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An ITR is a form in which a taxpayer reports their income, deductions and taxes paid for a financial year to the Income Tax Department. It is how you declare your tax liability, claim any eligible refund and stay compliant with the law.

Any individual whose gross total income exceeds the basic exemption limit must file. Under the new regime (default) the limit is ₹4 lakh; under the old regime it is ₹2.5 lakh (₹3 lakh for those aged 60–79 and ₹5 lakh for those 80+). Filing is also mandatory in certain cases — such as holding foreign assets/income, large bank deposits or high TDS — even if your income is below the limit.

For most individuals who do not require an audit, the due date is generally 31st July 2026. Taxpayers whose accounts need an audit usually have until 31st October 2026. A belated return can be filed up to 31st December 2026 with a late fee.

The old regime has higher tax rates but lets you claim deductions and exemptions such as 80C, 80D, HRA and home-loan interest. The new regime offers lower slab rates and a higher rebate but removes most deductions. Which one saves more depends on your income and the deductions you can claim.

The new tax regime is the default. Salaried individuals can choose the old regime each year at the time of filing. Those with business or professional income face more restrictions on switching back once they opt out of the new regime.

For FY 2025-26, the rebate under Section 87A makes taxable income up to ₹12 lakh effectively tax-free under the new regime. For salaried individuals, the ₹75,000 standard deduction can extend this to around ₹12.75 lakh of salary.

Yes. TDS is only tax deducted at source — it does not replace the requirement to file. Filing lets you report your total income, claim deductions, and obtain a refund if excess tax was deducted.

Commonly required: PAN, Aadhaar, Form 16 from your employer, Form 26AS and AIS, bank statements, interest certificates, capital-gains statements, and proofs of deductions (80C, 80D, home-loan interest, etc.).

Form 26AS is a consolidated tax statement showing TDS/TCS, advance tax and self-assessment tax against your PAN. The Annual Information Statement (AIS) is a wider statement that also reflects interest, dividends, securities transactions and more. Both can be downloaded from the official income tax e-filing portal.

If you've paid more tax than your actual liability (through TDS or advance tax), you claim the excess as a refund by filing and e-verifying your ITR. Once processed by the department, the refund is credited to your pre-validated bank account.

E-verification must be completed within 30 days of filing. Common methods include Aadhaar OTP, net banking, a pre-validated bank/demat account, or sending a signed ITR-V to CPC Bengaluru. An un-verified return is treated as not filed.

Yes. A revised return can be filed up to 31st December of the assessment year to correct mistakes. If that window is missed, an updated return (ITR-U) can generally be filed within the time allowed by law, subject to additional tax.

You can still file a belated return up to 31st December of the assessment year, with a late fee under Section 234F (up to ₹5,000) plus interest on any unpaid tax. You may also lose the ability to carry forward certain losses.

Key updates for the current assessment year include: ITR-1 and ITR-4 can now be used by individuals with LTCG up to ₹1.25 lakh; Aadhaar Enrolment ID is no longer accepted — only the Aadhaar number; ITR-4 asks for a declaration if you're opting out of the new regime; and there is more clarity in reporting exempt income and foreign-source income.

Small businesses and professionals with turnover or receipts below specified limits can opt for presumptive taxation (Sections 44AD/44ADA/44AE), declaring income at a prescribed percentage of turnover. This simplifies compliance by removing the need to maintain detailed books of account.

Read the notice carefully to understand the section and reason — common ones include a Section 143(1) intimation, Section 139(9) defective return, or Section 245 refund adjustment. Respond within the stated time limit through the e-filing portal, and consult a qualified tax professional if the matter is complex.

Once your return is e-verified, refunds are typically processed within a few weeks — often 2 to 6 weeks. Delays can occur if there's a mismatch in your details or your bank account is not pre-validated.