Income Tax Return (ITR): Types, Due Date & Filing Process (FY 2025-26)

What is an Income Tax Return (ITR)?

An Income Tax Return (ITR) is a form filed with the Income Tax Department to declare your income, deductions, tax already paid (TDS/advance tax), and compute the net tax payable or refundable. Filing an ITR is mandatory for taxpayers whose income exceeds the basic exemption limit, or who meet other specified conditions.

For FY 2025-26 (AY 2026-27), the due date for most individuals is 31 July 2026. Late filing is possible but attracts penalties and interest.

Who Must File ITR?

Filing an ITR is mandatory if any of the following applies:

• Your gross total income exceeds the basic exemption limit:
  • New regime: Ôé╣3,00,000 (or Ôé╣4,00,000 for residents aged 60+)
  • Old regime: Ôé╣2,50,000 (Ôé╣3,00,000 for 60–79; Ôé╣5,00,000 for 80+)
• You have deposited Ôé╣1 crore or more in one or more current accounts in a bank
• You have paid Ôé╣2 lakh or more for foreign travel (for yourself or any other person)
• You have electricity expenditure of Ôé╣1 lakh or more in a year
• TDS / TCS was deducted on your income of Ôé╣25,000 or more (Ôé╣50,000 for senior citizens)
• You have foreign assets or foreign income
• You are a company or firm (regardless of profit or loss)
• You want to claim a refund of excess TDS paid
• You want to carry forward capital losses for future set-off

ITR Due Dates for FY 2025-26 (AY 2026-27)

Types of ITR Forms: Which One to Use?

Documents Required for ITR Filing

• PAN card
• Aadhaar number (mandatory to link with ITR)
• Form 16 (from employer — if salaried)
• Form 26AS / Annual Information Statement (AIS) — shows all TDS, TCS, high-value transactions
• Bank account details — all accounts (pre-validate at least one for refund)
• Interest certificates from banks (savings/FD interest)
• Capital gain statements from broker (for equity/MF gains)
• Home loan interest certificate (for house property income)
• Rent receipts / tenancy agreements (for house property income)
• Investment proofs for deductions (80C, 80D, 80G, etc.) — if claiming old regime
• Foreign income / asset details (if applicable)

Step-by-Step Process: How to File ITR Online

Step 1: Login to Income Tax Portal

Go to incometax.gov.in. Login with PAN (as user ID) and password. If not registered, click "Register" and complete registration.

Step 2: Check AIS and Form 26AS

Before filling ITR, verify your Annual Information Statement (AIS) and Form 26AS:

• Dashboard ÔåÆ e-File ÔåÆ Income Tax Returns ÔåÆ View Form 26AS
• Dashboard ÔåÆ Services ÔåÆ Annual Information Statement
• Ensure TDS figures match your Form 16 and bank statements
• Raise a dispute on AIS if any entry is incorrect

Step 3: Choose the Correct ITR Form

e-File  Income Tax Returns  File Income Tax Return  Select AY 2026-27  Choose your ITR form (see table above).

Step 4: Select Tax Regime

Choose between New Tax Regime (default for FY 2025-26) or Old Tax Regime. You must actively select the old regime if you want it. Use the tax calculator on the portal to compare both regimes before deciding.

Step 5: Fill in Income Details

• Salary details from Form 16 (auto-populated for most salaried taxpayers)
• House property income (rental income or loss on home loan interest)
• Capital gains (STCG and LTCG from stocks, MF, property)
• Other income (savings interest, dividends, freelance income)

Step 6: Claim Deductions (Old Regime Only)

Under Schedule VI-A, enter deductions: 80C (investments), 80D (health insurance), 80TTA/TTB (savings interest), 80G (donations), HRA, LTA, etc.

Step 7: Verify Tax Computation

The portal auto-computes tax. Verify:

• Total tax liability = Tax on income - TDS - Advance tax paid
• If positive: Pay the balance as self-assessment tax (Challan 280, Type 300) before submitting
• If negative: You will get a refund — ensure bank account is pre-validated

Step 8: Submit and Verify ITR

Submit the ITR. It is NOT complete until verified. Verification options:

• e-Verify using Aadhaar OTP (fastest — immediate verification)
• e-Verify via Net Banking
• e-Verify via Demat account OTP
• Send signed ITR-V paper copy to CPC Bengaluru within 30 days (not recommended)

After successful verification, you receive an acknowledgement on your registered email.

Old Regime vs New Regime: Which to Choose?

Consequences of Not Filing ITR

Penalty Under Section 234F

Interest Under Section 234A

Simple interest at 1% per month on unpaid tax from the due date to actual filing date.

Other Consequences

• Cannot carry forward capital losses (must file by due date)
• No refund of excess TDS
• Loan applications may be rejected (ITR is a key document for home loans, personal loans)
• Visa rejections — many embassies require 2–3 years of ITR
• Notice under Section 142(1) for non-filers

Revised ITR: How to Correct a Filed Return

If you discover an error after filing, you can file a Revised Return under Section 139(5):

• Can be filed any number of times before 31 December 2026 (for AY 2026-27)
• Each revised return supersedes the previous one
• Process: Same as original filing — just select "Revised Return" and enter the original acknowledgement number

ITR Filing for Specific Categories

Salaried Employees

Most salaried employees use ITR-1. Key actions:

• Collect Form 16 from employer (usually available by 15 June)
• Cross-check with AIS for any additional income (interest, dividends)
• If switching jobs during the year, collect Form 16 from both employers

Freelancers / Consultants

Use ITR-3 or ITR-4 (if under Section 44ADA presumptive scheme — 50% of gross receipts is deemed income for professional services up to Ôé╣75 lakh gross).

Senior Citizens

Senior citizens (75+) with only pension and interest income from the same bank do not need to file ITR if the bank deducts TDS on their behalf after declaration (Section 194P). All others must file normally.

Income Tax Refund: How and When?

• Refund is processed after ITR is verified and processed by CPC
• Usually credited within 15–45 days of e-verification for simple returns
• Refund is directly credited to pre-validated bank account linked with PAN
• Track refund status: incometax.gov.in ÔåÆ e-File ÔåÆ Income Tax Returns ÔåÆ View Filed Returns
• If refund is delayed beyond 90 days, you can request refund reissue or raise a grievance