Income Tax
April 11, 2026
Income Tax Return Filing: Who Needs to File ITR in India?
Many people think ITR filing is optional if TDS is already deducted. That's not always true. Here's a comprehensive guide on who needs to file, which form to use, and what happens if you don't.
Who Must File Income Tax Return?
You are required to file ITR if any of the following applies:
- Gross total income exceeds the basic exemption limit (₹3 lakh under New Regime for FY 2025-26)
- You want to claim a tax refund
- You have capital gains (from shares, mutual funds, property)
- You earn income from foreign sources or hold foreign assets
- TDS/TCS deducted exceeds ₹25,000 (₹50,000 for senior citizens)
- Total deposits in savings accounts exceed ₹50 lakhs in a year
- You spent more than ₹2 lakhs on foreign travel
- Electricity bill exceeds ₹1 lakh in a year
- Turnover from business exceeds ₹60 lakhs (goods) or ₹20 lakhs (services)
Which ITR Form Should You Use?
| ITR Form | Who Should File |
|---|---|
| ITR-1 (Sahaj) | Salaried individuals with income up to ₹50 lakhs (salary, one house, other sources) |
| ITR-2 | Individuals/HUFs with capital gains, multiple house property, foreign income |
| ITR-3 | Individuals/HUFs with business or professional income |
| ITR-4 (Sugam) | Presumptive income (44AD/44ADA) — small businesses and professionals |
| ITR-5 | Partnership firms, LLPs |
| ITR-6 | Companies (other than those claiming exemption under Section 11) |
| ITR-7 | Trusts, institutions, political parties |
Not sure which form? A tax consultant in Guwahati can identify the correct form based on your income sources.
Due Dates for ITR Filing (FY 2025-26)
- Salaried / Non-audit cases: July 31, 2026
- Audit cases (business): October 31, 2026
- Transfer pricing cases: November 30, 2026
- Belated / Revised return: December 31, 2026
Penalties for Not Filing ITR
- Late filing fee: ₹5,000 (₹1,000 if income below ₹5 lakhs)
- Interest under 234A: 1% per month on unpaid tax
- Loss carry-forward: Cannot carry forward business/capital losses if ITR not filed on time
- Prosecution: In extreme cases with tax evasion exceeding ₹25,000
Benefits of Filing ITR Even If Not Mandatory
- Loan applications: Banks require ITR for home loan, business loan, credit card
- Visa processing: Many countries require last 3 years ITR
- Carry forward losses: Only possible if ITR filed on time
- Insurance claims: ITR serves as income proof
- Government tenders: ITR often required for vendor registration
How to File Your ITR
- Gather documents — Form 16, AIS, bank statements, investment proofs
- Choose the correct ITR form
- Compute taxable income and compare Old vs New Regime (see our tax saving tips)
- File online on the Income Tax e-filing portal
- Verify your return (e-verify or send signed ITR-V)
Or simply let our experts in Guwahati handle your ITR filing.
File Your ITR with Deka & Associates
We handle ITR filing for salaried individuals, business owners, freelancers, NRIs, and companies across Guwahati and Assam. Accurate filing, maximum deductions, zero-error compliance.