What is ITR Filing?
An Income Tax Return (ITR) is the form in which you report your income, deductions, taxes paid and tax payable or refundable for a year. Returns are filed electronically on the Income Tax e-filing portal.
A note on the law: returns for financial year 2025-26 are filed under the Income-tax Act, 1961. From 1 April 2026, the Income-tax Act, 2025 applies, introducing the single concept of a "tax year" and new section numbers. Most core principles remain similar, but forms and references are changing, which is one more reason to file carefully.
Who Should File an ITR?
- Individuals whose income exceeds the basic exemption limit
- Every company, LLP and partnership firm, irrespective of profit or loss
- Persons with foreign assets or foreign income (residents)
- People who meet specified conditions, such as high-value deposits, foreign travel spend or electricity expenses above prescribed limits
- Anyone who wants to claim a refund of TDS or carry forward losses
Filing even when not mandatory helps with visa applications, loans and proof of income.
Which ITR Form Applies?
- ITR-1: resident individuals with salary, one house property and other sources, within prescribed income limits
- ITR-2: individuals and HUFs with capital gains, foreign assets, or more than one house property, without business income
- ITR-3: individuals and HUFs with business or professional income
- ITR-4: individuals, HUFs and firms opting for presumptive taxation, within limits
- ITR-5, 6 and 7: firms and LLPs, companies, and trusts or other specified entities respectively
Due Dates (Broad Overview)
- 31 July: individuals filing ITR-1 or ITR-2
- 31 August: non-audit ITR-3 and ITR-4 cases, such as small businesses and professionals (changed by Budget 2026)
- 31 October: cases requiring a tax audit, companies, and others as notified
Due dates are sometimes extended by notification, so please confirm each year.
Documents and Information Required
- PAN, Aadhaar and bank account details
- Form 16 or salary slips, and Form 16A for other TDS
- AIS and TIS downloaded from the portal
- Interest certificates from banks and post office
- Capital gains statements from brokers and mutual funds; sale and purchase deeds for property
- Rent receipts, home loan interest certificate and investment proofs, where the old regime is chosen
- Profit and loss account, balance sheet and bank statements for business income
Our ITR Filing Process
- Collect documents and download AIS, TIS and Form 26AS
- Reconcile income in AIS with your records and identify missing or incorrect entries
- Compare the old and new tax regimes to find the lower tax
- Prepare the computation and share it for your approval
- File the return and complete e-verification
- Track refund status and respond to any intimation or notice
Common Mistakes to Avoid
- Ignoring AIS entries such as savings interest, dividends or share sales, which leads to mismatch notices
- Choosing the wrong ITR form, which can make the return defective
- Not reporting foreign assets by residents, which carries serious consequences
- Missing e-verification, which makes the return invalid
- Claiming deductions without proof, or under a regime that does not allow them
- Filing late, which leads to late fees, interest and loss of carry-forward of certain losses
Frequently Asked Questions
What happens if I miss the ITR due date?
You can usually file a belated return within the time allowed, with a late fee and interest where tax is payable. Some benefits, such as carry-forward of business losses, may be lost.
Can I revise my ITR after filing?
Yes, a revised return can be filed within the prescribed time if you find a mistake. Budget 2026 extended this window, subject to a fee for later revisions.
Do NRIs need to file ITR in India?
NRIs with taxable income in India, such as rent or capital gains, generally need to file, and filing is also needed to claim refunds of excess TDS.
Related Services
Talk to a Chartered Accountant
If you are looking for professional assistance with Income Tax Return Filing in Ghaziabad or want your AIS and income reviewed before filing, contact us for detailed guidance.
CA Mayank Agarwal (Chartered Accountants)
Raj Nagar Extension & Indirapuram, Ghaziabad
Phone / WhatsApp: 9718877122 | Email: fcamayankagarwal@gmail.com
This page gives general information for guidance only. Laws, forms, fees and timelines change from time to time and depend on individual facts, so please confirm the current position before acting. See all our service guides.