Income Tax Return (ITR) filing is a statutory obligation for eligible taxpayers under the Income Tax Act, 1961. Individuals, Hindu Undivided Families (HUF), Association of Persons (AOP), and Body of Individuals (BOI) whose income exceeds the basic exemption limit during a financial year must file their return. Companies and partnership firms are required to file income tax returns irrespective of income or profit.
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Basic Exemption Limits (FY 2025-26 / AY 2026-27)
Under the default New Tax Regime:
- Basic exemption limit: ₹3,00,000
- Rebate under Section 87A available as notified (subject to income threshold and conditions)
Under the Old Tax Regime:
- ₹2,50,000 (below 60 years)
- ₹3,00,000 (60–80 years)
- ₹5,00,000 (80+ years)
Advance Tax (2026)
If your total tax liability exceeds ₹10,000 in a financial year, you are required to pay advance tax in installments as per the prescribed schedule:
- 15% by 15th June
- 45% by 15th September
- 75% by 15th December
- 100% by 15th March
Failure to pay advance tax may attract interest under Sections 234B and 234C.
Mandatory ITR Filing Even If Income Is Below Basic Exemption (In Certain Cases)
ITR filing may still be mandatory if:
- Deposits exceeding specified limits in bank accounts
- Foreign assets or foreign income
- TDS deducted
- High-value transactions reported in AIS
- Electricity consumption exceeding prescribed limit
- Business turnover exceeding threshold
- You wish to claim tax refund
Types of ITR Forms (AY 2026-27)
- ITR-1 (Sahaj) – Salaried individuals (subject to conditions)
- ITR-2 – Individuals/HUF not having business income
- ITR-3 – Individuals/HUF with business or professional income
- ITR-4 – Presumptive income scheme
- ITR-5 – Firms, LLP, AOP
- ITR-6 – Companies (other than Section 8 claiming exemption)
- ITR-7 – Trusts & charitable institutions
Key Income Tax Updates (2026)
- New tax regime is default (unless old regime opted)
- Increased focus on AIS (Annual Information Statement) reconciliation
- Pre-filled return data from Form 26AS and AIS
- Mandatory e-verification within prescribed time
- Penalty for delayed filing under Section 234F
- Revised return allowed within prescribed timelines
Our Income Tax Services
We assist with:
- Preparation and filing of Income Tax Returns
- Corporate and partnership return filing
- Advance tax computation and planning
- TDS reconciliation and AIS review
- Tax demand response and refund tracking
- Tax planning under new vs old regime
- Representation before income tax authorities (if required)
ITR Filing Due Dates (AY 2026-27)
- Individuals (non-audit): 31st July 2026
- Audit cases: 31st October 2026
- Transfer pricing cases: 30th November 2026
- Belated return: 31st December 2026 (subject to law updates)
Penalty for Late Filing
- Late fee under Section 234F up to ₹5,000 (depending on income level)
- Interest under Section 234A on unpaid tax
- Loss carry-forward may not be allowed if return not filed within due date
For professional assistance with income tax return filing, advance tax planning, and compliance management, consult experienced tax advisors to ensure accurate and timely submission.
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