing an ITR as a student isn’t as scary as it sounds. In fact, it can be super simple—and it even comes with a few perks.
Latest updates
- ITR filing Due date for FY 2024-25 (2025-26) has been extended from 31st July 2025 to 15th September 2025
Benefits of ITR filing for students
Helps build a financial record and credit history for future loan approvals (like education loans or a car loan, home loan, credit card)
Acts as valid income proof for visa applications if you plan to study or travel abroad
Makes it easier to claim TDS (Tax Deducted at Source) refunds if tax was deducted on any earnings
Shows that you’re financially responsible—good for freelancing gigs, scholarships, or internships
Useful while applying for government tenders, startups, or even high-value transactions
You can carry forward certain losses (like from stock trading) to set off against future gains
Filing early builds a habit of understanding your money better—smart adulting starts here
Income tax for students on various income sources
When it comes to filing Income Tax Returns or ITR filing for students, it’s essential for students to understand the different types of income that must be reported. Even though students might not have traditional full-time employment, various other forms of income are still subject to taxation. Here’s a detailed look at the types of income students need to consider when filing their ITR:
1. Scholarships and Fellowships
Scholarships and fellowships are common sources of income for students, especially those in higher education. Generally, scholarships granted to meet the cost of education are exempt from tax under Section 10(16) of the Income Tax Act. This includes tuition fees, books, and other academic expenses.
2. Part-time Jobs
Many students take up part-time jobs to support their education and living expenses. Income from part-time employment must be reported in the ITR:
- Salary Income: Any salary earned from part-time jobs is taxable under the head ‘Income from Salaries’. Employers typically provide a Form 16, which details the salary paid and TDS deducted.
- TDS Refunds: Students can claim refunds on excess TDS deducted by their employers, which makes filing an ITR beneficial to claim back this amount.
3. Freelance Work
Freelancing is increasingly popular among students, offering flexibility and a source of income through various gigs. Income from freelancing is taxable and needs to be reported:
- Professional Income: Earnings from freelancing are taxed under the head ‘Income from Business and Profession’. This includes income from activities like content writing, graphic design, tutoring, software development, etc.
- Expense Deductions: Freelancers can claim deductions for expenses incurred in earning their income, such as internet charges, software subscriptions, and other professional expenses.
4. Investments and Savings
Students might also have income from investments and savings:
- Interest Income: Interest earned on savings accounts, fixed deposits, and other investments is taxable under ‘Income from Other Sources’. While savings account interest up to INR 10,000 is exempt under Section 80TTA, any amount above this is taxable.
- Capital Gains: If students invest in stocks, mutual funds, or other assets, any gains from the sale of these assets need to be reported as capital gains. Short-term and long-term capital gains are taxed differently, with distinct rates and exemptions.
Income from renting out property is taxable under ‘Income from House Property’. Students can claim standard deductions and expenses like property tax and interest on home loans against this income.
6. Stipends
If a stipend is received as part of a formal agreement where work is being done, it may be treated as salary income.
Income tax rates for students
Old tax Regime
| Income | Tax rates |
| Upto ₹ 2.50 lakh | 0% |
| ₹ 2.50 lakh – ₹ 5 lakh | 5% |
| ₹ 5 lakh – ₹ 10 lakh | 20% |
| Above ₹ 10 lakh | 30% |
You Can claim deduction under Section 80C, 80D, 80G, etc
For senior citizen (age between 60 & 80 years), tax rate is 0% upto ₹ 3 lakhs. Rest of the rates are same.
For super senior citizen (age above 80 years), tax rate is 0% upto ₹ 5 lakhs. Rest of the rates are same.
In Old tax regime, a maximum tax rebate under section 87A of Rs. 12,500 is available for income upto Rs. 5 lakhs meaning your income is totally tax free till Rs. 5 lakhs. The rebate under section 87A is not allowed to a Non-resident.
New tax Regime (FY 23-24)
| Income | Tax rates |
| Upto ₹ 3 lakh | 0% |
| ₹ 3 lakh – ₹ 6 lakh | 5% |
| ₹ 6 lakh – ₹ 9 lakh | 10% |
| ₹ 9 lakh – ₹ 12 lakh | 15% |
| ₹ 12 lakh – ₹ 15 lakh | 20% |
| More than ₹ 15 lakh | 30% |
You cannot claim any deduction under Section 80C, 80D, 80G, etc
In New tax regime, a maximum tax rebate under section 87A of ₹ 25,000 is available for income upto ₹ 7 lakhs meaning your income is totally tax free till ₹ 7 lakhs. The rebate under section 87A is not allowed to a Non-resident.
New tax Regime (FY 24-25)
Income | Tax Rate |
Upto ₹ 3 lakh | 0% |
₹ 3 lakh – ₹ 7 lakh | 5% |
₹ 7 lakh – ₹ 10 lakh | 10% |
₹ 10 lakh – ₹ 12 lakh | 15% |
₹ 12 lakh – ₹ 15 lakh | 20% |
Above ₹ 15 lakh | 30% |
You cannot claim any deduction under Section 80C, 80D, 80G, etc
In New tax regime, a maximum tax rebate under section 87A of ₹ 25,000 is available for income upto ₹ 7 lakhs meaning your income is totally tax free till ₹ 7 lakhs. The rebate under section 87A is not allowed to a Non-resident.
New tax Regime (FY 25-26)
| Income Range (₹) | Tax Rate |
|---|---|
| Upto ₹ 4 lakh | Nil |
| ₹ 4 lakh – ₹ 8 lakh | 5% |
| ₹ 8 lakh – ₹ 12 lakh | 10% |
| ₹ 12 lakh – ₹ 16 lakh | 15% |
| ₹ 20 lakh – ₹ 20 lakh | 20% |
| ₹ 20 lakh – ₹ 24 lakh | 25% |
| Above ₹ 24 lakh | 30% |
You cannot claim any deduction under Section 80C, 80D, 80G, etc
In New tax regime, a maximum tax rebate under section 87A of ₹ 60,000 is available for income upto ₹ 12 lakhs meaning your income is totally tax free till ₹ 12 lakhs. The rebate under section 87A is not allowed to a Non-resident.
Which ITR form is applicable for Students?
For most students, ITR-1 (Sahaj) is the go-to form—if you’re a resident individual with total income up to ₹50 lakh and your income comes from sources like salary, a stipend (if taxable), bank interest, or a part-time freelance gig. However, if you’ve earned income from capital gains (say, trading in stocks or crypto), multiple freelancing sources, or running a small business or profession, then ITR-2 or ITR-3 or ITR-4 might apply depending on your situation. So, while ITR-1 covers many student scenarios, it’s always good to double-check the nature of your income before you file.
Documents Required for ITR Filing for Students
- PAN Card
- Income and expense details (if any)
- Form 16 (if salaried)
- Bank statement
- 26AS
- AIS & TIS
- Investment proofs if claiming deduction under section 80C
- Any other relevant document
Step-by-Step Guide for ITR filing for Students
1. Registering on the Income Tax E-Filing Portal
Visit the Portal: Go to the official Income Tax Department e-filing website
New User Registration: If you are a first-time user, click on ‘Register Yourself’. Choose the ‘Individual’ category and enter your PAN, which will serve as your User ID.
Fill in Details: Provide your basic details, contact information, and create a password.
2. Choose the Correct ITR Form (ITR-1 or ITR-2 or ITR-3 or ITR-4)
3. Filling Out Personal Details and Income Information
Select the Assessment Year: Choose the appropriate assessment year for which you are filing the return.
Income Details: Enter your income details under the appropriate heads:
Salary Income: Use Form 16 to fill in salary details.
Income from Other Sources: Include interest income, freelance earnings, etc.
Exempt Income: Report exempt incomes like scholarships under Section 10(16).
4. Claiming Deductions and Exemptions
Deductions under Section 80C: Enter eligible deductions such as life insurance premiums, PPF, NSC, and tuition fees.
Deductions under Section 80D: Include premiums paid for health insurance.
Other Deductions: Claim deductions under other sections like 80E for education loan interest, 80G for donations, etc.
5. Verifying and Submitting the Return
Tax Payment: If there is any tax payable, pay it through the e-filing portal using net banking or other available options.
Preview and Submit: Preview the completed ITR form, ensure all details are correct, and click ‘Submit’.
Verification: After submission, verify your ITR within 30 days of filing. You can e-verify using methods such as Aadhaar OTP, net banking, or through a digital signature. Alternatively, you can send a physical signed copy of ITR-V to the Centralized Processing Center (CPC).
What is the Due date of ITR filing for Students?
The Due date to file Income tax return is 31st July.
In case you have missed this deadline then you can file belated ITR till 31st December with late fees.
Also for any mistake made while filing ITR before 31st July, you can make corrections by filing Revised ITR any number of times till 31st December.
If you miss deadline of Belated income tax return filing then you can file Updated ITR till 2 years from the end of relevant assessment year with late fees and additional taxes.
Looking for help?
ITR filing for students helps in understanding income sources, managing finances better, and claiming refunds for any excess taxes paid. Moreover, it builds a credible financial history which can be beneficial for future financial needs like applying for loans or credit cards.
At A R Dhorajiya & Co., we specialize in income tax return filing for students. From choosing the right ITR form to optimizing deductions, we ensure complete compliance with minimal effort on your part.
Contact us today at +91 9769647582 for a consultation or to get started with your ITR filing
Frequently Asked Questions
Yes, absolutely! Being a student doesn’t stop you from filing an Income Tax Return. In fact, if you have any taxable income—like from a part-time job, freelancing, interest on savings, or even trading—you should file one. Even if your income is below the taxable limit, filing can still be useful for loan, visa, insurance, etc.
It depends on the country and the type of visa. While not always mandatory, many embassies ask for ITRs as proof of income or financial stability during the visa application process. Filing ITRs can make your case stronger, especially if you’re showing financial independence.
The minimum taxable income is the same for everyone, including students. As of now, under the old tax regime, if your total income exceeds ₹2.5 lakh in a financial year (₹3 lakh under the new regime), you are required to file an ITR. If it’s below that, you’re not legally required to file—but you still can and often should for other benefits.
Depends on the amount of taxable income and the tax slab rates applicable on that income, you might have to pay tax. But generally most students don’t have that much income that will lead to any tax.
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