The ITR filing process can become complex depending on your residential status, the ITR form selected and the nature of your income. You can file your ITR online through the Income Tax Portal, or using the offline utility and then by uploading it on the portal.The CBDT has enabled online e-filing and excel utility for ITR-1, ITR-2, ITR-3 and ITR-4 for FY 2025-26 (AY 2026-27).7 Simple Steps on how to file ITR OnlineYou can file your ITR following these simple steps:Login to the Income Tax PortalGo to ‘File Income Tax Return’Select the Assessment yearSelect 'Filing Status"Select ‘ITR Type’Select reason for filing the returnValidate the details and e-verifyWhat is ITR?ITR stands for Income Tax Return, in which the taxpayer discloses all the details related to his income, assets, taxes, losses, refunds, etc. for the relevant assessment year.Documents Required for Filing ITRBefore filing ITR, there are a few documents and details that you need to gather in order to file ITR.PAN and AadhaarBank StatementsForm 16Donation receiptsStock trading statements from the broker platformInsurance policy paid receipts related to life and healthBank account information linked to PANAadhaar registered mobile number for e-verifying the returnInterest certificates from banksHow to File ITR Online?Before you start, download both your Form 26AS (Tax Credit Statement) and your AIS (Annual Information Statement) from the e-filing portal. Cross-check every entry against your bank statements, Form 16, broker capital gain statements and rent receipts. If any AIS entry is wrong, submit feedback within AIS itself - this preserves your audit trail and prevents notices later.The step-by-step guide on how to file ITR online for FY 2025-26 through the Income Tax Portal:Step 1: Log in to the Income Tax PortalVisit the Income Tax e-Filing portal and click on Login.

ITR stands for Income Tax Return. It is a form through which taxpayers in India report their income, expenses, taxes paid, and tax liability for a financial year. There are seven types of ITR, namely ITR-1 to ITR-7. The type of ITR a taxpayer needs to file differs based on her income sources, level of income and the residential status. Therefore, choosing of the right ITR form becomes crucial.The ITR due date for non-tax audit cases for FY 2025-26 (AY 2026-27) is 31st July 2026.

The ITR-3 form is the most comprehensive income-tax return form for individual taxpayers. It is applicable for individuals and HUFs having income from a proprietary business or profession. It is applicable when the taxpayer maintains regular books of accounts and total income exceeds Rs. 50 lakhs.ITR-3 Released for FY 2026-27 (AY 2026-27)The Income Tax Department has released Form ITR-3 offline utility and online filing. Eligble taxpayers can now start filing ITR-3 online. Who Can File ITR-3?Individuals and HUFsCarrying on business under presumptive schemeCarrying on ProfessionIncome From Dividend/InterestIncome from freelancing or consultancyIncome from F&O Trading/Intraday/Share TradingThe return may include income from house property, salary/pension, capital gains, and other sources.Remuneration received from a partnership firm (Not from LLPs)Who Cannot File ITR-3?No persons other than individuals & HUF are eligible to file ITR -3 Form.Individuals & HUFs not having income by way of business or profession or partnership firm are not eligible to file the ITR-3 Form. In other words, any person who is eligible to file ITR-1, ITR-2 and ITR-4 is not eligible to file ITR-3.Last Date to File ITR 3 for FY 2025-26 (AY 2026-27)For non-audit cases, the due date  to file ITR-3 for FY 2025-26 (AY 2026-27) is 31st August 2026 and for accounts requiring audit, the due date is 31st October 2026.What is the Structure of ITR-3?Part APart A-GEN: General information and Nature of BusinessPart A-BS: Balance Sheet as of March 31, 2021, of the Proprietary Business or ProfessionPart A- Manufacturing Account: Manufacturing Account for the financial year 2020-21Part A- Trading Account: Trading Account for the financial year 2020-21Part A-P&L: Profit and Loss for the financial Year 2020-21Part A-OI: Other Information (optional in a case not liable for audit under Section 44AB)Part A-QD: Quantitative Details (optional in a case not liable for audit under Section 44AB)After this, there are the following schedules.Schedule-S: Computation of income under the head Salaries.Schedule-HP: Computation of income under the head Income from House PropertySchedule BP: Computation of income from business or professionSchedule-DPM: Computation of depreciation on plant and machinery under the Income-tax ActSchedule DOA: Computation of depreciation on other assets under the Income-tax ActSchedule DEP: Summary of depreciation on all the assets under the Income-tax ActSchedule DCG: Computation of deemed capital gains on the sale of depreciable assetsSchedule ESR: Deduction under section 35 (expenditure on scientific research)Schedule-CG: Computation of income under the head Capital gains.Schedule 112A: Details of Capital Gains where section 112A is applicableSchedule 116AD(1)(b)(iii)Proviso: For Non-Residents Details of Capital Gains where section 112A is applicable.Schedule-OS: Computation of income under the head Income from other sources.Schedule-CYLA-BFLA: Statement of income after set off of current year’s losses and Statement of income after set off of unabsorbed loss brought forward from earlier years.Schedule-CYLA: Statement of income after set off of current year’s lossesSchedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.Schedule CFL: Statement of losses to be carried forward to future years.Schedule- UD: Statement of unabsorbed depreciation.Schedule ICDS – Effect of Income Computation Disclosure Standards on ProfitSchedule- 10AA: Computation of deduction under section 10AA.Schedule 80G: Statement of donations entitled for deduction under section 80G.Schedule RA: Statement of donations to research associations etc.

Income tax is the tax that individuals and businesses must pay to the government on the income they earn in a financial year. In India, income tax is governed by the Income Tax Act and is calculated based on income tax slabs, deductions, and exemptions available to taxpayers.Key Highlights of Income Tax for FY 2025-26 (AY 2026-27)New tax regime is the default for individuals and HUFs.Income up to Rs. 12 lakh is effectively tax-free under the new tax regime. Most income is taxed as per slab rates, while some income like capital gains is taxed at special rates.Excess tax deducted as TDS can be claimed as a refund when filing the ITR.What is Income Tax?Income tax means tax levied on the income earned by the taxpayer in the relevant financial year. By definition, it follows the direct tax mechanism, because it is borne by the taxpayer directly, and the tax burden cannot be passed on further, unlike indirect taxes. India follows a progressive tax rate for individuals, meaning the tax rate increases with the assessee's income.

The National Pension Scheme (NPS) is one of India’s most accepted pension-oriented products. Investing in NPS will give you an edge over fixed-income schemes and allow you to avail tax benefits up to Rs.1.5 lakh under Section 80C and Section 80CCD of the Income Tax Act, 1961. It also allows you to choose the allocation of investments. While the active choice will allow you to determine the plan and investment percentage, the auto choice will allocate your investments based on your age and risk profile.Pension Fund ManagersAt present, there are 11 NPS pension fund managers in the country.SBI Pension Funds Pvt. Ltd.LIC Pension Fund Ltd.UTI Retirement Solutions Ltd.HDFC Pension Management Co. Ltd.ICICI Prudential Pension Fund Management Co.

Section 43B(h) stipulates that any sum owed to Micro and Small enterprises for goods supplied or services rendered will be allowed as a deduction in the same financial year if it is paid within the deadline stipulated by the MSMED Act, 2006. However, delayed payments will be allowed as a deduction in the financial year in which the payment was made. It addresses the issue of working capital scarcity in the MSME industry and promotes prompt payments to micro and small businesses.MSME Section 43B(h): New MSME 45 Days Payment RuleThe newly added clause (h) states that any sum paid by an assessee to a Micro & Small Enterprise beyond the time limit specified in Section 15 of the MSMED Act shall be allowed as a deduction only in the previous year in which the sum has been actually paid (irrespective of the accounting method employed).In simple words, any payment due to a Micro & Small Enterprise if paid within 45 days will be allowed as a deduction in the same financial year. However, if the payment is made after 45 days it will be allowed as a deduction in the financial year in which the payment is made. Section 43B(h) ApplicabilityThis clause is applicable when an enterprise is buying goods or taking services from Micro and Small Enterprises registered under the MSMED Act, 2006. Notably, the registration of the buyer under the MSMED Act, 2006 is not mandatory.

Section 192 provides for salary TDS, wherein TDS is deducted under the applicable slab rates. While the TDS already deducted on your income is reflected on your Form 26AS and AIS, you can claim TDS refund if your tax liability is less than the total TDS deducted;.What is TDS on Salary?Section 192 of the Income Tax Act deals with TDS on salary income. It requires employers to estimate the total income of an employee for the financial year and deduct tax if the estimated salary exceeds the basic exemption limit. The TDS is computed according to the applicable income tax slab rates under the chosen tax regime, which means the deduction amount will vary from employee to employee depending on their income and eligible deductions. Who Can Deduct TDS Under Section 192?The employers are required to deduct TDS under section 192 every month and deposit it with the government within a specific time-period. The employers can be:Companies (Private or Public)IndividualsHUFTrustsPartnership firmsCo-operative societiesThe employer’s status such as HUF, firm or company is irrelevant for the deduction of tax at source under this section. Only employer-employee relationship matters. According to section 192 of the Income Tax Act, there must be an employer-employee relationship between the deductor and deductee for TDS. Moreover, the number of employees employed by the employer also does not matter for deducting TDS.  Section 192 TDS RatesAs mentioned already, section 192 TDS is deducted under applicable slab rates of the employee.Th employer should estimate the total income for the taxpayer, and deduct TDS if there is a possible tax liability on the estimated total income.The slab rates under the new regime and old regime are as follows:Income Tax Slabs for FY 2025-26 (AY 2026-27)Income Tax Rates for FY 2025-26 (AY 2026-27)Up to Rs.

Form 26B is a tax form used to request a refund of excess Tax Deducted at Source or Tax Collected at Source. If the deductor has deducted more TDS than what is required to be deducted, they can claim refund by submitting Form 26B to the Income Tax Department. It provides an organized mechanism for obtaining a refund for the over-payment.The process includes filling out the form and adding the appropriate papers to support the claim. Once filed, the tax department evaluates the application and processes the refund if it is genuine. Form 26B must be filed online using the TRACES system.

Taxpayers are required to file their Income Tax Return (ITR) before the applicable due dates. As per the provisions of the Income Tax Act, the due date depends on the ITR form required to be filed by the taxpayer and applicability of tax audit or transfer pricing. Taxpayer filing an ITR after the specified due date is be liable for late fees, interest, and will lose out on various other tax benefits.For FY 2025-26, the ITR due date for taxpayers filing ITR-1 and ITR-2 is 31st July 2026. For taxpayers filing ITR-3 and ITR-4 and not requiring tax audit, the due date is 31st August 2026.ITR Filing Last Date FY 2025-26 (AY 2026-27)Taxpayer CategoryDue DateITR-1 & ITR-231 July 2026ITR-3 & ITR-4 (Non-Audit)31 August 2026Audit Cases31 October 2026Transfer Pricing Cases30 November 2026Belated Return31 December 2026Revised Return31 March 2027*Due dates are applicable unless extended by the Income Tax Department.ITR Due Dates at a GlanceReturn TypeApplicable TaxpayerDue DateITR-1 or ITR-2Individuals and HUFs not liable for tax audit31 July 2026ITR-3 (Non-Audit)Individuals and HUFs having business/professional income not liable for tax audit31 August 2026ITR-3 (Tax Audit)Individuals and HUFs having business/professional income liable for tax audit31 October 2026ITR-4 (Non-Audit)Eligible presumptive taxation taxpayers not liable for tax audit31 August 2026ITR-4 (Tax Audit)Presumptive taxation taxpayers liable for tax audit (where applicable)31 October 2026Belated ReturnTaxpayers filing return after the original due date31 December 2026Updated ReturnEligible taxpayers filing an updated returnUp to 48 months from the end of the relevant assessment yearITR Filing Due Dates by Taxpayer Category1. ITR Due Date for Salaried IndividualsThe ITR due date for salaried taxpayers required to file ITR-1 or ITR-2 forms for the financial year 2025-26 is 31st July 2026.

A sign-on bonus received from an employer is generally taxable as salary in the year of receipt. However, tax issues arise when the employee is required to refund the bonus due to early resignation or breach of employment conditions. This case law examines whether such refunded amounts can be claimed as a deduction or otherwise adjusted for income-tax purposes.Details of Case LawCase Law: Income Tax Appellate Tribunal – Chennai, S.S.N.Ravi, Chennai vs ACIT on 6 May 2016 I.T.A. No.933/Mds/2015. Assessment year: 2008-2009.Facts of the caseThe taxpayer filed the income tax return for FY 2007-08 and disclosed a salary income of Rs.43,54,815.