Income Tax Return (ITR) is a form used to report income, deductions and taxes of an individual or business to Income Tax Department. Filing ITR can be quite complicated, especially for those individuals who have multiple sources of income and businesses that have complicated taxation requirements.
Keeping up with the latest tax rules and compliance requirements is essential to avoid penalties, notices or delays in processing your return. Need professional help? Connect with our Tax Team at Registrationwala for hassle free and timely Income Tax Return filing within due date.
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In India, individuals and businesses are required to file ITRs as a part of their tax obligations. You are required to file ITR if your income is above basic exemption limit or if you satisfy any other conditions for filing as per Income Tax Act. Filing your ITR on time keeps you compliant with tax laws and helps you avoid any penalties or notices.
Looking for reliable Online ITR Filing Services in India? Contact Registrationwala. With our team of Chartered Accountants and experienced tax professionals filing your Income Tax Return, you can rest assured that your return will be filed accurately and on time.
Refer to table below for a quick overview of latest ITR filing requirements and deadlines:-
|
Key Aspect |
Details (AY 2026-27 / FY 2025-26) |
|
Service Name |
Online Income Tax Return (ITR) Filing |
|
Who Should File ITR? |
ITR may be required to be filed by:
|
|
Basic Exemption Limit under New Tax Regime |
Rs. 4,00,000 (for all ages) |
|
Basic Exemption Limit under Old Tax Regime |
Rs. 2,50,000 (individuals below 60 years of age) |
|
Standard Deduction |
Rs. 75,000 for salaried individuals and pensioners under the New Tax Regime. Rs. 50,000 under the Old Tax Regime. |
|
Maximum Rebate u/s 87A for Resident Individuals |
Up to Rs. 60,000 under New Regime for taxable incomes up to Rs. 12 Lakhs. Up to Rs. 12,500 under Old Regime for taxable incomes up to Rs. 5 Lakhs. |
|
Default Tax Regime |
New Tax Regime is the default tax regime (unless the taxpayer opts for the Old Tax Regime, where applicable) |
|
Due Date for Non-Audit Cases |
31 July 2026 |
|
Due Date for Audit Cases |
31 October 2026 |
|
Belated Return Last Date |
31 December 2026 |
|
Updated Return (ITR-U) |
Can generally be filed up to 4 years from the end of the relevant Assessment Year, subject to applicable conditions |
|
Mode of ITR Filing |
Online mode via Income Tax Department e-filing portal or with professional assistance |
|
Documents Required for ITR Filing |
Documents for ITR filing online include PAN, Aadhaar, Form 16, AIS, Form 26AS and bank details among others. |
ITR Filing full form is Income Tax Return Filing. ITR filing means the process of submitting your Income Tax Return (formal declaration) to the Income Tax Department (ITD) to declare your income, deductions and taxes paid for a specific financial year.
Filing your ITR on time helps you stay compliant with tax laws and claim tax refunds (if applicable). It also allows you to use your ITR as proof of income for various financial purposes like applying for loans, credit cards and visas.
There are different types of taxpayers who need to file ITR. These taxpayers are as follows:-
In India, individuals are required to file ITR if they satisfy the prescribed conditions under Income Tax Act 1961. One of the most common reasons for filing an ITR is when the gross total income exceeds the applicable basic exemption limit. Basic exemption limits are as follows:-
|
Tax Regime / Category |
Basic Exemption Limit |
|
New Tax Regime (Default) - For all Ages |
Rs. 4 lakh |
|
Old Tax Regime - Individuals below 60 years |
Rs. 2.5 lakh |
|
Old Tax Regime - Resident senior citizens (60 years to below 80 years) |
Rs. 3 lakh |
|
Old Tax Regime - Resident super senior citizens (Individuals who are 80 years and above) |
Rs. 5 lakh |
Even if your income is below the applicable basic exemption limit, you may still be required to file an ITR in certain cases stated below:-
You have deposited more than Rs. 1 crore in one or more current accounts during the financial year.
You have deposited Rs. 50 lakh or more in one or more savings bank accounts during the financial year.
Your expenditure on foreign travel for yourself or any other person exceeds Rs. 2 lakh during the financial year.
Your expenditure on electricity consumption exceeds Rs. 1 lakh during the financial year.
The total TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) is Rs. 25,000 or more or Rs. 50,000 or more in the case of resident senior citizens.
Your total sales/turnover/gross receipts from business exceed Rs. 60 lakh during the financial year.
Your gross receipts from a profession exceed Rs. 10 lakh during the financial year.
You satisfy any other mandatory ITR filing conditions prescribed under Income Tax Act.
There are various types of ITR forms for Income Tax Return in India. The exact form for filing ITR totally depends on the type of taxpayer and the nature of their income. Mentioned below are the commonly used ITR forms in India along with due dates for filing them:-
|
Form Name |
Purpose |
Due Date for AY 2026-27 |
|
ITR-1 Form (Sahaj) |
It is meant for Salaried individuals and other eligible Resident Individuals |
Due Date for ITR 1 is 31 July 2026 |
|
ITR-2 Form |
It is meant for Individuals and HUFs having capital gains or other eligible income (excluding business/professional income) |
Due Date for ITR 2 is 31 July 2026 for Non-audit cases |
|
ITR-3 Form |
Meant for Individuals and HUFs having income from business or profession |
Due Date for ITR 3 is 31st July 2026 for Non-audit cases / 31st October 2026 for Audit cases |
|
ITR-4 Form (Sugam) |
Intended for Presumptive Income under the Presumptive Taxation Scheme |
Due Date for ITR 4 is 31st July 2026 |
|
ITR-5 Form |
Meant for Firms, LLPs, AOPs, BOIs and other eligible entities |
Due Date for ITR 5 is 31st July 2026 for Non-audit cases / 31st October 2026 for Audit cases |
|
ITR-6 Form |
Meant for Companies (other than those claiming exemption u/s 11) |
Due Date for ITR 6 is 31st October 2026 |
|
ITR-7 Form |
Required by Trusts, charitable institutions, political parties and other eligible entities |
Due Date for ITR 7 is 31st October 2026 |
|
ITR-U Form |
Updated return (used for previously filed/ missed returns, subject to eligibility) |
Due Date is Up to 4 years from end of relevant Assessment Year |
The New Regime Income Tax Slabs in India for AY 2026-27 are as follows:-
|
Income Slabs |
Income Tax Rate in % |
|
Up to Rs. 4,00,000 |
NIL |
|
Above Rs. 4,00,000 to Rs. 8,00,000 |
5% |
|
Above Rs. 8,00,000 to Rs. 12,00,000 |
10% |
|
Above Rs. 12,00,000 to Rs. 16,00,000 |
15% |
|
Above Rs. 16,00,000 to Rs. 20,00,000 |
20% |
|
Above Rs. 20,00,000 to Rs. 24,00,000 |
25% |
|
Above Rs. 24,00,000 |
30% |
Note:- Under the New Tax Regime applicable for AY 2026-27, resident individuals with a taxable income of up to Rs. 12 lakh are eligible for a rebate u/s 87A of up to Rs. 60,000, resulting in zero tax liability, subject to the prescribed conditions. For salaried individuals, the Rs. 75,000 standard deduction means that a gross salary of up to Rs. 12.75 lakh can also result in zero tax liability provided they do not have income taxable at special rates (such as certain capital gains) and satisfy the applicable conditions.
The Old Regime Income Tax Slabs in India for AY 2026-27 are as follows:-
|
Annual Taxable Income |
Income Tax Rate in % |
|
Up to Rs. 2,50,000 |
NIL |
|
Above Rs. 2,50,000 to Rs. 5,00,000 |
5% |
|
Above Rs. 5,00,000 to Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
|
Annual Taxable Income |
Income Tax Rate in % |
|
Up to Rs. 3,00,000 |
NIL |
|
Above Rs. 3,00,000 to Rs. 5,00,000 |
5% |
|
Above Rs. 5,00,000 to Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
|
Annual Taxable Income |
Income Tax Rate in % |
|
Up to Rs. 5,00,000 |
NIL |
|
Above Rs. 5,00,000 to Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
Table below explains how old vs new tax regime slabs differ for AY 2026-27:-
|
Annual Taxable Income |
Old Tax Regime (Individuals below 60 years) |
New Tax Regime |
|
Up to Rs. 2,50,000 |
NIL |
NIL(up to Rs. 4,00,000) |
|
Rs. 2,50,001 - Rs. 4,00,000 |
5% |
NIL |
|
Rs. 4,00,001 - Rs. 5,00,000 |
5% |
5% |
|
Rs. 5,00,001 - Rs. 8,00,000 |
20% |
5% |
|
Rs. 8,00,001 - Rs. 10,00,000 |
20% |
10% |
|
Rs. 10,00,001 - Rs. 12,00,000 |
30% |
10% |
|
Rs. 12,00,001 - Rs. 16,00,000 |
30% |
15% |
|
Rs. 16,00,001 – Rs. 20,00,000 |
30% |
20% |
|
Rs. 20,00,001 - Rs. 24,00,000 |
30% |
25% |
|
Above Rs. 24,00,000 |
30% |
30% |
It must be understood that not all income is taxable under income slab system. For example, certain capital gains are taxed at special rates while others may be taxed according to applicable income tax slab rates.
The taxability of capital gains depends on type of asset you own and duration for which you hold it. The holding period can be either short term or long term and it determines the nature of capital gain. The applicable holding period may differ across different asset classes.
By default, the New Tax Regime is the applicable tax regime for taxpayers. However, it can be changed voluntarily in most cases. The table below explains whether you can choose between Old Tax Regime and New Tax Regime every year based on your source of income. It also explains conditions for opting for Old Tax Regime:-
|
Source of Income |
Can You Choose Every Year? |
How to Choose Old Tax Regime |
|
Salary Income |
Yes, you can. |
You can choose either Old or New Tax Regime every financial year while filing your ITR, provided you file it within due date u/s 139(1). |
|
House Property Income |
Yes, you can. |
The same rule applies. You can choose preferred tax regime each year while filing your ITR. |
|
Capital Gains |
Yes, you can. |
You can decide between Old and New Tax Regime every year during ITR filing, depending on which option is more suitable for you. |
|
Other Income Sources (Interest, Dividend, etc.) |
Yes, you can. |
You are free to choose either tax regime every year while filing your ITR within prescribed due date. |
|
Business or Professional Income |
No. The option is restricted. |
If you have business or professional income, you need to file Form 10-IEA to opt for Old Tax Regime. Please note that for individuals earning business or professional income, the rules for switching between Old and New Tax Regimes are more restrictive. If you opt out of default New Tax Regime and choose Old Tax Regime, you can switch back to the New Tax Regime only once. |
For filing ITR, the following documents are necessary:-
The process for filing ITR involves several steps. The steps that need to be fulfilled to file Income Tax Return online are explained herein:-
The first and foremost step to file ITR online is to gather all the necessary documents like Form 16 (provided by the employer), salary slips, Form 26AS (which reflects the taxes already paid), bank statements and interest certificates.
Additionally, you require proof of any deductions/exemptions you want to claim (like investments u/s 80C or health insurance premiums u/s 80D). When you have all the documents in place, the ITR process becomes quicker and also the chances of missing out on eligible tax benefits are reduced to a great extent.
Now, the next step is to determine which ITR form you require for filing. The form you select depends on several factors like your source of income (salary/business/capital gains/etc), residential status and whether you are filing as an individual, HUF or some other category.
A salaried individual, for example, typically uses ITR-1 for filing their ITR. Those with capital gains or multiple income sources may have to file ITR-2 or ITR-3 form. In order to avoid issues with processing, it is important that you choose the right form.
You must log onto the official income tax e-filing portal to file your return online. You must use PAN/Aadhaar/User ID, password and fill in captcha for logging in. After you log in, you need to locate the e-file section and select the ITR option, and select relevant assessment year and online mode.
Once you choose the correct form, you must enter all the necessary information like your income, deductions, etc. Before you submit return, you have to carefully review everything. Once you file return, you must verify it as a mandatory final step.
Once you successfully submit your return on the ITR Filing Portal, you need to complete the process by e-verifying it. You can do this electronically through Aadhaar OTP or other available options.
Income Tax Return e-verification is mandatory as it confirms your return's authenticity. If you are unable to e-verify, you can send a signed physical copy of ITR-V to the Centralized Processing Centre (CPC) in Bengaluru within 30 days of filing the return.
The changes in the New Tax Regime include higher tax rebate limits and streamlined tax slabs. Individuals with lower income and fewer investments may benefit, as they generally have fewer deductions and exemptions to claim under the income tax laws.
Registrationwala provides one of the best Income Tax services in India. Our team helps individuals file their Income Tax Returns and assists them in saving tax by claiming eligible deductions and exemptions. Contact us for simple and convenient ITR filing assistance.
Yes, you can file an ITR even if you have no taxable income. This is known as a NIL ITR. It can serve as proof of income for purposes like visa applications, loan approvals, or other credit-related needs. Additionally, if tax has been deducted from your income even though it falls below the taxable limit, filing an ITR is necessary to claim a refund.
Yes, you must disclose the taxable income from all sources while filing an ITR. Even the exempt income must be shown, similarly, it can be shown under the Schedule EI.
Electronic verification is important to complete the process of Income Tax ITR filing. One should e-verify the ITR within stipulated time. Non-verified ITR will be treated as invalid. There are multiple ways to e-verify ITR such as Aadhaar OTP, Bank ATM, Electronic Verification Code and net banking.
If an individual’s total income exceeds the basic exemption limit or meets specified conditions set forth by ITD, they need to file ITR online.
You can e-file Income Tax Return online by visiting Income Tax e-filing portal.
For AY 2026-27, the last date to file ITR 1 is 31 July 2026.
Any individual, HUF, company registered under Companies Act 2013, Partnership firm under Indian Partnership Act 1932, Limited Liability Partnership under LLP Act 2008, Association of Persons or Body of Individuals earning income in India has to pay tax on their income, subject to exemption limits prescribed by Government of India.
Yes, you can file your ITR with Form 16 on ITD’s e-filing portal.
The benefits of filing ITR are:- (i) it serves as proof of income, (ii) helps in smooth processing of loans and visas, (iii) enables refund claims, (iv) allows carry forward of losses (v) and ensures compliance with tax regulations.
ITR-V, short for Income Tax Return - Verification, is an acknowledgement form generated by Income Tax Department when an Income Tax Return is filed online without digital signature.
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