What is an income tax return (ITR)?
Reviewed by Ranga & Company
ITR: An income tax return (ITR) is the form you file with the Income Tax Department to report your income, deductions and tax paid for a year, and to claim any refund due.
At a glance
- Filed on
- incometax.gov.in (e-filing portal)
- Due dates, FY 2025-26
- 31 July 2026 (no business income); 31 August 2026 (non-audit business); 21 November 2026 (audit cases, extended)
- Belated return
- Until 31 December 2026, with a late fee
- Verification
- E-verify within 30 days (Aadhaar OTP, net banking or DSC)
- Late fee
- ₹5,000, or ₹1,000 if total income is up to ₹5 lakh
Which ITR form should you use?
| Form | Who uses it |
|---|---|
| ITR-1 (Sahaj) | Resident individuals with salary or pension up to ₹50 lakh and no business income |
| ITR-2 | Individuals and HUFs with capital gains, foreign assets or more complex income, but no business |
| ITR-3 | Individuals and HUFs with business or professional income on regular books |
| ITR-4 (Sugam) | Presumptive income under 44AD, 44ADA or 44AE, up to ₹50 lakh |
| ITR-5 / 6 / 7 | Firms and LLPs / companies / trusts and institutions |
Who must file
- Anyone whose income before deductions exceeds the basic exemption limit
- Anyone with foreign assets or foreign income, even below the limit
- People with TDS or TCS of ₹25,000 or more (₹50,000 for senior citizens)
- Businesses with turnover above ₹60 lakh or professionals with receipts above ₹10 lakh
- Anyone who wants to claim a refund or carry forward a loss
Filing step by step
- Download AIS and Form 26AS; match them with Form 16, bank interest and capital-gains statements
- Pay any balance tax as self-assessment tax
- Choose the right ITR form and assessment year, review the pre-filled data, add missing income and deductions
- Submit and e-verify within 30 days
Common mistakes
- Choosing ITR-1 when you sold shares or mutual funds in the year
- Not reporting savings and FD interest that appears in AIS
- Submitting the return but forgetting to e-verify it
Frequently asked questions
Who must file an income tax return?
Anyone whose income before deductions exceeds the basic exemption limit, plus people with foreign assets, high-value transactions or TDS of ₹25,000 or more, among other conditions.
Can I file my ITR after the due date?
Yes, as a belated return by 31 December of the assessment year, with a late fee of up to ₹5,000. After that, only an updated return (ITR-U) is possible.
What happens if I don't e-verify my ITR?
A return not verified within 30 days is treated as never filed, so late fees and loss of refund can follow.
Related terms
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