Income Tax Return Filing

There are multiple reasons for which timely filing of your income tax return is important – Firstly It’s a legal obligation and you want to make sure that you don’t attract those notices/penalties unnecessarily. Don’t risk to lose the new benefits and miss out about rules! Trust GarudaMudra for Simply easy, safe & secure e-filing of IT Return guiding you through step by step process without any head-ache.

Income Tax Return Filing 2025–2026

Taxes have to be paid by every person, whether personal or business in India. Filing of Income Tax Return(I.T.R) If your income exceeds the basic exemption limit you are required to file your ITR. It’s crucial for maintaining compliance with the law and preventing future headaches.

In this guide, you’ll learn:

Who is required to file ITR

Due dates for different taxpayers

The step-by-step filing process

What is ITR Filing?

ITR Filing is abbreviated as Income Tax Return Filing. It is the action of giving your details, such as income, investments, loans or expenses and taxes to the Income Tax Department for a year. This is to ensure transparency and for you to claim refunds or deductions legally.

Who is Required to Submit Income Tax Return?

These are the following categories, which have to file ITR:

1. Individuals (Resident & Non-Resident)
2. Hindu Undivided Family (HUF)
3. Firms
4. Companies
5. Association of Persons (AOP)
6. Body of Individuals (BOI)
7. Local Authorities
8. Artificial Juridical Persons

Qualification for e-filing of Income Tax Return

Here are a few reasons you must file ITR if your total gross income exceeds the exemption limit:

1. Below 60 years: ₹2.5 lakh
2. 60 to 80 years: ₹3 lakh
3. Above 80 years: ₹5 lakh

Also, you must file ITR in exceptions like the subsequent ones, for instance:

1. Deposits of ₹1 crore and above in current accounts
2. Cash deposit of ₹ 50 lakh or more in a savings account.
3. Foreign travel worth more than ₹2 lakh
4. Electricity bill exceeding ₹1 lakh per year
5. TDS/TCS of more than ₹25,000 (₹50,000 for senior citizens)
6. Income Tax Slabs for FY 2024-25 (AY 2025-26) – New Tax Regime
7. No tax for Total Income up ₹7,00,000 (Rebate up ₹2500) [Applicable only for resident individuals other than who are of the age 80 years or more at any time during the previous year]
8. Salaried individuals Standard deduction: ₹75,000
9. Employer’s contribution to NPS deductible upto 14% of salary
10. Deduction in respect of family pension: Increased to ₹25,000 (from ₹15,000).
11. Salaried individuals can save ₹17,500 tax under new regime
12. Default is new regime; to choose for old regime submit Form 10-IEA
13. New regime maximum surcharge rate: 25% (versus old regime of 37%)

Exceptions to Tax Slabs

All slabs do not have taxes on all incomes. For instance, capital gains are subject to different taxes depending on the type of asset and the duration that you have held it (short term versus long term).

Documents Needed for ITR Filing

The following documents should be handy to enable a smooth filing:

1. PAN & Aadhaar Card
2. Bank Statements / Passbook
3. Form 16 (for salaried individuals)
4. Form 26AS (tax details)
5. Salary slips
6. Home loan statement
7. Capital gains details
8. Rental income details
9. Interest certificates
10. Dividend or foreign income proofs

Other documents requested by ITD

Step-by-Step ITR Filing Process

Step 1: Collect Documents

Compile Form 16, salary slips, Form 26AS, bank statements and proofs of deductions (for instance investments under 80C, medical insurance under 80D).

Step 2: Select the ITR Form Appropriate for You

The form you will use depends on the source of your income:

1. ITR-1: Salaried individuals
2. ITR-2/3: Individuals with capital gains or more than one income sources

Step 3: Fill & Submit Online

-Sign in to the e-filing portal using your PAN or password. Choose the appropriate form and assessment year; fill in details, review and confirm.

Step 4: E-Verify the Return

Verification is mandatory. You can use the Aadhaar OTP, net banking, EVC or send a signed copy of ITR-V to CPC Bengaluru within 30 days.

GarudaMudra’s Assistance in ITR Filing

There have been several changes under the new regime like higher rebates and less complicated slabs. With us at GarudaMudra, e-filing ITR will be simplified, precise and hassle-free. Our specialists also advise you on how you can save more tax with legal deductions and exemptions.

Contact GarudaMudra and save more from the start of a financial year.