ITR Filing
Background and law
India's income tax was governed for over six decades by the Income-tax Act, 1961. The Income-tax Act, 2025 came into force on 1 April 2026, with fewer sections (536 against 819) and a single Tax Year concept in place of Previous Year and Assessment Year. Returns for FY 2025-26 (AY 2026-27), which are being filed now, remain under the 1961 Act. Income from FY 2026-27 onwards, with returns filed in 2027, falls under the new Act.
Who needs it
- Individuals and HUFs whose total income exceeds the basic exemption limit.
- Salaried employees, pensioners and investors with capital gains, multiple properties or foreign assets/income.
- Business owners, freelancers and professionals, including those on presumptive taxation.
- Anyone who wants to claim a refund, carry forward a loss or keep an income record for loans and visas, even if tax is not due.
Key rules to know
- AY 2026-27 due dates: 31 July 2026 for ITR-1 and ITR-2; 31 August 2026 for non-audit ITR-3 and ITR-4 (a change introduced this year); 31 October 2026 for audit cases; 30 November 2026 for transfer-pricing cases.
- Revised return window for AY 2026-27 has been extended to 31 March 2027 (late fee applies after 31 December 2026).
- ITR-1 can now report income from up to two house properties.
- Missing the due date can mean a late fee under the Act, interest on unpaid tax, and loss of the right to carry forward certain losses. Ask us about the best route if your due date has passed.
- An updated return (ITR-U) can correct omissions later, with additional tax.
Documents required
- PAN and Aadhaar (linked), and bank account details for refunds
- Form 16 from employers, plus Form 26AS, AIS and TIS from the portal
- Salary slips, interest certificates, dividend and rent income details
- Capital gains statements from brokers or sale/purchase documents
- Proofs for deductions: insurance, home loan interest certificate, donations, tuition fees
- For business or profession: books, profit and loss account, balance sheet, GST returns and bank statements
Step-by-step process
- Collect income details and download Form 26AS, AIS and TIS to match against your records.
- Choose the correct ITR form (ITR-1 to ITR-4) and tax regime.
- Compute income, deductions and tax, and check tax already paid (TDS/advance tax).
- Pay any balance tax, file the return and e-verify within the time allowed.
- Track processing, refund and any intimation notices on the portal.
Timeline
Preparation is usually quick once documents are ready. Refunds depend on processing by the department after e-verification.
After you complete this
- Keep copies of the return, acknowledgement and supporting papers.
- Respond promptly to any notice or intimation from the department.
- Plan advance tax and investments early for the next year.
FAQs
Do I need to file if my income is below the exemption limit?
Not always, but filing helps with refunds, loan and visa applications and as proof of income.
Which regime should I choose?
It depends on your deductions and income. We compare both before you decide.
What if I missed the due date?
Contact us. Options and costs depend on the form, the date and your tax position.
Information reviewed in October 2026 against published legal references and guides. Laws, dates and thresholds change, and your case may differ, so confirm with AKS Associate before acting.
