Filing your Income Tax Return (ITR) is now genuinely quick - for a salaried taxpayer with a Form 16, it can take under 20 minutes on the income tax portal. The mistakes are where it gets expensive: the wrong form, a missed deduction, or a mismatch with Form 26AS can cost you a refund or trigger a notice.
This pillar guide walks through the whole process for FY 2025-26 (AY 2026-27) - for salaried employees, business owners and freelancers - and links to our deeper guides on each step. If you would rather hand it off, Regikart's ITR filing for salaried individuals and ITR filing for freelancers are CA-reviewed.
Which ITR form should you file?
For FY 2025-26 / AY 2026-27, the form depends on your income sources. Around 90% of taxpayers use ITR-1, ITR-2, ITR-3 or ITR-4.
| Your situation | ITR form |
|---|---|
| Salaried, income under Rs 50 lakh, one house, no capital gains | ITR-1 (Sahaj) |
| Salaried with capital gains, multiple houses or foreign income | ITR-2 |
| Business or professional income (proprietorship) | ITR-3 |
| Presumptive income (44AD / 44ADA), within turnover limits | ITR-4 (Sugam) |
| Firm, LLP, AOP, BOI | ITR-5 |
| Company (other than Section 11) | ITR-6 |
| Trust, NGO, Section 11/12 entities | ITR-7 |
ITR filing deadlines (AY 2026-27)
| Category | Deadline | Note |
|---|---|---|
| Individuals / HUF (no audit) | 31 July 2026 | Late fee Rs 1,000-5,000 after this |
| Businesses requiring audit | 31 October 2026 | Audit report due 30 September |
| Transfer pricing cases | 30 November 2026 | |
| Belated / revised return | 31 December 2026 | Belated returns cannot carry forward most losses |
| Updated return (ITR-U) | Up to 24 months from end of AY | Additional tax applies |
Step 0: gather your documents first
Before you open the portal, collect what you need. The single most useful download is your AIS (Annual Information Statement), which pre-fills most of your income data.
- PAN and Aadhaar (Aadhaar must be linked for OTP e-verification).
- Form 16 from your employer (salary and TDS) and any Form 16A (TDS on interest, rent, etc.).
- AIS and TIS, downloaded from the e-filing portal.
- Form 26AS (all TDS / TCS credits) - cross-check it against your AIS; they should match.
- Bank statements, investment proofs (80C, 80D), capital gains statements, home loan certificate, rent receipts.
- Last year's ITR, to carry forward any losses.
The filing process, step by step
- Log in at incometax.gov.in with your PAN/Aadhaar, then go to e-File and Income Tax Returns.
- Select Assessment Year 2026-27 and the filing type (original / revised / updated).
- Choose your status (individual, HUF, etc.) and the correct ITR form.
- Verify the pre-filled personal details - name as per PAN, Aadhaar, and the bank account where any refund will land.
- Enter income under each head: salary, house property, business/profession, capital gains and other sources. Most salary and interest figures pre-fill from AIS - verify rather than retype.
- Claim your deductions (covered below) to reduce taxable income.
- Let the portal compute tax against TDS already paid. If tax is payable, pay it via Challan 280 before filing; if a refund is due, it is credited in 15-45 days.
- E-verify within 30 days - Aadhaar OTP is the fastest. An unverified ITR is treated as not filed.
Deductions that reduce your tax (old regime)
These apply if you choose the old regime. The new regime allows only the standard deduction and employer NPS contribution.
- Section 80C (up to Rs 1.5 lakh): EPF, PPF, ELSS, life insurance, home loan principal, NSC, children's tuition.
- Section 80D: health insurance - up to Rs 25,000 for self/family and another Rs 25,000-50,000 for parents.
- Section 80CCD(1B): an extra Rs 50,000 for NPS, over and above 80C.
- Section 80E: full interest on an education loan, for up to 8 years.
- Section 80G: 50% or 100% of donations to registered charities (needs the 80G certificate).
- Section 24: home loan interest up to Rs 2 lakh on a self-occupied property.
By taxpayer type
Salaried employees usually file ITR-1 (or ITR-2 if there are capital gains or multiple properties). With a Form 16 it is a 10-20 minute job, and the main wins are claiming HRA correctly and not forgetting savings/FD interest that already shows in Form 26AS. Our step-by-step: how to file ITR-1 for salaried.
Business owners file ITR-3 (regular books) or ITR-4 (presumptive under 44AD). A tax audit applies once turnover crosses the prescribed limits. Presumptive taxation lets eligible businesses declare a deemed profit without maintaining detailed books.
Freelancers and consultants typically use ITR-4 under Section 44ADA - declaring 50% of gross receipts as deemed profit, with no books and no audit - or ITR-3 if receipts are higher or actual profit is lower. Watch advance tax (payable quarterly if your tax exceeds Rs 10,000) and report any foreign receipts. See ITR for freelancers.
Old vs new tax regime (FY 2025-26)
The new regime is the default and has lower slab rates but almost no deductions; the old regime has higher rates but lets you claim 80C, 80D, HRA, home loan interest and more. As a rule of thumb, the old regime wins when your total deductions are large (home loan plus heavy 80C/80D/HRA), and the new regime wins when they are modest. The only reliable way to decide is to compute tax both ways.
| New regime slab (FY 2025-26) | Rate |
|---|---|
| Up to Rs 3,00,000 | Nil |
| Rs 3,00,001 - 7,00,000 | 5% |
| Rs 7,00,001 - 10,00,000 | 10% |
| Rs 10,00,001 - 12,00,000 | 15% |
| Rs 12,00,001 - 15,00,000 | 20% |
| Above Rs 15,00,000 | 30% |
Mistakes that trigger income tax notices
- A mismatch between Form 26AS / AIS and what you declared - the most common trigger.
- Not reporting bank or FD interest the department already has on record.
- Claiming more TDS than appears in Form 26AS.
- Not reporting capital gains on property, stocks or mutual funds.
- Claiming 80C / 80D deductions for investments you did not actually make.
- Filing the wrong ITR form, which results in a defective-return notice.
- Refund failing because the bank account was not pre-validated.
FAQs
What is the last date to file ITR for FY 2025-26?
31 July 2026 for individuals without audit, 31 October 2026 for businesses requiring audit, and 30 November 2026 for transfer pricing cases.
Can I file after the deadline?
Yes - a belated return can be filed until 31 December 2026 with a late fee, but you lose the ability to carry forward most losses.
Can I file ITR without Form 16?
Yes. Use Form 26AS, AIS and TIS along with your salary slips and bank statements to reconstruct the figures.
How long does a refund take?
Typically 15-45 days after successful e-verification; verifying by Aadhaar OTP tends to be the quickest.
Is filing on the government portal free?
Yes, filing at incometax.gov.in is free. You only pay if you engage a CA to review and file for you.
Is ITR filing mandatory below the taxable limit?
Often not strictly required, but it is recommended - it lets you reclaim TDS and helps with visas and loan applications.
File with Regikart
If you would rather a CA pick the right form, reconcile your AIS and maximise your deductions, Regikart files ITRs for salaried individuals, freelancers and businesses through our tax filing team. Share your documents and talk to a CA via our contact page - we will handle the form selection, filing and e-verification for you.
About the author
Suresh Iyer
Direct Tax Advisor at Regikart. Want to discuss this in the context of your business?
