ITR Filing Guide: Which Form to Choose, Documents and Key Deadlines

Filing your Income Tax Return (ITR) on time is more than a formality. It is your proof of income for loans, visas and tenders, it lets you claim refunds, and it lets you carry forward losses. This guide helps salaried people, freelancers and small business owners file correctly.

Who should file an ITR?

• Anyone whose total income is above the basic exemption limit
• Anyone who wants to claim a refund of TDS deducted
• Anyone with foreign assets or foreign income
• Businesses and professionals who want to carry forward losses
• Anyone meeting the specified high-value transaction conditions — such as large deposits or high electricity or foreign travel spending

Which ITR form is right for you?

• ITR-1 (Sahaj): Resident individuals with income up to ₹50 lakh from salary, one house property, interest and small long-term capital gains on listed equity.
• ITR-2: Individuals and HUFs with capital gains, more than one house property or foreign income, but no business income.
• ITR-3: Individuals and HUFs with income from business or profession.
• ITR-4 (Sugam): Residents opting for presumptive taxation (Sections 44AD, 44ADA, 44AE) with income up to ₹50 lakh.

Documents to keep ready

• PAN and Aadhaar (linked)
• Form 16 from your employer and Form 16A for other TDS
• Annual Information Statement (AIS), TIS and Form 26AS from the income tax portal
• Bank interest certificates and capital gains statements from brokers or mutual funds
• Proofs for deductions if you choose the old regime — 80C investments, health insurance (80D), home loan interest, HRA rent receipts
• Books of accounts or summary of receipts and expenses for business or professional income

New regime vs old regime

The new tax regime is now the default. For FY 2025-26, a resident individual pays no tax up to ₹12 lakh of taxable income thanks to the rebate, and salaried employees also get a ₹75,000 standard deduction (effectively ₹12.75 lakh of salary). The old regime still allows deductions like 80C, 80D and HRA, so compare both before you file. We do this comparison for every client.

Also note: the new Income-tax Act, 2025 took effect from 1 April 2026 and uses the term “tax year” in place of “previous year” and “assessment year”. Returns for income up to 31 March 2026 are still filed under the earlier provisions.

Key deadlines and late fees

• For FY 2025-26 (AY 2026-27), the due date was 31 July 2026 for ITR-1 and ITR-2 filers, and 31 August 2026 for non-audit ITR-3 and ITR-4 filers.
• Taxpayers who need a tax audit have a later due date — usually 31 October.
• Late filing attracts a fee under Section 234F (₹5,000, or ₹1,000 if total income is up to ₹5 lakh), plus interest on unpaid tax.
• After filing, e-verify your return within 30 days — an unverified return is treated as not filed.

Missed the deadline? A belated or updated return may still be possible — talk to us and we will tell you the best option for your case.

Related reads

• GST Registration: who needs it and how to apply
• GST Return Filing: GSTR-1, GSTR-3B, due dates and late fees
• Private Limited Company Registration: process and timeline

This article is general information, not legal or tax advice. Rules, limits and due dates change through notifications, so confirm the current position before you act, or simply ask us.