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What is Income Tax Return (ITR)?

An Income Tax Return (ITR) is a prescribed form through which a taxpayer declares their income earned during a financial year, deductions claimed, and taxes paid to the Income Tax Department of India. Filing an ITR is a legal obligation for eligible individuals and entities under the Income Tax Act, 1961.

For Assessment Year (AY) 2025–26 — which covers income earned during Financial Year (FY) 2024–25 (April 1, 2024 to March 31, 2025) — taxpayers are required to file their returns accurately and within the prescribed due dates.

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FY vs AY: The Financial Year (FY) is when you earn income. The Assessment Year (AY) is the following year when that income is assessed. So income earned in FY 2024–25 is reported in AY 2025–26.
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Legal Compliance

Filing ITR is mandatory for incomes above ₹3 lakhs (New Regime) and is required for loans, visa applications, etc.

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Claim Refunds

If excess TDS has been deducted, filing ITR is the only way to claim a refund from the Income Tax Department.

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Carry Forward Losses

Losses from capital gains or business can be carried forward only if ITR is filed on time.

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Proof of Income

ITR acknowledgement acts as official income proof for loans, credit cards, visa applications, and tenders.

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Who is Required to File ITR?

Filing ITR is mandatory in the following situations for the AY 2025–26:

  • Total income exceeds the basic exemption limit (₹3 lakh under New Regime / ₹2.5 lakh under Old Regime)
  • Individual has deposited more than ₹1 crore in one or more bank accounts (current account)
  • Has paid electricity bills exceeding ₹1 lakh in aggregate during the year
  • Incurred foreign travel expenses of more than ₹2 lakh during the year
  • Income from foreign assets or foreign income is present
  • Eligible for TDS/TCS credit, and wishes to claim refund
  • Resident with signing authority in a foreign account
  • Companies and LLPs — mandatory filing regardless of profit or loss
  • Firms (Partnership) — mandatory, even if no income
  • Trusts and Associations — if income exceeds exemption or registration requires
  • Sole Proprietors — if business income exceeds basic exemption
  • Professionals (doctors, lawyers, CAs, etc.) — if professional income exceeds exemption
  • Any entity with income from foreign sources or with foreign assets
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7th Proviso to Section 139(1) mandates filing even if income is below exemption limit in these scenarios:
  • Deposited ≥ ₹1 crore in aggregate in one or more current bank accounts
  • Incurred ≥ ₹2 lakh expenditure on foreign travel (for self or any other person)
  • Incurred ≥ ₹1 lakh on electricity consumption during the year
  • Business turnover ≥ ₹60 lakhs
  • Professional income ≥ ₹10 lakhs
  • TDS/TCS ≥ ₹25,000 (₹50,000 for senior citizens aged 60+)
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ITR Forms — Which One to Use?

Choosing the correct ITR form is crucial. Using a wrong form can result in a defective return. Here is a quick guide:

ITR Form Who Should File Income Sources Covered Who CANNOT Use
ITR-1 (Sahaj) Most Common Resident individuals with simple income Salary/Pension, One house property, Other sources (interest etc.), Agricultural income up to ₹5,000 Total income > ₹50 lakh; Foreign income/assets; Director in company; Unlisted equity shares
ITR-2 Individuals & HUFs (no business income) Salary, Multiple house properties, Capital gains, Foreign income/assets, Agricultural income > ₹5,000 Those with income from business or profession
ITR-3 Individuals & HUFs with business/profession income Business/professional income (non-presumptive), All other income types Partners in firms (they file ITR-2 or ITR-3)
ITR-4 (Sugam) Presumptive Individuals, HUFs, Firms (not LLP) Presumptive income under Sec 44AD, 44ADA, 44AE; Salary; One house property Total income > ₹50 lakh; Foreign assets; Director in company
ITR-5 Firms, LLPs, AOPs, BOIs, Cooperative Societies, etc. All types applicable to these entities Individuals, HUFs, Companies
ITR-6 Companies (other than Sec 11 exempt) All income types for companies Companies claiming Sec 11 exemption (trusts use ITR-7)
ITR-7 Trusts, political parties, research institutions, Sec 11/12 entities Income from property held for charitable/religious purposes Not for regular companies or individuals
Example: Which ITR form should Ramesh file?

Ramesh is a salaried employee earning ₹8.5 lakh/year from his employer. He also earns ₹30,000 interest from FDs. He owns one house property (self-occupied). His total income is ₹8.8 lakh.

  • Income under ₹50 lakh ✓
  • Only salary + interest + one house ✓
  • No capital gains, foreign income ✓
  • → Ramesh should file ITR-1 (Sahaj)
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Old Regime vs New Tax Regime

Taxpayers can choose between the Old Tax Regime and the New Tax Regime (default from FY 2023–24 onwards). Here is a side-by-side comparison:

Income Slab New Regime Rate Old Regime Rate
Up to ₹3,00,000NilNil
₹3,00,001 – ₹7,00,0005%5% (₹2.5L–₹5L)
₹7,00,001 – ₹10,00,00010%20% (₹5L–₹10L)
₹10,00,001 – ₹12,00,00015%30%
₹12,00,001 – ₹15,00,00020%30%
Above ₹15,00,00030%30%
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New Regime Bonus: Under the New Regime, income up to ₹7 lakh is effectively nil tax due to Section 87A rebate. Under the Budget 2025, this rebate is extended — income up to ₹12 lakh (salary) is nil tax. Verify exact applicability with a tax professional.
Feature New Regime Old Regime
Default regime✅ Yes (from FY 2023-24)❌ Needs to be opted in
Standard Deduction (Salaried)✅ ₹75,000✅ ₹50,000
Section 80C (LIC, PPF, ELSS)❌ Not available✅ Up to ₹1.5 lakh
HRA Exemption❌ Not available✅ Available
Home Loan Interest (Self-Occ.)❌ Not deductible✅ Up to ₹2 lakh
NPS (80CCD)✅ Employer's NPS (14%)✅ Self (₹50K) + Employer
LTA Exemption❌ Not available✅ Available
Best forThose with fewer deductionsThose with high deductions
Quick Rule of Thumb

Choose Old Regime if your total deductions (80C + HRA + Home Loan etc.) exceed approximately:

  • Income ₹7–₹10 lakh: Deductions should exceed ~₹2–₹2.5 lakh
  • Income ₹10–₹15 lakh: Deductions should exceed ~₹3–₹3.75 lakh
  • Income above ₹15 lakh: Deductions should exceed ~₹4.25 lakh

If your deductions are lower, New Regime typically results in lower taxes.

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Salaried individuals can switch regimes every year. Business/professional income taxpayers can switch only once from New to Old Regime and cannot switch back thereafter. Always calculate both scenarios before filing.
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ITR Due Dates for AY 2025–26

Missing the ITR due date results in late filing fees, interest, and loss of carry-forward benefits. Here are the key deadlines:

31 Jul
2025
Individuals & Non-Audit Cases

Salaried, freelancers, small businesses (no audit required)

31 Oct
2025
Audit Cases

Businesses & professionals requiring tax audit under Sec 44AB

30 Nov
2025
Transfer Pricing Cases

Businesses with international transactions requiring TP report

31 Dec
2025
Belated / Revised Return

Last date to file belated or revised ITR for AY 2025–26

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Note: The above dates are standard. The Income Tax Department may extend deadlines via official notifications (e.g., for technical glitches, natural calamities). Always check the official IT portal or Kuber's blog for updates.
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Documents Required to File ITR

  • PAN Card
  • Aadhaar Card (linked to PAN)
  • Form 16 / Form 16A (from employer / banks / deductors)
  • Form 26AS and AIS / TIS (Annual Information Statement)
  • Bank account statements for all accounts
  • Interest certificates from banks/post office for FDs, savings accounts
  • Home loan certificate (if applicable — for principal & interest breakup)
  • HRA details — rent receipts, landlord PAN (if rent > ₹1 lakh/year)
  • Investment proofs for 80C, 80D (LIC, PPF, ELSS, health insurance)
  • Any other income proof (freelancing, rental income, etc.)
  • PAN, Aadhaar, GST registration number (if applicable)
  • Balance Sheet and Profit & Loss Account
  • Books of accounts (if not opting for presumptive taxation)
  • Bank statements for all business accounts
  • Tax Audit Report (Form 3CB/3CD) if applicable
  • TDS certificates — Form 16A from clients
  • Form 26AS and AIS
  • Details of depreciation claimed on assets
  • GST returns filed (GSTR-1, GSTR-3B) for reconciliation
  • Advance tax challan copies (if paid)
  • Demat account capital gains statement from broker (CDSL/NSDL)
  • Mutual fund capital gains statement (consolidated from AMC or CAMS/KFintech)
  • Sale deed and purchase deed for immovable property transactions
  • Indexed cost of acquisition for property (for LTCG)
  • Details of ELSS redemption or NPS partial withdrawal
  • Any tax-saving investment done against LTCG (Sec 54, 54F, 54EC bonds)
  • Form 26AS to cross-check TDS on property sale (Sec 194-IA)
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Step-by-Step ITR Filing Process (Online)

Here is a complete walkthrough of filing your ITR on the official Income Tax e-Filing Portal (incometax.gov.in):

  1. 1

    Register / Login on the IT Portal

    Visit incometax.gov.in. Login using your PAN as user ID. First-time users must register. Ensure your mobile number and email are updated for OTP verification.

  2. 2

    Download & Review Form 26AS and AIS

    Before filling your ITR, download Form 26AS (tax credit statement) and AIS (Annual Information Statement) from the portal. Cross-check TDS deducted, advance tax paid, interest income, and all reported transactions. Flag any discrepancies.

  3. 3

    Select the Correct ITR Form

    Based on your income sources (refer to the ITR Forms table above), choose the appropriate form — ITR-1 for simple salaried cases, ITR-2 for capital gains, ITR-3/4 for business income, etc.

  4. 4

    Choose Tax Regime (Old vs New)

    Decide whether to opt for the Old Regime or stick with the default New Regime. Calculate your tax liability under both before making the selection. This choice must be made before filing.

  5. 5

    Fill in Income Details

    Enter income from all sources — salary, house property (rental income or self-occupied), capital gains, business income, other sources (interest, dividends, etc.). The portal often pre-fills data from Form 26AS and AIS — verify and correct if needed.

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    Claim Deductions (Old Regime)

    If opting for Old Regime, enter deductions under Chapter VI-A: 80C (LIC, PPF, ELSS), 80D (health insurance), 80TTA (savings interest), HRA, home loan interest (Sec 24), etc.

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    Compute Tax Liability & Pay Tax Due

    Review the computed tax. If there is any remaining tax liability (after TDS, advance tax), pay it as Self-Assessment Tax using Challan 280 via the IT portal. Enter the BSR code and challan details in the return.

  8. 8

    Submit the Return

    Preview the completed ITR, verify all entries, and click Submit. Upon submission, an acknowledgement number is generated.

  9. 9

    e-Verify Your Return

    Your ITR is not complete until it is e-verified. E-verify within 30 days of filing using: Aadhaar OTP, Net Banking, Demat account EVC, Bank ATM EVC, or DSC. If not e-verified, the return is treated as invalid.

  10. 10

    Receive ITR-V / Acknowledgement

    After e-verification, you will receive ITR-V (acknowledgement) in your registered email. Save this document — it is your official proof of filing. Refunds (if any) will be credited to your pre-validated bank account.

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E-Verification Deadline: From AY 2023–24 onwards, the e-verification window is 30 days from the date of filing (reduced from the earlier 120 days). Missing this will render your return invalid.
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Penalties for Late or Non-Filing

Missing ITR deadlines has financial and legal consequences. Here is what you should know:

Default / Violation Applicable Section Penalty / Consequence
Late filing fee (income > ₹5 lakh) Sec 234F ₹5,000
Late filing fee (income ≤ ₹5 lakh) Sec 234F ₹1,000
Interest on unpaid tax Sec 234A 1% per month from due date
Interest on short advance tax Sec 234B / 234C 1% per month
Failure to carry forward losses Sec 80 r.w.s. 139(3) Capital/business losses CANNOT be carried forward
Concealment of income Sec 271(1)(c) 100%–300% of tax sought to be evaded
Wilful failure to furnish return Sec 276CC Imprisonment 3 months – 7 years + fine
Under-reporting of income Sec 270A 50% of tax on under-reported income
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Good News: For individuals with income below ₹5 lakh (after deductions), where no tax is payable and no refund is due, there is no penalty under Section 234F for belated filing — though it is always advisable to file on time.
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Practical Examples

Priya – Software Engineer, Salary ₹12 Lakh/Year

Income Details:

  • Basic + HRA + Allowances = ₹12,00,000
  • FD Interest = ₹18,000
  • Savings Account Interest = ₹4,200

Under New Regime:

  • Gross Income = ₹12,22,200
  • Standard Deduction = ₹75,000
  • Taxable Income = ₹11,47,200
  • Tax Payable ≈ ₹95,440 (incl. cess)

Under Old Regime (with deductions):

  • 80C (ELSS + PPF) = ₹1,50,000; 80D = ₹25,000; HRA = ₹1,20,000; Std Deduction = ₹50,000
  • Taxable Income ≈ ₹8,77,200; Tax ≈ ₹88,216
  • → Old Regime saves ~₹7,224 for Priya. She should opt for Old Regime.
Rajan – Kirana Store Owner, Turnover ₹45 Lakh

Situation: Rajan has a retail grocery shop with ₹45 lakh turnover. He wants to take the easy route.

  • Turnover is below ₹3 crore (digital receipts > 95%) → Eligible for Sec 44AD Presumptive Taxation
  • Deemed profit = 6% of ₹45 lakh = ₹2,70,000 (digital) or 8% = ₹3,60,000 (cash)
  • No books of accounts required under 44AD
  • File ITR-4 (Sugam)
  • Tax on ₹2,70,000 = NIL (below exemption limit under New Regime)
  • → Rajan pays zero tax and doesn't need an accountant for complex books.
Kavya – Freelance Graphic Designer, Earning ₹8 Lakh

Situation: Kavya earns from multiple clients (Indian and foreign). TDS of ₹80,000 has been deducted.

  • Professional income = ₹8,00,000
  • Eligible for Sec 44ADA Presumptive Taxation (50% of gross = ₹4,00,000 deemed profit)
  • Under New Regime: Taxable = ₹4,00,000 – ₹75,000 (Std Deduction) = ₹3,25,000 → NIL tax (below ₹3L slab)
  • TDS of ₹80,000 → Full refund claimable!
  • File ITR-4 (Sugam)
  • → Kavya should definitely file ITR to claim ₹80,000 refund.
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Frequently Asked Questions

Not always, but it may be mandatory under the 7th Proviso to Sec 139(1) if you meet certain criteria (e.g., TDS deducted ≥ ₹25,000, high current account deposits, foreign travel expenses, etc.). Even otherwise, filing voluntarily is highly recommended to establish a tax filing history, claim refunds, and apply for loans/visas.
You can still file a Belated Return by December 31, 2025 (for AY 2025-26) with a late filing fee of ₹5,000 (₹1,000 if income ≤ ₹5 lakh). However, you will lose the right to carry forward capital/business losses and will face interest under Sec 234A on unpaid taxes.
Yes. A Revised Return can be filed under Section 139(5) to correct any omissions or wrong statements in the original return. For AY 2025-26, the revised return can be filed up to December 31, 2025, or before completion of assessment, whichever is earlier. Even belated returns can be revised.
After filing and e-verification, refunds are typically processed within 7–45 days if the return is selected for processing. The refund is credited directly to your pre-validated bank account. You can track the status on the IT portal or via SMS. Delays may occur if there are discrepancies in AIS/TIS or if the return is picked for scrutiny.
The Annual Information Statement (AIS) is a comprehensive statement that shows all financial transactions reported to the Income Tax Department — including interest, dividends, capital gains, foreign remittances, GST turnover, and more. It is critical to review AIS before filing ITR to ensure all income is correctly reported and to avoid notices from the department for mismatches.
Form 26AS shows tax credits — TDS deducted, TCS collected, advance tax and self-assessment tax paid, and refunds. AIS (Annual Information Statement) is broader and includes ALL financial transactions reported — bank interest, securities transactions, property transactions, mutual funds, foreign travel, GST data, and more. AIS replaced Form 26AS in terms of comprehensiveness, but both are available on the portal.
NRIs (Non-Resident Indians) must file ITR in India if their Indian income (rent from property, interest from NRO account, capital gains from Indian assets, etc.) exceeds the basic exemption limit. Income earned abroad is not taxable in India for NRIs. NRIs typically file ITR-2 and should check DTAA (Double Tax Avoidance Agreements) provisions to avoid double taxation.
Section 87A provides a tax rebate to resident individuals whose total taxable income does not exceed a specified limit. Under the New Regime for AY 2025-26, the rebate is ₹25,000 for taxable income up to ₹7 lakh — making the effective tax zero. Under the Old Regime, the rebate is ₹12,500 for taxable income up to ₹5 lakh. Budget 2025 announced enhancements — always verify current limits on the official portal.

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