You must file an income tax return if your income exceeds the basic exemption limit or you meet other conditions such as high deposits, foreign travel or electricity spend. Individuals without audit typically file by 31 July, audited cases by 31 October. The new tax regime is the default, and a late return attracts a fee of up to Rs 5,000.
Who must file
- Individuals with gross total income above the basic exemption limit
- Companies and firms, regardless of profit or loss
- Persons with foreign assets or income
- Persons meeting specified transaction thresholds, such as large bank deposits
- Anyone claiming a refund or carrying forward losses
Choosing the right ITR form
| Form | Typical user |
|---|---|
| ITR-1 | Resident individuals with salary, one house and other sources up to Rs 50 lakh |
| ITR-2 | Individuals and HUFs with capital gains or foreign income, no business |
| ITR-3 | Individuals and HUFs with business or professional income |
| ITR-4 | Presumptive income taxpayers |
| ITR-5 | Firms, LLPs and AOPs |
| ITR-6 | Companies |
| ITR-7 | Trusts and institutions |
Old vs new tax regime
The new regime is the default, with lower slab rates and limited deductions. Under it, resident individuals with taxable income up to Rs 12 lakh effectively pay no tax because of the enhanced rebate. The old regime allows deductions such as 80C and HRA and can suit those with large deductions.
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Get expert help →Filing process
- Download AIS and Form 26AS and reconcile income and TDS.
- Choose the ITR form and regime.
- Fill income, deductions and tax paid.
- Pay any balance tax.
- Submit and e-verify within 30 days.
Late, revised and updated returns
A missed deadline can be met with a belated return by 31 December with a late fee. Errors can be corrected through a revised return in the same window. An updated return (ITR-U) can be filed within the extended window after the assessment year, with additional tax.
Frequently asked questions
Is ITR filing mandatory if income is below the exemption limit?
Not generally, unless you meet specified conditions such as large deposits or foreign travel spend, or want to claim a refund. Filing a nil return is still useful for loans and visas.
What happens if I do not e-verify my return?
A return not verified within 30 days of filing is treated as invalid, as if never filed. E-verify through Aadhaar OTP, net banking or a demat account.
Can I switch between old and new tax regimes?
Individuals without business income can choose each year while filing. Those with business income can switch back from the new regime only once, subject to conditions.
Which law applies to returns filed in 2026?
Returns for income earned up to 31 March 2026 are filed under the Income-tax Act, 1961. The new Income-tax Act, 2025 applies to income from the tax year beginning 1 April 2026.
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