Who must file an ITR in India?
You must file an Income Tax Return if any of the following apply:
- Gross total income exceeds the basic exemption limit (₹3 lakh under the new regime, ₹2.5 lakh under the old regime)
- You own foreign assets or have foreign income
- You deposited more than ₹1 crore in a current account
- You spent more than ₹2 lakh on foreign travel
- You paid more than ₹1 lakh in electricity bills in a year
- You want to claim a refund
- You want to carry forward losses for future set-off
AY 2025-26 key deadlines
| Category | Due date |
|---|---|
| Individuals / HUF (no audit) | 31 July 2025 |
| Businesses requiring audit | 31 October 2025 |
| Transfer pricing cases | 30 November 2025 |
| Revised / belated return | 31 December 2025 |
| Updated return (ITR-U) | Within 2 years from end of AY |
Which ITR form do you need?
- ITR-1 (Sahaj) — resident individuals with income up to ₹50 lakh (salary, one house property, other sources)
- ITR-2 — individuals / HUFs without business income but with capital gains / multiple properties / foreign assets
- ITR-3 — individuals with income from business or profession
- ITR-4 (Sugam) — presumptive income scheme (section 44AD / 44ADA / 44AE)
- ITR-5 — firms, LLPs, AOPs, BOIs
- ITR-6 — companies (not claiming exemption under section 11)
- ITR-7 — trusts, political parties, educational institutions
Penalties for late filing
- ₹5,000 if filed after the due date but on or before 31 December
- ₹1,000 if total income is below ₹5 lakh
- Interest @ 1% per month under section 234A on unpaid tax
- Loss of ability to carry forward losses (except house-property loss)
- Delayed refunds (interest foregone)
Tips to maximize your tax savings
Under the old regime
- Section 80C — ELSS, PPF, EPF, life insurance, home loan principal (limit ₹1.5 lakh)
- Section 80D — health insurance premium (up to ₹25k self / ₹50k parents)
- Section 24(b) — home loan interest (up to ₹2 lakh for self-occupied)
- Section 80E — education loan interest (no upper limit, 8 years)
- Section 80G — donations
- HRA exemption — if you pay rent
- LTA — for domestic travel once every 2 years
Under the new regime (default from AY 2024-25)
- Lower slab rates but most deductions disallowed
- Standard deduction of ₹75,000 for salaried
- Family pension deduction of ₹25,000
- Employer NPS contribution under section 80CCD(2)
- Ideal if you don't have heavy 80C / 80D investments
Pro tips
- Check Form 26AS and AIS on the income tax portal before filing — reconcile every rupee
- Collect all Form 16 / 16A / 16B from employers and deductors
- Keep interest certificates from banks, post office, bonds
- Capital gains statements from your broker / mutual fund
- Don't forget freelance / side income — it's reported to the AIS automatically now
- e-Verify within 30 days of filing — otherwise the return is treated as not filed
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