Overview
Filing an ITR on time is essential to claim refunds, carry forward losses, avoid late fees and keep a clean financial record for loans and visas. Choosing the wrong form or missing income in the AIS can lead to notices. TaxBucket prepares returns for salaried individuals, businesses, professionals, NRIs, firms, LLPs and companies, matches data with AIS and Form 26AS (now Form 168), and handles refunds and notices.
Which ITR Should You File?
Select the correct Income Tax Return form based on your income sources to avoid notices and penalties.
Salaried Individuals with simple income
- Total income up to ₹50 Lakhs
- Income from Salary/Pension & 1 House Property
- Income from Other Sources (e.g. Interest, Dividends)
Individuals & HUFs with no business income
- All incomes under ITR 1 without the ₹50L limit
- Capital Gains (Property, Stocks, Mutual Funds)
- Multiple house properties & foreign income/assets
Individuals & HUFs with business income
- All incomes covered under ITR 2
- Income from Business or Profession
- Speculative income (Intra-day, Futures & Options)
Presumptive business or profession
- Total income up to ₹50 Lakhs
- Presumptive income (Section 44AD, 44ADA, 44AE)
- Does not include capital gains or foreign assets
For missed ITR filing deadlines
- Filed after the original due date has passed
- Late fee (u/s 234F) and penal interest apply
- Must be filed within the permitted extended timeline
For correcting a filed ITR
- Applicable if you made an error in the original ITR
- Allows updating omitted income or wrong deductions
- The latest revised return replaces the previous one
For voluntary tax compliance
- Can be filed up to 2 years from the end of relevant AY
- Cannot be used to claim a refund or reduce liability
- Additional tax (25% or 50%) and interest apply
Who needs it?
- Individuals whose income exceeds the basic exemption limit
- Businesses, professionals, firms, LLPs and companies (mandatory regardless of income)
- Taxpayers with capital gains, foreign income or foreign assets
- Anyone wanting to claim a refund or carry forward losses
Key benefits
- Claim tax refunds quickly
- Carry forward business and capital losses
- Proof of income for loans, visas and tenders
- Avoid late fees, interest and notices
- Peace of mind with expert review
Documents required
Checklist: keep these ready
- PAN and Aadhaar
- Salary TDS certificate (Form 16 / Form 130)
- AIS, TIS and Form 26AS / Form 168
- Bank statements and interest certificates
- Capital gains statements
- Investment and deduction proofs (old regime)
- Books of accounts and financial statements (business)
Step-by-step process
- 1
Step 1
Collect income documents and AIS data
- 2
Step 2
Choose the correct ITR form and tax regime
- 3
Step 3
Compute income, deductions and tax
- 4
Step 4
Pay any balance tax
- 5
Step 5
File the ITR and e-verify within 30 days
- 6
Step 6
Track refund and respond to any notices
Key facts: fees, timelines, due dates and penalties
- 1FY 2025-26 due dates: 31 July 2026 (ITR-1/ITR-2), 31 August 2026 (non-audit ITR-3/ITR-4), 31 October 2026 (audit cases, ITR-5/6/7), 30 November 2026 (transfer pricing)
- 2Belated return: by 31 December 2026; revised return: by 31 March 2027
- 3Late fee: Rs 5,000 (Rs 1,000 if income is up to Rs 5 lakh) plus interest at 1% per month
- 4The Income-tax Act, 2025 applies from 1 April 2026 and uses 'tax year' in place of 'assessment year'
Why choose TaxBucket for Income Tax Return (ITR) Filing?
- 14+ years of experience in tax, GST, MCA and legal compliance
- ISO 9001:2015 certified company with a team of tax and compliance professionals
- Transparent pricing with no hidden charges
- End-to-end online process with a dedicated expert and regular status updates
- Office in South West Delhi; serving clients across India
Frequently asked questions
Which ITR form should I file?
ITR-1 for resident individuals with salary and limited other income up to Rs 50 lakh, ITR-2 for capital gains or foreign income without business, ITR-3 for business or professional income, ITR-4 for presumptive income, and ITR-5/6/7 for firms, LLPs, companies and trusts.
What happens if I miss the ITR due date?
You can file a belated return with a late fee and interest, but some losses cannot be carried forward and some benefits are lost.
What is the 'tax year' under the new Income-tax Act?
From 1 April 2026, the financial year in which income is earned is called the 'tax year', replacing the earlier 'previous year' and 'assessment year' terms.
Is ITR filing mandatory if income is below the exemption limit?
Not always, but it is required in some cases, such as high foreign travel or electricity expenses, large deposits, or to claim a refund.
Get expert help with Income Tax Return (ITR) Filing today
Call +91 7838-000-475 or send your enquiry and our expert will get back to you.