Confused about which ITR form to use? This complete guide covers ITR-1 to ITR-7, filing deadlines, penalties for late filing, and how to claim maximum deductions.
Income Tax Return (ITR) filing is a mandatory annual obligation for millions of taxpayers in India. With multiple ITR forms, changing deadlines, and complex deduction rules, it can be overwhelming. This guide simplifies everything you need to know for AY 2025-26.
Which ITR Form Should You Use?
• ITR-1 (Sahaj): Salaried individuals with income up to ₹50 lakhs, one house property, and no business income • ITR-2: Individuals with capital gains, foreign income, or multiple house properties • ITR-3: Individuals with business or professional income (non-presumptive) • ITR-4 (Sugam): Individuals/HUFs with presumptive business income under Section 44AD/44ADA • ITR-5: Partnership firms, LLPs, AOPs, BOIs • ITR-6: Companies (other than those claiming exemption under Section 11) • ITR-7: Trusts, political parties, research institutions
Key Filing Deadlines for AY 2025-26
• July 31, 2026: Individuals, HUFs, and non-audit cases • October 31, 2026: Businesses requiring tax audit • November 30, 2026: Transfer pricing cases Missing these deadlines attracts penalties under Section 234F.
Penalties for Late Filing
• Filed after due date but before December 31: ₹5,000 penalty • Filed after December 31: ₹10,000 penalty • Income below ₹5 lakhs: Maximum penalty ₹1,000 • Additionally, interest under Section 234A applies on unpaid tax at 1% per month
Maximize Your Deductions
• Section 80C: Up to ₹1.5 lakhs (LIC, PPF, ELSS, home loan principal, tuition fees) • Section 80D: Health insurance premium (₹25,000 for self, ₹50,000 for senior citizen parents) • Section 24(b): Home loan interest up to ₹2 lakhs for self-occupied property • Section 80TTA/80TTB: Interest on savings account (₹10,000 / ₹50,000 for seniors) • HRA exemption: For salaried employees paying rent
New Tax Regime vs Old Tax Regime
The new tax regime (default from FY 2023-24) offers lower slab rates but no deductions. The old regime allows all deductions but has higher slab rates. For most salaried individuals with significant investments, the old regime is more beneficial. Our CAs can calculate which regime saves you more tax.
What is Form 26AS and AIS?
Form 26AS shows all TDS deducted on your income. The Annual Information Statement (AIS) shows all financial transactions reported to the Income Tax Department — including bank interest, mutual fund redemptions, and property transactions. Always reconcile your ITR with Form 26AS and AIS to avoid notices.
If you are a business owner, your ITR filing may also require a Digital Signature Certificate (DSC) for e-verification. Companies and LLPs must mandatorily use DSC for ITR filing.
Lexvora Filings provides expert CA-assisted ITR filing for all categories. We ensure maximum deductions, accurate computation, and timely filing. File your ITR today →
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