Income tax return filing for individuals and families

Law

Income-tax Act 1961 for FY 2025-26; Income-tax Act 2025 from tax year 2026-27

Due date

31 July (31 October for audit cases)

Belated or revised return

By 31 December of the assessment year

Updated return

Within 48 months from end of the assessment year

The 1961 Act, the 2025 Act and your return

The Income-tax Act, 2025 replaced the Income-tax Act, 1961 from 1 April 2026. It drops the old pairing of "previous year" and "assessment year" in favour of a single tax year, and renumbers almost every section. Tax rates and most rules were carried over without major change.

What matters for your filing this season: income earned in the financial year 2025-26 is still governed by the 1961 Act, so the return for assessment year 2026-27 is filed in the familiar ITR forms and the familiar section numbers (80C, 87A, 139 and so on) still apply to it. Income earned from 1 April 2026 falls in tax year 2026-27 under the new Act, and its return will be filed in 2027. Notices issued from April 2026 may cite either Act depending on the year they relate to, so read the year carefully before replying.

Which ITR form should you file?

Filing the wrong form leads to a "defective return" notice under Section 139(9), which must be corrected within the time given or the return is treated as never filed. Firms, LLPs and companies use ITR-5 and ITR-6, covered on our business tax filing page.

New regime or old regime?

The new regime under Section 115BAC is the default. You must positively opt out to use the old regime with its deductions.

For a salaried person, the new regime means no tax on salary up to about ₹12.75 lakh. The rebate does not cover income taxed at special rates, such as capital gains on shares, so an investor with ₹10 lakh salary and large share gains still pays tax on the gains.

Salaried taxpayers can switch regimes every year when filing. Those with business income must opt out of the new regime by filing Form 10-IEA before the due date, and having opted out, can re-enter the new regime only once. We calculate both and file the cheaper one.

Who must file, even below the taxable limit

You must file if your gross income before deductions exceeds the basic exemption limit. You must also file, whatever your income, if during the year you:

• deposited more than ₹1 crore in current accounts, or ₹50 lakh in savings accounts;
• spent more than ₹2 lakh on foreign travel or more than ₹1 lakh on electricity;
• had business turnover above ₹60 lakh or professional receipts above ₹10 lakh;
• had TDS or TCS of ₹25,000 or more (₹50,000 for senior citizens); or
• are a resident holding any asset or signing authority outside India.

Even when not compulsory, filing is worth it to claim a TDS refund, carry forward capital or business losses, or support a visa, loan or tender application.

Missed the deadline? Belated, revised and updated returns

• Belated return (Section 139(4)): can be filed up to 31 December of the assessment year, so by 31 December 2026 for FY 2025-26. Late fee under Section 234F is ₹5,000, or ₹1,000 if total income is up to ₹5 lakh. Interest under Section 234A runs on unpaid tax, most losses cannot be carried forward, and the old regime is not available to those with business income.
• Revised return (Section 139(5)): corrects an omission or mistake in an original or belated return, within the same 31 December limit.
• Updated return (Section 139(8A), ITR-U): lets you add income you missed within 48 months from the end of the assessment year, by paying additional tax of 25% to 70% of the extra tax and interest, increasing with delay. It cannot reduce tax or increase a refund, and cannot be filed once a search or reassessment has begun for that year.

A return must be e-verified within 30 days of filing (by Aadhaar OTP, net banking or a signed ITR-V sent by post). Until it is verified, it is treated as not filed.

Mistakes that trigger notices

• Ignoring AIS: interest from savings and fixed deposits, dividends, share sales and rent reported by others appear in your Annual Information Statement. Leaving them out produces a mismatch intimation under Section 143(1) or a notice.
• Claiming deductions without proof: large HRA, 80C, 80G and 80D claims are now checked, and false claims attract a penalty of 200% of the tax under Section 270A.
• Not reporting exempt income and foreign assets: both must be disclosed even if no tax is due; foreign assets missed in Schedule FA can attract Black Money Act penalties.
• Two Form 16s, one standard deduction: people who changed jobs must combine salaries and claim the deduction once.
• Wrong bank account for refund: the account must be pre-validated on the portal.

If a notice has already come, our income tax notices team handles the reply.

What our ITR filing service costs

Fees depend on the form and the work involved, not on your income. A salary-only ITR-1 is the simplest; capital gains with many trades, rental income, presumptive business income or foreign assets take more time. We quote a fixed fee once we see your Form 16, AIS and the list of your income sources, and that fee includes computing both regimes, the filing, e-verification and help with the intimation that follows.

Documents you need

For an individual return, please share:

• PAN, Aadhaar and e-filing portal login (or we register you)
• Form 16 from each employer during the year
• AIS, TIS and Form 26AS (we can download these with your login)
• Bank and fixed deposit interest certificates
• Capital gains statements from your broker or mutual fund registrar
• Rent receipts, home loan interest certificate and investment proofs for old regime deductions
• Details of rental income and property taxes paid
• Profit and loss summary for business or professional income

How we handle it for you

1. Collect and download

   We gather your documents and download AIS, TIS and Form 26AS from the portal.

2. Reconcile

   Every item in AIS is matched with your records, and differences are explained or corrected.

3. Compare regimes

   Tax is computed under both regimes and the lower one recommended.

4. File and verify

   The return is filed in the correct ITR form and e-verified the same day.

5. Follow up

   We check the Section 143(1) intimation and track the refund.

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Frequently asked questions