The Income Tax Return (ITR) filing for financial year 2025-26 and assessment year 2026-27 has officially commenced, with the Income Tax department enabling online filing through its e-Filing portal. According to Mint, the filing process involves a comprehensive step-by-step approach that ensures all details are reported accurately. Resident individuals with total income up to ₹50 lakh generally file their returns using ITR-1, which is the most commonly used form among salaried taxpayers. The e-Filing portal now offers comprehensive e-Pay Tax service with five standard payment modes - Debit Card, Payment Gateway, RTGS/NEFT, Net Banking, and Bank Counter payment options. To register on the portal, taxpayers must have a valid PAN, active mobile number, and email ID. The registration process involves validating PAN details, entering basic information, and completing OTP verification before setting a password.
The ITR-1 (Sahaj) form is designed for individuals who meet specific income criteria. As reported by Bhawna Gupta, this form is suitable for salary and pension earners whose income is up to ₹50 lakh, along with income from two house properties and other sources. The form also covers individuals earning agricultural income of up to ₹5,000. The ITR-1 contains five pre-filled sections that need to be reviewed and validated: Personal Information, Gross Total Income, Total Deductions, Tax Paid, and Total Tax Liability. According to Mint, the form is the simplest option available for most individual taxpayers, with the Income Tax Department providing a pre-filled ITR-1 filing service on the e-Filing portal for registered users.
The ITR-2 form serves individuals and Hindu United Families (HUFs) with higher income thresholds who do not earn income from business or professional activities. According to reports, this form is applicable for individuals whose income exceeds ₹50 lakh and agricultural income of more than ₹5,000. The form covers earnings from foreign assets, salary income, pension, capital gains, and other income sources. This form is specifically designed for taxpayers with more complex income structures, commonly used by salaried employees, pensioners, and taxpayers with income from multiple house properties, capital gains from shares or property. The filing process for most ITR forms follows a similar pattern, with the information required varying depending on the type of return being filed.
The ITR-3 form targets taxpayers with business income, partnerships, and corporate structures. As reported by Bhawna Gupta, this form is suitable for taxpayers earning income from businesses, partnerships in firms, directors of companies, and investments in unlisted equity shares. The ITR-4 (Sugam) form is available to individuals, HUFs, and companies earning up to ₹50 lakh from businesses or professions, and may be used for presumptive income scheme filings under Sections 58 and 59 of the Income Tax Act, 2025.
With the ITR filing season for AY 2026-27 in full swing, taxpayers must gather all necessary documents before filing their returns. According to Mint, key documents include Form 16 for salaried taxpayers to report salary income and verify tax deductions, Form 26AS providing records of taxes credited against PAN including TDS and advance tax payments, and Annual Information Statement (AIS) containing details of financial transactions. Other essential documents include bank statements for identifying interest income, investment and deduction proofs for claiming tax benefits, home loan statements for calculating tax benefits, and rent receipts for HRA exemption claims. For business owners, maintaining books of accounts, invoices, GST filings, and capital gains statements is crucial for accurate reporting. Taxpayers can also file their returns through offline utility and Excel utility, depending on their preference, but online filing offers convenience and eliminates paperwork hassles.
