Filing your Income Tax Return (ITR) is an annual responsibility for every Indian taxpayer. This guide walks you through the entire process.
Who Must File ITR?
- •Individuals with gross income exceeding ₹2.5 lakh (₹3 lakh for senior citizens, ₹5 lakh for super senior citizens)
- •Those who want to claim income tax refund
- •Those with assets outside India
- •Companies and firms regardless of income
ITR Forms for FY 2025-26
ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh
ITR-2: For individuals with capital gains, multiple properties, or foreign assets
ITR-3: For business/profession income
ITR-4 (Sugam): For presumptive business income (44AD, 44ADA)
Due Dates for FY 2025-26
July 31, 2026: For individuals and HUF (no audit required)
October 31, 2026: For audit cases
November 30, 2026: For transfer pricing cases
December 31, 2026: Belated return (with late fee)
Late Filing Consequences
- •Late fee under Section 234F: ₹1,000 (if income < ₹5 lakh) or ₹5,000 (if income > ₹5 lakh)
- •Interest under Section 234A: 1% per month on tax due
- •Cannot carry forward certain losses
Step-by-Step ITR Filing
1. Gather documents: Form 16, bank statements, investment proofs, rent receipts
2. Calculate tax: Use our Income Tax Calculator
3. Choose regime: Compare New vs Old regime using our calculator
4. Download ITR form: From incometax.gov.in
5. Fill details: Income, deductions, tax paid (TDS/advance tax)
6. Verify: Check all calculations match Form 26AS
7. Submit & verify: E-verify through Aadhaar OTP, net banking, or send signed ITR-V
Use our Income Tax Calculator before filing to ensure accurate tax calculation. Check your TDS with our TDS Calculator.
Common Deductions to Claim
80C: PPF, EPF, ELSS, life insurance, tax-saving FDs — up to ₹1.5 lakh
80D: Health insurance — up to ₹25,000 (₹50,000 for seniors)
24(b): Home loan interest — up to ₹2 lakh
80G: Donations to approved charities
80E: Education loan interest (no upper limit)
Documents Checklist
Plan your taxes better with our Income Tax Calculator and Salary Calculator.
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Written by
CalcBit Editorial Team