Income Tax Return

What is ITR Filing?

An Income Tax Return is a statement you file with the Income Tax Department showing your income, deductions, taxes paid and other details. Filing is compulsory when you meet the conditions of Section 139 of the Income-tax Act, 1961, for example when your total income is above the basic exemption limit. Even when it is not compulsory, filing lets you claim refunds and eligible tax credits.

Assessment Year and Tax Year

Income earned in FY 2025-26 is reported in AY 2026-27 under the Income-tax Act, 1961. From 1 April 2026 the Income-tax Act, 2025 uses the term Tax Year instead: income from 1 April 2026 to 31 March 2027 is Tax Year 2026-27, and its return is filed after the year ends.

Who Needs to File an ITR?

• Salaried individuals
• Self-employed professionals and freelancers
• Businesses, companies, firms and LLPs
• People with income from house property, capital gains or other sources

Filing may be required even below the exemption limit

For AY 2026-27, you may still have to file if you:

• Deposited over ₹1 crore in current account(s)
• Spent over ₹2 lakh on foreign travel
• Paid over ₹1 lakh in electricity bills
• Had business turnover above ₹60 lakh or professional receipts above ₹10 lakh
• Had total TDS and TCS of ₹25,000 or more (₹50,000 or more for resident seniors aged 60+)
• Deposited ₹50 lakh or more in savings account(s)
• Hold foreign assets or signing authority in foreign accounts (with some exceptions)

Income Tax Slabs – Tax Year 2026-27

The new tax regime is the default; the old regime remains available under its conditions.

New regime

Old regime

Rebate: up to ₹60,000 in the new regime for eligible residents with taxable income up to ₹12 lakh; up to ₹12,500 in the old regime where taxable income is up to ₹5 lakh. Standard deduction for salaried taxpayers: ₹75,000 (new) and ₹50,000 (old).

Which ITR Form to Use?

New for AY 2026-27: ITR-1 and ITR-4 now allow income from up to two house properties, and deductions under Sections 80C to 80U need the exact section and clause to be selected. Always use the latest utility from the e-filing portal.

Documents Needed

• PAN, and Aadhaar linked to PAN
• Form 16 (salary) and Form 16A (TDS on other income)
• Form 26AS and AIS to match TDS, TCS and reported transactions
• Bank statements and interest certificates
• Capital gains statements for shares, mutual funds or property
• Home loan interest certificate
• Rent receipts and rent agreement for HRA
• Proofs for insurance, PPF, donations and other deductions
• Bank account and IFSC details for the refund

How to File – Step by Step

1. Collect your documents and download Form 26AS and AIS.
2. Work out income under each head: salary, house property, business, capital gains, other sources.
3. Choose the tax regime and claim the deductions you are eligible for.
4. Log in to the e-filing portal, select the correct ITR form and check the pre-filled data against your records.
5. Submit, then e-verify within 30 days using Aadhaar OTP, bank or demat EVC, net banking or DSC, or send a signed ITR-V to CPC.

A simple return usually takes 1–3 working days from documents to e-verification; business income, capital gains or mismatches take longer.

Fees, Due Dates and Penalties

The government charges nothing to file an ITR. Our service fee depends on the complexity of your return.

Due dates for AY 2026-27

Dates can be extended by the department, so confirm on the portal.

Late fee and interest

• Section 234F late fee: ₹1,000 if total income is up to ₹5 lakh, otherwise ₹5,000.
• Section 234A: interest of 1% per month or part of a month on tax payable for late filing.
• Sections 234B and 234C: interest for short or late advance tax.

Advance tax (if liability is ₹10,000 or more)

Presumptive taxpayers can pay the full advance tax by 15 March.

If You Miss the Deadline

• Belated return (Section 139(4)) can be filed until 31 December 2026 with the late fee.
• Revised return can generally be filed up to 31 March 2027.
• Some business and capital losses cannot be carried forward if the return is late.
• Refund interest may be affected, and choosing the old regime generally needs to be done by the due date.

Updated return after 31 December 2026

An updated return under Section 139(8A) can be filed up to 48 months from the end of the assessment year (31 March 2031 for AY 2026-27), with extra tax:

Deductions That Can Save Tax

Most of these apply to the old regime. Check the conditions before claiming.

Why Filing Your ITR Matters

• Avoids late fees, interest and notices
• Lets you claim a refund of excess TDS
• Keeps eligible loss carry-forward claims alive
• Serves as income proof for loans and visas

Why Choose eMitrawala?

• Right ITR form and regime advice
• Careful check of Form 26AS and AIS before filing
• Help with deductions, refunds and notices
• Assistance with e-verification
• Clear pricing, no hidden charges