Complete Guide to ITR Filing in India (FY 2025-26)

The Income Tax Return season runs from April to July every year for individual taxpayers. For FY 2025-26 (Assessment Year 2026-27), the deadlines, forms, and processes have a few important changes you need to know about.

Which ITR form should you file?

• ITR-1 (Sahaj): Salaried with income up to ₹50L, one house property, no capital gains
• ITR-2: Salaried + capital gains, multiple house properties, foreign assets, NRI
• ITR-3: Business or professional income (not 44ADA)
• ITR-4 (Sugam): Presumptive scheme (44AD/44ADA) up to ₹50L

Key deadlines for FY 2025-26

• 31 July 2026: Original ITR for individuals (no audit required)
• 31 October 2026: Tax audit cases
• 31 December 2026: Belated/revised return
• 31 March 2027: Updated return (ITR-U) with additional tax

What changed for FY 2025-26

The Budget 2025 raised the 87A rebate to ₹60,000 (new regime), making income up to ₹12L tax-free. Standard deduction increased to ₹75,000 in the new regime. Surcharge above ₹5Cr capped at 25% in the new regime (vs 37% old).

Common mistakes to avoid

1. Not reconciling Form 26AS / AIS with your actual income
2. Missing rent receipts for HRA claim above ₹1L per year
3. Forgetting to include FD interest (TDS doesn't equal final tax)
4. Not declaring crypto/VDA income (30% flat tax)
5. Choosing wrong regime — most salaried benefit from new

Filing on time isn't optional — late fees up to ₹5,000 plus penal interest u/s 234A apply. Worse, you lose the right to carry forward losses.