📅 ITR Filing Deadline FY 2025–26: July 31, 2026 for individuals. Late filing after this date attracts a penalty of ₹5,000 (reduced to ₹1,000 if income is below ₹5 lakh).
Filing your Income Tax Return (ITR) is mandatory if your gross income exceeds ₹3 lakh (new regime) or ₹2.5 lakh (old regime) in a financial year. Even if no tax is due, filing is important — it's required for visa applications, loan processing, and refund claims. The good news: for most salaried employees, filing takes under 20 minutes on the income tax portal.
New Tax Regime vs Old Tax Regime — Which to Choose?
| Income Slab | New Regime Tax Rate | Old Regime Tax Rate |
|---|
| Up to ₹3 lakh | 0% | 0% |
| ₹3L – ₹7L | 5% (rebate u/s 87A = zero tax) | 5% (up to ₹5L) |
| ₹7L – ₹10L | 10% | 20% |
| ₹10L – ₹12L | 15% | 30% |
| ₹12L – ₹15L | 20% | 30% |
| Above ₹15L | 30% | 30% |
💡 Zero tax up to ₹7 lakh in new regime: Section 87A rebate ensures no tax is payable if your taxable income is ₹7 lakh or less under the new regime. This is the default regime from FY 2024–25. Under old regime with all deductions (80C ₹1.5L + HRA + 80D etc.), old regime can be better if your total deductions exceed ₹3–3.5 lakh.
Which ITR Form Should You Use?
- ITR-1 (Sahaj): Salaried individuals with income up to ₹50 lakh, one house property, no business income. Most common form — covers 90%+ of salaried employees.
- ITR-2: Income above ₹50L, capital gains from shares/property, foreign income/assets, or multiple house properties.
- ITR-3: Business/professional income (freelancers, consultants, business owners)
- ITR-4 (Sugam): Presumptive income under 44AD/44ADA/44AE
Step-by-Step ITR Filing on Income Tax Portal
- Collect documents: Form 16 from employer, AIS (Annual Information Statement) from portal, bank interest certificates, investment proofs (80C, 80D, HRA)
- Login: Go to incometax.gov.in → Login with PAN → Set password if first time
- Check AIS/TIS: Under 'e-File' → 'Income Tax Return' → check pre-filled data matches Form 16 and AIS. Correct any discrepancies.
- Select ITR form: Choose ITR-1 for most salaried. Select 'Filing Type' as Original.
- Pre-fill and validate: Portal pre-fills most data from Form 16, TDS certificates. Review each section — salary, deductions, TDS paid.
- Choose regime: System will show tax under both regimes — pick the one with lower tax liability.
- Pay tax or claim refund: If tax is due, pay via Challan 280. If TDS paid exceeds liability, the excess becomes your refund.
- Verify ITR: E-verify using Aadhaar OTP (fastest), net banking, or demat account. Without verification, filing is not complete.
Documents You Need to Keep Ready
- Form 16 (Part A + Part B) from your employer — usually available by June 15
- AIS (Annual Information Statement) — download from income tax portal
- Bank savings account interest certificate or passbook
- FD interest certificates from banks
- Proof of investments: PPF, ELSS, LIC premium, NPS contribution
- Home loan interest certificate (for old regime deduction u/s 24b)
- Medical insurance premium receipts (80D)
How to Claim Your TDS Refund
If your employer deducted more TDS than your actual tax liability (common when you switch jobs mid-year or when you have 80C investments but didn't submit proofs to HR), you're entitled to a refund. After successful ITR filing and e-verification, refunds are typically processed within 20–45 days into your pre-validated bank account.
⚠️ Common mistakes that delay refunds: Wrong IFSC code, bank account not pre-validated on portal, mismatch between AIS and ITR data, not e-verifying within 30 days of filing.