Tax Season in India: What You Need to Know Before Filing

When we talk about tax season, the annual period when individuals and businesses in India file income tax returns and settle dues with the government. Also known as filing season, it’s not just about paperwork—it’s when your financial choices from the past year come due. For millions in India, this isn’t a one-time task. It’s the moment your savings, investments, and even your loan repayments get reviewed by the tax department.

It’s no surprise that NRI tax status, the rule that determines whether an Indian citizen living abroad is taxed as a resident or non-resident becomes critical during this time. If you stayed in India more than 182 days last year, your tax obligations change—and so does how you report mutual funds, capital gains, or even interest from savings accounts. Then there’s GST filing, the system that tracks taxes on goods and services across India. Whether you run a small shop or just bought a new phone online, GST impacts your receipts, refunds, and claims. And if you’ve been using tools like PPF vs FD, a common comparison between tax-free long-term savings and fixed deposits, tax season is when you see which one actually saved you more in the long run.

What you don’t realize during the year often hits you hard in April. That high-yield savings account? The interest is taxable. That gold loan you took? It might help your credit score, but it doesn’t reduce your tax bill. Even the ₹15,000 you invested monthly under the 15-15-15 rule? Those gains are subject to capital gains tax when you cash out. And if you’re thinking about starting a business under Startup India, you need to know how much funding counts as income versus investment.

Tax season isn’t about fear. It’s about clarity. It’s the time when your financial habits—good or bad—show their real cost. Whether you’re trying to claim a GST refund, figure out if your OCI status affects your tax residency, or just want to know why your EMI doesn’t lower your taxable income, the answers are here. Below, you’ll find real guides from people who’ve been through it: what worked, what backfired, and what no one told you until it was too late.