Income tax return filing
Income tax return filing is the yearly report of income and tax, filed on the income-tax portal for the year ended 31 March 2026. Company Suggestion picks the form, applies the new regime unless the old regime is chosen, and e-verifies the return within 30 days.
Who must file a return?
Section 139 requires a return when total income, before the deductions under Chapter VI-A, exceeds the exemption. A company and a firm file even when the year shows a loss. A return is also the way to claim a refund of tax that was deducted.
- A resident individual files if income exceeds the exemption that applies, or if a foreign asset, a foreign signing authority, or foreign income is held.
- The seventh proviso also requires a return for current-account deposits above ₹1 crore, foreign travel above ₹2 lakh, an electricity bill above ₹1 lakh, business turnover above ₹60 lakh, professional receipts above ₹10 lakh, or TDS and TCS of ₹25,000 or more (₹50,000 for a senior citizen).
- A business loss or a capital loss is carried forward only if the return is filed by the section 139(1) due date.
For assessment year 2026-27 the new regime under section 115BAC is the default. Tax on that scale is nil up to ₹4 lakh, then 5 per cent to ₹8 lakh, 10 per cent to ₹12 lakh, 15 per cent to ₹16 lakh, 20 per cent to ₹20 lakh, 25 per cent to ₹24 lakh, and 30 per cent above ₹24 lakh. Each rate applies only to that slice. Section 87A brings the tax to nil when total income does not exceed ₹12 lakh. A salary has a standard deduction of ₹75,000 in this regime. Health and education cess is 4 per cent.
The old regime keeps the exemption at ₹2.5 lakh, ₹3 lakh from age 60, and ₹5 lakh from age 80, with rates of 5, 20 and 30 per cent. Its rebate covers tax up to ₹12,500 when income does not exceed ₹5 lakh.
Which form applies?
The form follows the person and the heads of income. The details sit on each form’s page.
| Form | Who uses it |
|---|---|
| ITR-1 | A resident individual, income up to ₹50 lakh, from salary, one house, and other sources |
| ITR-2 | An individual or HUF with no business income, including capital gains and foreign assets |
| ITR-3 | An individual or HUF with income from business or profession, including a partner |
| ITR-4 | Presumptive income under section 44AD, 44ADA or 44AE, total income up to ₹50 lakh |
| ITR-5 | A partnership firm, an LLP, an AOP, a BOI, and the other persons that form lists |
| ITR-6 | A company that is not claiming exemption under section 11 |
| ITR-7 | A person required to file under section 139(4A), 139(4B), 139(4C) or 139(4D) |
When is the return due?
Section 139(1) fixes three dates for the year ended 31 March 2026. An order of the department can move them.
| Who | Due date |
|---|---|
| No audit | 31 July 2026 |
| A company, a person whose accounts are audited, or a partner of a firm whose accounts are audited | 31 October 2026 |
| A person who must file a report under section 92E | 30 November 2026 |
A belated return under section 139(4), and a revised return under section 139(5), can be filed up to 31 December 2026. An updated return under section 139(8A) is a later filing, within 24 months from the end of the assessment year, and it can only increase the tax.
What are the filing steps?
Company Suggestion files the return in four steps.
- Form 16, Form 16A, the Annual Information Statement, Form 26AS, and the books are matched.
- The form is chosen, and the new regime is kept unless Form 10-IEA or the return itself opts out.
- The return is uploaded on the income-tax portal. Where section 44AB applies, the audit report goes in first.
- The return is e-verified within 30 days. The acknowledgement is saved.
Frequently asked questions
4 questions cover the rules that decide this registration.
What is the due date for an income tax return?
For the year ended 31 March 2026, section 139(1) sets 31 July where no audit applies, 31 October for a company or where the accounts are audited, and 30 November where a transfer-pricing report is required. The department sometimes extends these dates by order.
What is the late fee?
Section 234F is ₹5,000 when total income exceeds ₹5 lakh, and ₹1,000 when it does not. A belated return can be filed up to 31 December of the assessment year. Interest under sections 234A, 234B and 234C is separate.
Which tax regime is the default?
The new regime under section 115BAC is the default for an individual and a Hindu undivided family. A person with no business income can choose the old regime in the return. A person with business income files Form 10-IEA before the due date to leave the new regime.
How is the return verified?
By Aadhaar OTP, net banking, an electronic verification code, or a digital signature, within 30 days of filing. A company verifies ITR-6 with a digital signature. A return that is not verified in that time is treated as not filed.