ITR Last Date: If you are filing income tax return for the first time, then know these important things and deadlines..

If you are filing your Income Tax Return (ITR) for the first time, it is crucial to be aware of certain key details. The Income Tax Department has released the online forms and Excel utilities for ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, and ITR-7 for the financial year 2025-26 (assessment year 2026-27). Using the Excel utility, taxpayers can fill in their details offline and subsequently upload them to the Income Tax Department's e-filing portal. Alternatively, the return can also be filed directly online. The deadline for filing the income tax return without a late fee has been set for August 31, 2026.

**Drawbacks of last-minute filing**
Experts advise filing returns well in advance to avoid issues such as heavy website traffic, technical glitches, or calculation errors that often occur at the last minute. According to income tax regulations, filing an ITR is mandatory if your total income exceeds the prescribed limit.

Additionally, filing a return may be required if you own assets in India or abroad, have invested in the stock market or ESOPs, hold bank account balances exceeding specified limits, have an annual electricity bill of over ₹1 lakh, have spent more than ₹2 lakh on foreign travel, or if your business turnover exceeds ₹60 lakh.

**Who benefits from the old tax regime?**
Your taxable income is calculated by aggregating earnings from salary, bank fixed deposit (FD) interest, income from shares, and other sources. Deductions available on investments such as PPF, the National Pension System (NPS), life insurance, home loans, and other tax-saving instruments are then subtracted from this total.

Income tax is calculated on the remaining amount. Deciding whether the old or the new tax regime is better for you depends on your income and your tax-saving investments. If you have made investments in PPF, NPS, insurance, home loans, or other tax-saving instruments, the old tax regime might be more beneficial.

What should those with low investments do?
The new tax regime may prove better for individuals with lower investments. It is advisable to use an online tax calculator or consult a Chartered Accountant before filing your return. First-time filers should keep essential documents ready in advance, including their PAN card, Aadhaar card (linked to the PAN), Form-16, bank account details, investment-related documents, details of PPF and NPS investments, home loan interest certificates, and insurance premium receipts.
If you changed jobs during the financial year, you will need to keep Form-16 from both your old and new employers. Form-16 is issued by your employer and contains complete details regarding your salary, TDS, tax exemptions, and deductions.

Meanwhile, Form-26AS and the Annual Information Statement (AIS) contain a comprehensive record of your income, bank interest, dividends, share transactions, foreign transactions, and other financial activities. You should cross-check this information before filing your ITR to avoid any errors.

Choosing the right ITR form is crucial.
Selecting the correct ITR form is one of the most important steps when filing a return. Salaried individuals whose income comes from salary, a single house property, and other common sources can file ITR-1. ITR-2 is suitable for those whose income includes capital gains or ownership of more than one house property.

ITR-3 must be filed if there is income from a business or profession, whereas ITR-4 is prescribed for businesspersons and professionals opting for the presumptive taxation scheme. If you are confused about which form to choose, you can use the "Help Me Decide" option available on the Income Tax portal.

Merely filing the ITR is not enough.
Simply filing the ITR is not sufficient. It is mandatory to e-verify the return within 30 days of submission. If this is not done, your return may be considered incomplete, and there could be a delay in receiving the refund.
E-verification via Aadhaar OTP, net banking, or electron...

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