Individual ITR Filing in India

The Income-tax Act, 1961. Income of FY 2025-26 is assessed in AY 2026-27 under the old Act, even though you file after 1 April 2026. The Income-tax Act, 2025 applies only from Tax Year 2026-27 (income earned on or after 1 April 2026).

Not always — but you must file if you fall under any high-value trigger in the seventh proviso to Section 139(1), such as large current-account deposits, foreign-travel spend over ₹2 lakh, or TDS of ₹25,000 or more. A voluntary nil return is also the only way to claim a refund.

Under the default new regime, it is ₹4,00,000. Under the old regime, it is ₹2,50,000, rising to ₹3,00,000 for senior citizens (60–79) and ₹5,00,000 for super-senior citizens (80+).

Yes, if your India-source taxable income exceeds the basic exemption or you meet a Section 139(1) trigger. Your residential status under Section 6 sets the scope of income. Note that the Section 87A rebate is for resident individuals only.

Yes. Under Section 139AA, your PAN must be linked to Aadhaar and operative; an inoperative PAN cannot be used to file or to receive a refund.

Usually, ITR-1 (Sahaj), if you are a resident with total income up to ₹50 lakh from salary, one house property and other sources. For AY 2026-27, ITR-1 also allows LTCG up to ₹1.25 lakh under Section 112A. With larger capital gains, multiple properties or foreign assets, use ITR-2.

ITR-4 (Sugam) if you declare income on a presumptive basis under Section 44ADA (profession) or 44AD (business) with total income up to ₹50 lakh. If you maintain books or exceed the presumptive limits, use ITR-3.

Directorship or designated-partnership does not by itself make filing compulsory at nil income — the seventh proviso to Section 139(1) does not list it. But in practice, you almost always draw remuneration, sitting fees, interest or dividends above the exemption limit, so filing is unavoidable; and you cannot use ITR-1 or ITR-4 — you must file ITR-2 or ITR-3 and disclose your DIN, the company’s PAN and your shareholding.

No — it is the default under Section 115BAC, but you may opt for the old regime. A salaried taxpayer chooses while filing; a taxpayer with business income must file Form 10-IEA to opt out, and switching back later is restricted.

Under the new regime, the Section 87A rebate of up to ₹60,000 cancels the tax on resident taxable income up to ₹12 lakh. For salary, the ₹75,000 standard deduction lifts the effective nil-tax point to about ₹12.75 lakh; marginal relief smooths the jump just above ₹12 lakh.

If your deductions are small, the new regime usually wins. If you have a home loan, full 80C and 80D investments and significant HRA, the old regime can be better. The only reliable answer is to compute both, which we do before filing.

Listed-equity LTCG over ₹1.25 lakh is taxed at 12.5% under Section 112A; STCG on listed equity is 20% under Section 111A (rates effective 23 July 2024). These figures feed into ITR-2 or ITR-3.

31 July 2026 for non-audit individuals filing ITR-1 or ITR-2. Non-audit returns with business or professional income (ITR-3/ITR-4) are slated for 31 August 2026; audit cases are due 31 October 2026. Confirm the latest dates on the Income Tax portal before filing.

Yes, as a belated return under Section 139(4), up to 31 December 2026 for AY 2026-27, with a late fee under Section 234F and interest under Section 234A.

File a revised return under Section 139(5) to correct it. The revised return window for AY 2026-27 is being confirmed (sources cite 31 December 2026, with an indication of an extended date); we will file within the applicable cut-off.

A late fee of ₹5,000 under Section 234F, reduced to ₹1,000 if your total income is up to ₹5 lakh, plus interest at 1% per month on unpaid tax under Section 234A. You may also lose the right to carry forward losses.

Possibly, through an updated return (ITR-U) under Section 139(8A), now allowed within 48 months of the assessment year’s end. Additional tax applies — 60% in the third year and 70% in the fourth — and ITR-U cannot be used to claim a refund or report a loss.

A simple salaried return can be completed in a single sitting once documents are shared; capital-gains and business returns typically take two to three working days for reconciliation, computation and review before e-filing.

File the return, e-verify it, and ensure your bank account is pre-validated on the portal. Refunds are paid by the Income Tax Department with interest under Section 244A; we track the status until credit.

A return is not valid until verified. You e-verify within 30 days via Aadhaar OTP, net banking or EVC, or by posting the signed ITR-V to CPC Bengaluru. Miss the window, and the return is treated as never filed.

No — ITR filing is largely paperless. You keep Form 16, capital-gains statements and deduction proofs as records to support the figures and to answer any intimation under Section 143(1).

The professional fee depends on your income profile (salaried, investor, presumptive business, or trader/NRI). There is no government fee to file. Self-assessment tax under Section 140A, if any, is payable by you, and GST on the professional fee is extra.

No. Setindiabiz is a private professional-services firm. Your return is filed on, and processed only by, the Income Tax Department of India; we prepare, compute, file and e-verify on your behalf.