Every assessment year brings its own mix of form updates, portal changes, and last-minute confusion. AY 2025–26 (covering income earned in FY 2024–25) is no exception. Whether you're a salaried employee, a freelancer, or running a small business, getting your return right—and on time—saves you from interest, penalties, and unnecessary scrutiny.
Which ITR Form Applies to You?
Choosing the wrong form is one of the most common reasons returns get marked defective. Here's a quick reference:
| Form | Who Should Use It |
|---|---|
| ITR-1 (Sahaj) | Salaried individuals with income up to ₹50 lakh, one house property, and other sources (no capital gains) |
| ITR-2 | Individuals/HUFs with capital gains, multiple house properties, or foreign assets, but no business income |
| ITR-3 | Individuals/HUFs with income from business or profession |
| ITR-4 (Sugam) | Presumptive income taxpayers (Sections 44AD, 44ADA, 44AE) up to ₹50 lakh/₹2 crore turnover |
Key Deadlines to Remember
- July 31: Due date for individuals and entities not requiring audit.
- October 31: Due date for businesses requiring a tax audit.
- November 30: Due date for entities involved in international or specified domestic transactions (transfer pricing cases).
- December 31: Last date for filing a belated or revised return for the relevant assessment year.
Old Regime vs New Regime — Quick Recap
The new tax regime continues as the default option, with revised slab rates and a higher rebate threshold. If you wish to claim deductions such as 80C, 80D, or HRA, you'll need to actively opt for the old regime while filing. We've covered this comparison in detail in our companion article on choosing the right regime.
Documents You'll Need
- PAN and Aadhaar
- Form 16 (for salaried individuals) and Form 16A (for other TDS)
- Bank statements for the financial year
- Capital gains statements, if applicable (mutual funds, shares, property)
- Investment proofs for deductions, if opting for the old regime
- Form 26AS and Annual Information Statement (AIS) for cross-verification
A Simple Pre-Filing Checklist
- Download Form 26AS and AIS to confirm all reported income matches your records.
- Reconcile TDS credits with your Form 16/16A.
- Decide between the old and new regime based on your eligible deductions.
- Compute capital gains separately for equity, debt, and property transactions.
- Verify bank account details for refund processing.
- File and e-verify within 30 days to avoid the return being treated as not filed.
Common Mistakes to Avoid
Many notices and rectification requests stem from avoidable errors: mismatched TDS figures, undisclosed interest income, incorrect bank account details, or simply forgetting to e-verify after submission. A careful review against Form 26AS and AIS before filing resolves most of these issues upfront.
If your financial situation involves multiple income sources, capital gains, or business income, it's worth having a professional review your computation before submission—the cost of a small filing error is often far higher than the cost of getting it checked.