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Complete Guide to Filing Income Tax Returns in India
Filing your Income Tax Return (ITR) is mandatory if your gross income exceeds Rs. 3 lakh (new regime) or Rs. 2.5 lakh (old regime) in a financial year. Here's everything you need to know about filing ITR in 2026.
Which ITR Form Should You File?
- ITR-1 (Sahaj): Salaried individuals with income up to Rs. 50 lakh from salary, one house property, and other sources. Most common form.
- ITR-2: Individuals with income from capital gains, multiple house properties, foreign income, or income above Rs. 50 lakh.
- ITR-3: Individuals with business or professional income.
- ITR-4 (Sugam): Individuals/HUFs with presumptive business income under Section 44AD/44ADA.
Documents Needed for Filing
- Form 16 from employer (for salaried)
- Form 26AS / AIS (Annual Information Statement) from income tax portal
- Bank statements / interest certificates for savings and FD interest
- Investment proofs: PPF, ELSS, insurance premium receipts (for old regime)
- Home loan interest certificate (Section 24b deduction)
- Capital gains statements from brokers
- Rent receipts (if claiming HRA)
New vs Old Tax Regime (AY 2026-27)
The new tax regime (default since Budget 2023) offers lower tax rates but fewer deductions. The old regime allows deductions under 80C, 80D, 24(b), etc. Use our Old vs New Regime Comparison Tool to find which saves you more tax.
Filing Deadline
The due date for filing ITR for salaried individuals is July 31st of the assessment year. For example, for income earned in FY 2025-26, the due date is July 31, 2026. Late filing incurs a penalty of Rs. 5,000 (or Rs. 1,000 if income < Rs. 5 lakh).
Frequently Asked Questions
Is it free to file income tax returns online?
Yes, ITR-1 can be filed for free on the official income tax portal (eportal.incometax.gov.in) or through platforms like ClearTax and Tax2Win. Complex returns (ITR-2, 3, 4) may require paid plans starting from Rs. 199-599.
Do I need a CA to file my ITR?
For simple ITR-1 (salaried, one house property), you can file yourself using online platforms. For complex cases involving capital gains, business income, foreign assets, or tax disputes, professional CA assistance is recommended.
What happens if I miss the ITR filing deadline?
You can file a belated return until December 31st of the assessment year, but with a late fee of Rs. 5,000 (Rs. 1,000 if income < Rs. 5 lakh). You also lose the ability to carry forward losses and may face interest under Section 234A.
How do I claim a tax refund?
If TDS deducted exceeds your tax liability, the excess is refunded after filing ITR. The refund is processed by CPC Bengaluru and credited to your bank account linked in the ITR. Typical processing time: 30-60 days. E-verify your return to speed up processing.
What is the new vs old tax regime?
The new regime has lower tax rates (0% up to Rs. 3L, 5% for 3-7L, 10% for 7-10L, etc.) but no deductions. The old regime has higher rates but allows deductions under 80C (Rs. 1.5L), 80D (health insurance), 24(b) (home loan interest), and more. Choose the one where you pay less tax.