ITR Filing Guide for FY 2025-26 — Deadlines, Documents, and Process

Every year, over 7.8 crore Indians interact with the Income Tax portal to file their taxes. Whether you are a salaried corporate employee, a freelance designer, or a private limited company founder, filing your Income Tax Return (ITR) correctly and on time is non-negotiable.

Here is your complete guide to navigating the ITR process for Financial Year 2025-26 (Assessment Year 2026-27).

Who Must File an ITR?

Filing an ITR is legally mandatory if your gross total income (before any 80C deductions) exceeds the basic exemption limit. Under the new tax regime, this limit is generally ₹3 lakh.

Even if your income is below this threshold, you should file if you:

• Paid advance tax or had TDS deducted and want to claim a refund.
• Traveled abroad and spent more than ₹2 lakh.
• Paid an electricity bill exceeding ₹1 lakh in the year.
• Deposited more than ₹1 crore in a current bank account.
• Hold any assets or financial interest outside India.

Key Dates for AY 2026-27

• July 31, 2026: Standard due date for individuals, freelancers, and non-audit businesses.
• October 31, 2026: Deadline for businesses and professionals requiring a tax audit.
• December 31, 2026: Belated return deadline (with penalties).

Documents You Need to Gather

• Form 16: TDS certificate from your employer.
• Form 26AS & AIS: Your income and tax credit passbook — your ITR should match it closely.
• Bank statements: For interest and transaction reconciliation.
• Investment proofs: If you opt for the old regime (ELSS, PPF, LIC receipts, etc.).

Which ITR Form Should You Use?

• ITR-1 (Sahaj): Resident individuals with salary, one house property, and other sources up to ₹50 lakh.
• ITR-2: Individuals with capital gains or more than one house property.
• ITR-3: Individuals deriving income from a business or profession (including full-time freelancers).
• ITR-4 (Sugam): Presumptive taxation (44AD / 44ADA).

The Cost of Missing the Deadline

If you miss the July 31 deadline, you can file a belated return by December 31. But the consequences are steep: late fee up to ₹5,000, 1% monthly interest on unpaid taxes, and you may lose the right to carry forward certain losses.

Summary: File early. Waiting until the last week of July guarantees portal glitches, and accurate filing helps your TDS refund get processed faster.