Filing your income tax return is not only about paying tax. Your return also captures your income, deductions, TDS and tax paid during the year.
But if you choose the wrong ITR form or miss out on any income, it can lead to problems later. Similarly, choosing the wrong tax regime or not verifying your pre-filled details.
ITR Filing for FY 2025-26 you need to file the return for AY 2026-27. This guide will tell you about the forms, documents, tax regime, filing process and important dates you should know before filing your return.
Let’s start with the basics.
Which ITR Form do you need to file?
This is one of the areas where a number of taxpayers are confused.
The type of ITR form you require will be determined by your sources of income, residential status and some transactions in the financial year.
ITR-1 (Sahaj)
ITR-1 may be completed by a resident person, other than a Not Ordinarily Resident, with total income of up to ₹50 lakh of eligible sources, including:
- Salary or pension
- One house property
- Interest, family pension and others that qualify.
- Less than ₹5,000 agricultural income.
- Long-term capital gains (in Section 112A) up to 1.25 lakh are eligible.
Nevertheless, ITR-1 cannot be applied in a variety of cases, such as when you have some short-term capital gains, foreign assets or income, unlisted shares, or income exceeding ₹50 lakh.
ITR-2
Use ITR-2 when you are a person or HUF who does not receive any income from business or profession but can not use ITR-1.
This may involve taxpayers who have some capital gains, foreign assets or other income that makes them ineligible to the ITR-1 requirements.
ITR-3
ITR-3 is a general use where one or HUF has business or professional income and does not qualify to ITR-4.
It may cover salary, house property, business or professional income, capital gains as well as income from other sources.
ITR-4 (Sugam)
ITR-4 applies to eligible individuals, HUFs and firms, except LLPs, which are eligible under a presumptive scheme of taxation of business or professional income.
This form should be selected by checking the eligibility conditions.
New Tax Regime and Old Tax Regime.
The default regime in which individuals will be taxed in AY 2026-27 is the new tax regime.
Eligible taxpayers are allowed to use old tax regime. The more appropriate one will be based on your income, deductions, exemptions and investments.
Taxable income can be subject to reduction by any of the eligible deductions under the old regime some investments, insurance payments and housing related deductions.
The new regime allows fewer deductions but has different slab rates. And do not choose a regime because somebody has one.
First compare your tax in both regimes.
Whose business or profession does not make them subject to tax, the choice of regime can usually be made directly in the ITR. Business or professional income earners who wish to exclude the new regime should be able to submit Form 10-IEA within the stipulated period.
Documents that you should have on hand.
Make sure to have your records prepared before commencing ITR Filing for FY 2025-26.
You may need:
- PAN and Aadhaar
- Form 16, if salaried
- Form 16A, where appropriate.
- Annual Information Statement (AIS)
- Taxpayer Information Summary (TIS)
- Form 26AS
- Bank statements
- Details of interest income
- Capital gains statements
- Where applicable, home loan interest certificate.
- Evidence of deductions eligible in the selected tax regime.
- Specifications of foreign assets or revenues, as necessary.
Don’t depend only on Form 16.
Check AIS and Form 26AS also. They may assist you in determining TDS, interest or other transactions reported and you may file.
Guide to filing ITR online.
Online filing is quite easy when documents are prepared.
Step 1: Log in
Access the Income Tax e-Filing portal and enter your PAN and password.
Step 2: Choose the Assessment Year.
Select AY 2026-27 and the corresponding form of ITR.
Step 3: Pre-Check Information.
Check your own information, payroll, TDS and other earnings displayed in the return.
Never think that you have it all.
Step 4: Enter Income and Deductions.
Add any missing income, any deductions and other information required.
Ensure that the figures are compatible with your supporting documents.
Step 5: Tax Check.
The portal is used to calculate your tax using the information you input and the regime of choice.
In case of tax is due make the necessary payment by the end of the year and file the return.
Step 6: Submit and e-Verify
Once submitted, verify your return with an available verification method.
Don’t simply submit the return and leave it there. Ensure a check has been done.
When is the ITR FY 2025-26 Due Date?
The standard due date of taxpayers under the non-audit category was 31 July 2026, in the case of AY 2026-27. Income tax Department has also sent filing reminders on this date.
In those cases where the due date under the applicable due date is extended, the applicable deadline might vary. Indicatively, the Department indicates that the due date of ITR-4 for AY 2026-27 is 31 August 2026.
In case you have missed the initial due date, you still have time to file your return.
The late filing of AY 2026-27 can be done until 31 December 2026, with the relevant regulations enforced. Late filing charges may also be charged.
ITR Filing Common Mistakes to be avoided.
Even a simple error can cause a notice, tax demand or even missing your refund.
Be careful of the following mistakes:
- The incorrect type of ITR.
- Forgetting interest income
- Disregarding variations in AIS or Form 26AS.
- Taking deductions which are not permitted under the chosen regime.
- Putting in wrong bank account information.
- Reporting incorrect TDS
- Capital gains are not reported.
- Not checking foreign income or assets where applicable
- Failing to e-verify the return
Review your work. Before submit
Conclusion
By mastering the fundamentals of filing ITR for FY 2025-26, you can file your ITR in less time choose the right ITR form, verify your income and TDS, compare the tax regimes and verify your return after filing.
Before submitting, review your AIS, Form 26AS and supporting documents once again. When your income from business, capital gains, foreign assets or other complex transactions, it is advisable to seek professional advice on filing your tax returns.
If you face any kind of problem during filing your ITR. MYLEGAL BUSINESS is here to help you connect with us today for any professional support
FAQs
Which ITR do I need to file in FY 2025- 26?
It is based on your income and tax profile. ITR-1 can be utilised by eligible salaried taxpayers, whereas ITR-2, ITR-3 or ITR-4 can be used under other circumstances.
What is the evaluation year of FY 2025-26?
It is the assessment year AY 2026-27. When you are filing your return based on the income earned in FY 2025-26, choose AY 2026-27.
Is the new tax regime obligatory for AY 2026-27?
No. The new tax regime will be applicable by default but eligible taxpayers will get the option to opt for the old regime as per their specific circumstances.
Can I file my ITR after the due date?
Yes. A late return may be filed within the time limits prescribed by law with the appropriate late ITR filing fees and other requirements. For AY 2026-27, the Department clarifies that a belated return can be filed till 31 December 2026.
Documents required for filing ITR for FY 2025-26
You may be required to produce your PAN, Aadhaar, Form 16, Form 16A, AIS, TIS, Form 26AS, bank statements and details of interest income. You might also need capital gains statements, home loan interest details, deduction documents and details of foreign income or assets, depending on your income.
How do I select the appropriate tax regime for AY 2026-27?
The new tax regime is the default regime for assessment year 2026-27. However, eligible taxpayers can choose to go for the old tax regime. Compare the tax payable under both regimes after taking into account your deductions, exemptions and investments before you make a choice.
Should I check AIS and Form 26AS before filing my ITR?
Yes. You should check AIS and Form 26AS with your other income records before filing. These statements can help you to verify the reported transactions, TDS and other tax related details and identify the differences, if any that may require your attention.
What if you select Wrong ITR Form?
Choosing the wrong ITR Form can cause problems for your return and may even result in action from the Income Tax Department. You need to choose the form based on your sources of income, your residency status and other applicable conditions.
Is e-verification required after filing ITR?
Yes. After filing your ITR, you need to verify it through any of the available methods of verification. Filing is not complete by simply submitting the return.
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