Income Tax Return & GST Filing Workshop at CIMAGE College | Building Financial Literacy for Students

Handling money wisely is as important as earning it — and that’s where financial literacy comes in. Many students and young professionals know how to earn, but very few know how to manage taxes, file their Income Tax Returns (ITR), or understand GST filing. These skills are not just for accountants or business owners; they are life skills that every individual should have. To make students future-ready and confident in handling their finances, CIMAGE Group of Institutions, Patna recently organized a special workshop on Income Tax and GST filing. The session focused on practical learning, step-by-step demonstrations, and real-life applications, ensuring that students walked out not just with knowledge, but with the confidence to apply it.

What is an Income Tax Return (ITR)?

Many students often get confused when they first hear about ITR. Simply put, an Income Tax Return is a form that every eligible person submits to the Government of India. In this form, you declare:

• How much money you earned in a financial year
• How much tax you paid on that income
• Whether you need to pay more tax or get a refund

Think of it as a yearly report card of your income and taxes. Just like you submit exam papers for evaluation, your ITR is submitted to the Income Tax Department for checking.

Why Should You File an ITR?

Most youngsters assume that filing ITR is only for people with high incomes. But the truth is, it has many hidden benefits. The workshop explained some key reasons why filing ITR is important:

• Legal Requirement — If your income is above the taxable limit, you must file ITR.
• Proof of Income — Your ITR acts as official proof of how much you earn.
• Helpful for Loans & Visas — Planning to study abroad, apply for higher education loans, or buy a house? Banks and embassies ask for ITR documents.
• Carry Forward Losses — If your business or investment faces a loss, you can carry it forward and adjust it in future years — but only if you filed your ITR.
• Tax Refunds — Sometimes, extra tax is deducted from your salary (TDS). Filing ITR ensures you get your refund back.

So, ITR is not just about paying taxes; it’s about securing your financial future.

Who Should File an ITR?

The trainer explained that it’s not just salaried employees or business owners who need to file ITR. You should file an ITR if:

• Your income is above the basic exemption limit (currently ₹2.5 lakh for individuals).
• You want to claim a refund of excess TDS.
• You own foreign assets or income.
• You are covered under certain business regulations.

Even students who do part-time freelancing or internships may sometimes need to file an ITR, especially if they cross the exemption limit.

Types of ITR Forms

One of the most confusing parts of ITR filing is understanding which form to use. The workshop made it simple by explaining different ITR forms (ITR-1 to ITR-7):

• ITR-1 (Sahaj): For salaried employees earning up to ₹50 lakh.
• ITR-2: For individuals and HUFs with more income sources like capital gains or foreign assets.
• ITR-3: For business owners or professionals.
• ITR-4 (Sugam): For small business owners and freelancers using presumptive income scheme.
• ITR-5, 6, 7: For companies, firms, and NGOs.

This breakdown helped students understand that filing ITR is not “one-size-fits-all” — it depends on your income type.

Documents Required for Filing ITR

Before filing ITR, you need to keep certain documents ready. The workshop listed them clearly:

• PAN Card
• Aadhaar Card
• Form 16 (for salaried employees — provided by employer)
• Bank account statements
• Investment proofs (like LIC, ELSS, PF, etc. for tax-saving)
• TDS certificates

With these documents in hand, the process becomes much smoother.

How to Register on the Income Tax Portal

Students were guided step-by-step on how to create an account on the Income Tax Department’s official portal. A live demo was given where they saw how to:

1. Visit the official portal.
2. Enter PAN, Aadhaar, and basic details.
3. Set up a password and complete registration.

This was especially useful for students who had never seen the government portal before.

How to File ITR Online — Step by Step

The highlight of the workshop was a hands-on demonstration of filing ITR online. The trainer showed students how to:

1. Choose the correct ITR form based on income type.
2. Enter salary, investment, and bank details correctly.
3. Verify the return using Aadhaar OTP or net banking.
4. Submit and download acknowledgement for records.

This practical exposure helped remove the fear and confusion most beginners have about ITR filing.

Important Deadlines for ITR Filing

The trainer also reminded everyone about crucial deadlines for filing ITR:

• 31st July — Deadline for most individuals (non-audit cases).
• 31st October — For audit cases.
• 30th November — For transfer pricing cases.

Missing these deadlines can cause unnecessary stress, so it’s important to mark them on your calendar.

Penalties for Late Filing

Many people ignore ITR until the last date, but there are penalties for late filing:

• ₹1,000 to ₹5,000 fine depending on delay.
• Loss of interest on refunds.
• Inability to carry forward losses.

The trainer highlighted that filing on time not only saves money but also keeps you stress-free.

GST Filing: A Quick Overview

Apart from ITR, the workshop also touched upon Goods and Services Tax (GST) filing. For budding entrepreneurs and business-minded students, this was extremely valuable. Students learned:

• What GST is and why businesses need to collect and pay it.
• How to file GST returns online.
• Documents required for GST filing.
• Importance of filing on time to avoid penalties.

This session gave a complete picture of taxation — not just from a job perspective, but also for those planning to start their own businesses.

Takeaway for Students

The workshop was not just about tax laws — it was about making students future-ready. By the end of the session, students had clarity on:

• What ITR and GST are.
• Why filing returns is important.
• How to practically file them step by step.
• The financial discipline required in professional life.

Most importantly, students realized that tax knowledge = life skill. Just like communication and computer skills, financial literacy is equally essential for building a strong career.

The CIMAGE ITR & GST Filing Workshop proved to be an eye-opener for many students. Taxes may sound complicated at first, but with the right guidance and practice, anyone can learn to handle them confidently.

By blending theory with practical training, CIMAGE continues to prepare its students not just for jobs, but for real life. After all, being financially literate is one of the biggest strengths you can carry into your future.