Income Tax Return Filing for Individuals and Businesses
Income tax return filing is how you report a year’s income to the Income Tax Department, pay any tax still due and claim back extra TDS. Salaried people, freelancers, traders, firms, LLPs and companies all file. For FY 2025-26, tax-audit cases now have till 21 November 2026, and belated returns till 31 December 2026.
What it is
An income tax return (ITR) is a form you file on the Income Tax e-filing portal each year. It shows what you earned, the deductions you claim, the tax already paid through TDS or advance tax, and the balance due or refundable. After you file and verify it, the department processes the return and sends an intimation under section 143(1).
Returns for FY 2025-26 (assessment year 2026-27) follow the Income-tax Act, 1961. The new Income-tax Act, 2025 takes over from tax year 2026-27, whose returns are filed in 2027. We file for clients in Faridabad, across Delhi NCR and anywhere in India, fully online.
Who it applies to
You earn a salary or pension
If your income before deductions crosses the basic exemption limit (₹4 lakh under the new regime), you file, even when the rebate takes your tax to zero.
You run a practice or a small business
Doctors, consultants and traders file ITR-3 with regular books, or ITR-4 if they opt for presumptive income under section 44AD, 44ADA or 44AE. Our online bookkeeping service keeps those books filing-ready.
You run a firm, LLP or company
They file every year, loss or no loss. A Faridabad trading company that did no business this year still files ITR-6. Firms and LLPs file ITR-5, with a tax audit report where required.
Which ITR form applies
Choose the wrong form and the return can come back with a defective-return notice under section 139(9). Here is how the seven forms split for AY 2026-27.
| Form | Who files it | Income it covers |
|---|---|---|
| ITR-1 (Sahaj) | Resident individuals with total income up to ₹50 lakh | Salary or pension, up to two house properties, interest and other sources, agricultural income up to ₹5,000, LTCG under section 112A up to ₹1.25 lakh |
| ITR-2 | Individuals and HUFs without business or profession income | Capital gains beyond ITR-1 limits, three or more houses, foreign income or assets, company directorships |
| ITR-3 | Individuals and HUFs with business or profession income | Business or professional income, including a partner’s remuneration and interest from a firm |
| ITR-4 (Sugam) | Resident individuals, HUFs and firms (other than LLPs) with total income up to ₹50 lakh | Presumptive income under section 44AD, 44ADA or 44AE |
| ITR-5 | Firms, LLPs, AOPs and BOIs | All income of the entity |
| ITR-6 | Companies, other than those claiming exemption under section 11 | All income of the company |
| ITR-7 | Trusts and institutions required to file under section 139(4A) to 139(4D) | Income of the trust or institution |
New this year: ITR-1 now covers two house properties, up from one. Say you live in your own flat in Faridabad and rent out a second. Last year that second flat pushed you to ITR-2. For AY 2026-27, ITR-1 works, provided income stays within ₹50 lakh and you have no short-term capital gains.
New regime or old regime
The new tax regime is the default. For FY 2025-26, a section 87A rebate of up to ₹60,000 makes income up to ₹12 lakh effectively tax-free for residents, and salaried people also get a ₹75,000 standard deduction. So a salary of up to ₹12.75 lakh, with no other income, carries no tax.
The old regime can still win if you claim large home-loan interest, HRA, or deductions under sections 80C and 80D. Here is the catch: without business income, you can pick the old regime each year, but only in a return filed by the due date. With business income, switching is restricted. We compare both as part of our tax planning and consultancy work.
Why it matters
Claim back extra TDS
Extra TDS on salary, FD interest or rent comes back only after you file, straight to a pre-validated bank account linked to your PAN.
Show proof of income
Banks usually want recent ITRs before sanctioning a home or business loan. So do many visa applications and tenders.
Keep losses for later years
Business and capital losses can be set off against future income only if the return is filed by the due date.
Documents required
For every filer
- PAN and Aadhaar, linked to each other
- AIS/TIS and Form 26AS
- Last year’s ITR
- Bank account details for the refund
For salary, savings and investments
- Form 16 or salary slips
- Bank statements and interest certificates
- Capital gains statement or broker P&L
- Rent receipts and home-loan interest certificate
- Investment proofs, if you choose the old regime
For business or professional income
- Books of account, P&L and balance sheet
- GST returns, if registered
- TDS certificates (Form 16A)
- Tax audit report in Form 3CA/3CB-3CD, where applicable
How it works
Send your papers
We share a short checklist for your income type. You send what you have; we download your AIS and Form 26AS from the e-filing portal.
Match every figure with AIS
We match salary, interest, dividends, share sales and TDS against AIS/TIS and Form 26AS. In practice, a gap fixed here is a mismatch notice you never receive.
Compare both regimes and pay the balance
We work out your tax under both regimes and tell you the balance. Any tax due is paid as self-assessment tax before filing.
Approve the draft, then we file
Nothing is submitted until you approve the draft computation. Then we file the correct ITR, after the audit report where one is needed.
E-verify within 30 days
An unverified return does not count as filed. Verify within 30 days, by Aadhaar OTP, net banking or a digital signature certificate. We then track the 143(1) intimation and your refund.
Timelines
Salaried and other non-audit individuals
31 July every year, for ITR-1 and ITR-2.
Business or profession, no audit
31 August, for ITR-3, ITR-4 and ITR-5 (firms, LLPs) where no audit applies.
Tax audit cases
Normally 31 October, for companies and audit cases. For FY 2025-26, extended to 21 November 2026.
Transfer pricing cases
30 November, for international or specified domestic transactions.
Belated return
31 December, under section 139(4), with the section 234F fee.
Revised return
12 months from the end of the tax year, so 31 March 2027 for FY 2025-26. A fee applies after 31 December.
This year: for FY 2025-26, 31 July and 31 August 2026 have passed. On 28 September 2026, CBDT extended audit cases: tax audit report by 21 October 2026, return by 21 November 2026. Transfer-pricing cases file by 30 November 2026 and belated returns by 31 December 2026.
What happens if you miss the deadline
Pay a late fee and interest
Section 234F charges ₹1,000 if total income is up to ₹5 lakh and ₹5,000 otherwise. Interest under sections 234A, 234B and 234C may also apply on unpaid tax.
Give up loss carry-forward
Business, speculation and capital losses cannot be carried forward in a belated return. A Gurugram freelancer who lost money on F&O and filed in November loses that set-off. House property loss and unabsorbed depreciation survive.
Lose the old-regime option
Without business income, the old regime is open only in a return filed by the due date. File late and the new regime applies.
Frequently asked questions
What is the last date for income tax return filing?
For most individuals, it is 31 July. Business and professional cases with no audit, including firms and LLPs, get till 31 August. Tax-audit cases normally get till 31 October and transfer-pricing cases till 30 November. For FY 2025-26, the audit-case date is now 21 November 2026, and anyone who missed theirs can file a belated return till 31 December 2026.
My income is under ₹12 lakh. Do I still need to file?
Usually, yes. The law looks at your income before deductions and the rebate. If it crosses the basic exemption limit of ₹4 lakh under the new regime, you should file, even though the section 87A rebate of up to ₹60,000 brings your tax to zero. Filing also recovers any TDS deducted on your salary or FD interest.
I missed the due date. Can I still file?
Yes. A belated return under section 139(4) can be filed till 31 December, which for FY 2025-26 means 31 December 2026. The section 234F fee is ₹1,000 if total income is up to ₹5 lakh and ₹5,000 above that. Business and capital losses cannot be carried forward, but filing late still beats not filing, and the steps are the same.
How do I correct a mistake in a return I have already filed?
File a revised return under section 139(5). You now have 12 months from the end of the tax year, so a FY 2025-26 return can be revised till 31 March 2027. There is no fee up to 31 December 2026; after that, section 234I charges ₹1,000 (income up to ₹5 lakh) or ₹5,000. Belated returns can be revised too, so a small slip is easy to fix.
What is an updated return (ITR-U)?
It is a return under section 139(8A) for reporting income you left out, up to 48 months from the end of the assessment year, which is 31 March 2031 for AY 2026-27. You pay the tax, interest and an additional tax that grows the later you file. ITR-U cannot lower your tax or raise a refund, but it lets you correct an omission before the department finds it.
I am a freelancer. Which ITR form do I file?
ITR-3 if you keep regular books; ITR-4 if you opt for presumptive income. A resident professional covered by section 44ADA can declare 50% of gross receipts as income and file ITR-4, provided total income stays within ₹50 lakh. We check which route costs you less tax, and file by 31 August, the due date when no audit applies.
Does a company or LLP with no income still have to file?
Yes. Companies file ITR-6, and LLPs and firms file ITR-5, every year, even with a loss or no business at all. Companies verify their return with a digital signature certificate, and where a tax audit applies, the report in Form 3CA or 3CB with Form 3CD goes in first. Filing on time keeps any loss available for set-off in later years.
What changes for returns filed in 2027?
The Income-tax Act, 2025 applies from 1 April 2026, so returns for tax year 2026-27, filed in 2027, follow the new law. “Previous year” and “assessment year” give way to a single “tax year”. Form 16 becomes Form 130, Form 16A becomes Form 131 and Form 26AS becomes Form 168. Your FY 2025-26 return still follows the Income-tax Act, 1961, so nothing changes for it.
What it costs
Our fee plus the government fee that applies to your case, quoted before you commit. Tell us the situation and we will price it exactly.
Filing on the Income Tax e-filing portal is free. Government charges come only with delay: the section 234F late fee and the section 234I fee for a revision after 31 December (each ₹1,000 if income is up to ₹5 lakh, otherwise ₹5,000), plus interest under sections 234A, 234B and 234C.
Ready to begin?
Send us your Form 16, AIS or last year’s return, and we will tell you which form and regime fit before your next due date.