ITR filing deadline: Complete guide to ITR forms and tax regimes

The seven ITR forms serve different taxpayer categories with specific income thresholds and requirements. ITR-1 (Sahaj) is for resident individuals with income up to ₹50 lakh from salary/pension, one house property, other sources (interest, etc.), and agricultural income ≤ ₹5,000; and LTCG up to ₹1.25 lakh from equity/mutual funds. ITR-2 applies to individuals/HUFs with salary/pension, capital gains (any amount), multiple house property income, foreign income/assets, agricultural income > ₹5,000, unlisted shares, ESOPs, and company directors. ITR-3 covers individuals/HUFs with income from proprietary business or profession, partners in firms (not LLPs), F&O trading, unlisted shares, plus salary, house property, capital gains. ITR-4 (Sugam) is for resident individuals/HUFs/firms (excluding LLPs) opting for presumptive taxation under sections 44AD/44ADA/44AE, with income ≤ ₹50 lakh; and includes salary, one house property, equity LTCG ≤ ₹1.25 lakh. ITR-5 applies to firms, LLPs, AOPs, BOIs, local authorities, cooperative societies, estates, business trusts - all non-individual entities (excluding those required to file ITR-7). ITR-6 covers companies (other than those claiming exemption under section 11), and ITR-7 is for trusts, political parties, scientific/research institutions, universities, hospitals, NGOs, other institutions required under sections 139(4A)/(4B)/(4C)/(4D)/(4E)/(4F).

With the 31 July 2026 deadline approaching, many salaried taxpayers may not have received Form 16 from their employers, but this should not prevent filing returns. According to Mint, Form 16 provides a summary of salary income and TDS but is not mandatory for filing ITR. Salaried taxpayers can file returns using ITR-1 for income up to ₹50 lakh by reconciling salary records with Form 26AS, AIS, bank statements and investment proofs. The step-by-step process involves calculating total salary income using monthly salary slips or bank statements, claiming deductions under applicable tax regimes, reporting all taxable income sources including savings interest and rental income, verifying TDS with Form 26AS before claiming credits, and carefully reviewing pre-filled return information before submission. For employees who changed jobs during FY 2025-26, they should include salary received from every employer in their calculations. Once filed, taxpayers must complete e-verification by 31 July 2026 to ensure valid processing. Essential documents include month-wise salary slips, bank statements showing salary credits, Form 26AS, AIS, interest certificates, and proof of deductions and exemptions.

Under the old regime, standard deduction is ₹50,000, plus rebate of ₹12,500 is allowed for income up to ₹5 lakh. According to Clear Tax, taxpayers can also claim deductions under Section 80C up to ₹1.5 lakh, coupled with other deductions such as house rent allowance (HRA), home loan, NPS, children's education, etc. For income of ₹7.10 lakh, taking into account the above exemptions and deductions, the taxable salary would be ₹2.50 lakh, leaving you with net 0 tax payable. The income tax slabs under the old regime show nil tax up to ₹2.5 lakh, 5% for ₹2.5 lakh to ₹5 lakh, and 20% for ₹5 lakh to ₹10 lakh.

The new tax regime offers limited deductions but higher tax-free income, making it more beneficial for assessees with straightforward earnings below ₹12 lakh per annum. According to Clear Tax reports, for individuals whose income exceeds the ₹12 lakh limit, using the marginal relief facility allows for even higher tax-free income. For example, for income of ₹12.15 lakh, the tax liability would be ₹62,250 after applying marginal relief, but with the difference calculated as rebate (₹62,250 - ₹15,000 = ₹47,240), the effective tax liability would be ₹15,600 plus health and education cess at 4%. The new tax regime slabs show 5% for ₹4 lakh to ₹8 lakh, 10% for ₹8 lakh to ₹12 lakh, 15% for ₹12 lakh to ₹16 lakh, 20% for ₹16 lakh to ₹20 lakh, and 25% for ₹20 lakh to ₹24 lakh.

The new tax regime offers lower tax slab rates, higher standard deduction and exempt income, but has very few deduction benefits. Meanwhile, the old tax regime has higher tax slab rates but lets you reduce the taxable income through significant deductions and exemptions. As reported by Mint and Clear Tax, the consideration should take into account applicable slab rates and deductions you can claim, with rebate under Section 87A of ₹12,500 for income up to ₹5 lakh under the old regime and ₹60,000 for income up to ₹12 lakh under the new regime. Taxpayers can use the e-filing portal's 'Help me decide' feature to check eligibility conditions based on their taxpayer status before selecting the appropriate form. The choice of ITR form depends on your income type, taxpayer category, and income level - for example, ITR-1 is for salaried individuals with income up to ₹50 lakh, while ITR-3 is for those with business or professional income. Knowing the right ITR form helps ensure accurate and hassle-free filing with the Income Tax Department.

According to the tax calendar on the I-T e-filing portal, filing ITR after the due date attracts late fee up to ₹5,000 (₹1,000 if total income does not exceed ₹5 lakh). Taxpayers must complete e-verification within 30 days of filing, using Aadhaar OTP, net banking, or electronic verification code to ensure secure processing. As reported by Mint, delayed ITR filing till 31 December 2026 is possible but costs extra based on taxable amount, with various penalties including under-reporting penalties of 50% to 200% of tax payable. The I-T department has clarified that delayed revised return attracts ₹1,000 or ₹5,000, depending on income, while failure to pay self-assessment tax results in penalties up to the outstanding tax amount. An ITR that is not verified is considered invalid, even if it has been successfully uploaded, making timely completion essential for compliance.