FAQs on Income Tax Return Filing (FY 2025-26 | AY 2026-27)
General questions on return filing under the Income-tax Act, 1961
Basics of ITR Filing & Applicable Forms
Every person whose total income exceeds the basic exemption limit or who satisfies the mandatory filing conditions prescribed under the Income-tax Act, 1961 must file an ITR.
Answer:
- Individual (Non-Audit having income other than Business income): 31st July 2026
- Individuals/ Partnership Firms (Non-Audit having Business income): 31st August 2026
- Individual/Partnership Firm (Tax Audit): 31 October 2026
- Transfer Pricing Cases: 30 November 2026
- Belated/Revised Return: As prescribed under Section 139.
Answer:
The applicable ITR form depends on the nature of your income and eligibility. The same ITR forms apply under both the New Tax Regime and the Old Tax Regime.
The applicable ITR form depends on the nature of your income and eligibility. The same ITR forms apply under both the New Tax Regime and the Old Tax Regime.
- ITR-1 (Sahaj): Resident Individual with total income up to ₹50 lakh, having income from salary/pension, one house property, and other sources (excluding specified incomes).
- ITR-2: Individuals/HUFs not having business or professional income, including those with capital gains, multiple house properties, or foreign assets/income.
- ITR-3: Individuals/HUFs having income from business or profession.
- ITR-4 (Sugam): Resident Individuals, HUFs, and Firms (other than LLPs) opting for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE, subject to the prescribed eligibility conditions.
Filing Rules, Deadlines & Losses
Answer: Yes. Deduction of TDS does not exempt a taxpayer from filing an ITR if filing is mandatory.
Answer: Yes. A revised return can be filed within the prescribed time if any omission or mistake is discovered.
Answer: ITR-U allows taxpayers to voluntarily disclose omitted income and pay additional tax within the prescribed time limit.
Answer: Yes. A Nil Return may be filed voluntarily even if there is no tax liability.
Answer: Late filing fee under Section 234F, interest under Sections 234A/B/C (where applicable), and restrictions on carrying forward certain losses may apply.
Answer: Generally, business losses and capital losses cannot be carried forward if the return is not filed within the due date, except where specifically permitted.
Answer: Yes, Aadhaar is mandatory for filing an ITR
AIS & TIS Information Reconciliation
Answer: Annual Information Statement contains details of income, TDS, TCS, investments, securities transactions, interest, dividends, and other financial transactions.
Answer: Taxpayer Information Summary is a summarized version of AIS for easier tax computation.
Answer: Yes. Every taxpayer should reconcile income reported in AIS with books and supporting documents.
Answer: The Income Tax Department may issue notices seeking explanation for the mismatch.
Tax Refunds, Verification & Bank Accounts
Answer: Yes. Excess TDS, advance tax, or self-assessment tax paid can be claimed as refund only by filing an ITR.
Answer: Yes. An ITR is treated as valid only after successful verification within the prescribed time.
Answer: Yes. Salary income can be computed using salary slips, AIS, TDS details, and other supporting documents.
Answer: Yes. All required bank accounts should be disclosed, and one account should be selected for receiving the refund.
Answer: Yes. A pre-validated bank account can be selected while filing the return. New account can also be added any time.
Exemptions, Foreign Assets & Special Incomes
Answer: It is advisable to report Exempt income in ITR form. However it would not increase the Tax liability.
Answer: Yes, It is mandatory for Resident taxpayers having foreign assets or foreign income to disclose them in ITR.
Answer: Yes. NRIs must file an ITR for the income accrued in India.
Answer: Yes. Interest on saving account is fully taxable under New Regime.
Answer: Agricultural income is generally exempt. However if you are having income other than agriculture income then partial tax would be levied on agricultural income.
Documentation, Scrutiny & Compliance Benefits
Answer: Keep a copy of the filed ITR, ITR acknowledgment, Form 16, AIS, TIS, bank statements, investment proofs, and tax payment challans.
Answer: Yes. Returns may be selected for scrutiny under the provisions of the Income-tax Act.
Answer: Timely filing helps avoid penalties and interest, enables carry-forward of eligible losses, facilitates refunds, improves financial credibility, and ensures compliance with the Income-tax Act.
Disclaimer
The blogs, articles, FAQs, and other content published on this website are provided solely for general informational and educational purposes and do not constitute professional advice. While reasonable efforts are made to ensure the accuracy and timeliness of the information, Dhalkari & Bhawalkar Chartered Accountants makes no representations or warranties regarding its completeness, accuracy, or applicability. Readers should independently verify the information and seek professional advice before acting on it. The Firm shall not be liable for any loss or damage arising from the use of or reliance on the content published on this website.
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