For many students who earn through part‑time jobs or freelancing, the idea of tax filing can feel daunting. In this guide we’ll explore tax filing tips for students with part‑time income in India, helping you understand when you need to file, how to track income, and what benefits you get.
Know When Your Income Becomes Taxable:
If you are a student earning part‑time, tax filing tips for students with part‑time income start with understanding the threshold. Under the new tax regime in India, income up to around ₹ 4 lakh may be exempt for FY 2025‑26 (new regime) in certain cases. However, even if your income is below the taxable limit, it’s still wise to file an ITR.
According to a recent article, even students or unemployed individuals can benefit from filing a return because it acts as proof of income and helps claim refunds. Therefore:
- Keep track of your part‑time job earnings, freelance income or stipend.
- Recognise that scholarships may be exempt under Section 10(16) if used for tuition and fees—but other income may be taxable.
- Even if not mandatory, filing may help with loans, visas or future formal financial transactions.
Maintain Good Records & Documents:
One of the most practical tax filing tips for students with part‑time income is to manage records from day one. Having a clear trail means you avoid stress at filing time. In addition:
- Get your PAN card and link it with Aadhaar (required by the Income Tax Department, India).
- Save payslips, Form 16/Form 16A if tax was deducted at source (TDS) by your employer or platform. TDS is common even if your income is low.
- Record freelance income, stipend or internship payments.
- Keep bank account and IFSC details handy for refunds.
- Note: If you have part‑time earnings abroad or send money to India, special rules apply (see DTAA).
Choose the Right Tax Regime & Claim Deductions:
The final step: actually file your return and build a habit. Since tax filing tips for students with part‑time income go beyond compliance, they build future readiness.
- Visit the e‑filing portal of the Income Tax Department and pick the correct ITR form (usually ITR‑1 if you have salary/freelance income).
- File before deadline; late filing may attract interest or missed refund.
- Once filed, keep acknowledgement safely—it helps for education loans, scholarships, credit applications etc.
- Track your income year‑on‑year; if your part‑time job grows into full‑time or you add freelancing/business, you’ll be prepared.
Selecting the right regime and claiming what’s applicable helps reduce your burden and builds good compliance.
Build good habits and plan ahead:
Filing your ITR (Income Tax Return) even as a student helps you build financial culture. For example, when you want to apply for an education loan, a visa, or even a job abroad, your return records may be required. In addition, if you keep working part‑time, the next year your income may exceed the basic exemption so the sooner you get used to correct filing, the better. Also keep these tips in mind:
- Keep receipts, TDS certificates, Form 16/16A (if any), savings bank interest statements.
- Use the official portal of Income Tax Department and e‑verify your return within 120 days.
- If you earned freelance income beyond a threshold, you may need to pay advance tax; though for small part‑time income the threshold is higher.
- Missing filing even when not liable may delay refunds or create hassle later.
- See our guide on [related topic] for “Income tax for freelancers in India” (internal link placeholder).
- Learn more about tax slabs and rules from authoritative source like Kotak Securities.
Conclusion:
Tax filing tips for students with part‑time income help you stay compliant, claim refunds and build strong financial habits early. While many students think “I’m below threshold, so I can ignore it”, proactive filing is a smart move. Remember: maintaining records, choosing the right tax regime, and filing your ITR timely set you up for future success. Explore more financial insights now!
– Ketaki Dandekar (Team Arthology)
Raed more about here – https://www.irs.gov/individuals/students