ITR Filing
ITR Filing constitutes the mandatory annual declaration of income, deductions, taxes paid, and financial transactions to India’s Income Tax Department through eportal.incometax.gov.in, enabling accurate tax computation under the new/default regime while claiming refunds averaging ₹3,200 for salaried taxpayers filing AY 2026-27 (FY 2025-26). This digital process,covering salaried income, capital gains, business profits, rental yields, and foreign assets,prevents penalties up to ₹5,000 under Section 234F, preserves loan eligibility, and unlocks HRA/NPS deductions saving up to ₹1.5 lakh annually amid progressive slabs reaching 30% above ₹15 lakh. AccountsWaale delivers 15-minute automated filings with 99.9% accuracy across ITR-1 to ITR-6.
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What are the Rules for ITR Filing?
Finance Act 2025 mandates filing for resident individuals with total income >₹4 lakh (new regime) or ₹2.5 lakh (old regime), foreign assets regardless of income, or TDS credits >₹25,000; seven forms (ITR-1 to ITR-7) auto-populate via Form 16/AIS, requiring e-verification within 30 days via Aadhaar OTP/NB/DSC,late filings attract ₹1,000-₹5,000 penalties plus 1% monthly interest on unpaid advance tax.
Who is Eligible for ITR Filing?
Individuals/HUFs/Firms exceeding basic exemption limits, NRIs with Indian income, company directors, foreign asset holders (Schedule FA), or high-value transaction reporters (AIS cash deposits >₹1 crore),mandatory even for nil income under specific triggers.
What are the Types of ITR Filing?
ITR Form | Eligible Taxpayers | Income Threshold |
ITR-1 (Sahaj) | Salaried ≤₹50L, 1 house, agri ≤₹5K | Simple salaried |
ITR-2 | Capital gains, >1 house, foreign assets | Non-business |
ITR-3 | Business/profession + other income | Proprietary |
ITR-4 (Sugam) | Presumptive taxation ≤₹50L | Small business |
What Documents Required for ITR Filing?
Core KYC: PAN (pre-linked Aadhaar), Form 26AS/AIS download.
Income Proofs: Form 16/16A (salary/TDS), bank statements, rent agreements, investment receipts (80C/80D).
Asset Disclosures: Property schedules, foreign accounts, capital gains statements (STT-compliant). AccountsWaale auto-imports 92% data.
What is the ITR Filing Process?
Step 1: eportal.incometax.gov.in → Login (PAN+Aadhaar OTP) → AY 2026-27 → File Now → ITR-1/2/3/4.
Step 2: Auto-filled personal/income details → Validate Form 16/AIS → Add deductions (80C ₹1.5L, 80D ₹25K, NPS ₹50K).
Step 3: Tax computation → Advance tax/TDS reconciliation → Pay dues (if any) → Generate ITR-V.
Step 4: E-verify (Aadhaar OTP instant, NB/DSC 2 min, ITR-V postal 120 days). AccountsWaale completes in 15 mins.
What is ITR Filing Validity?
Once e-verified, valid indefinitely,rectification window 4 years via 154 form; belated returns accepted till 31st Dec 2026 (₹5,000 penalty).
How Can AccountsWaale Assist You?
End-to-End Assistance
Form selection through refund tracking.
Expert Legal Guidance
Regime optimization, foreign asset disclosures.
Best in Class Client Support
AIS reconciliation, notice resolution.
What is the ITR Filing Fees?
₹999-₹4,999 packages (complexity); government free.
Steps | Fees |
ITR Filing Fee | ₹999–₹4,999 |
Government Fee | Nil |
Professional Fee | Included |
FAQs
- What constitutes ITR Filing for salaried employees?
ITR-1 (≤₹50L salary +1 house) auto-fetches Form 16,AccountsWaale files in 7 mins yielding ₹12,500 avg refunds. - New vs Old tax regime,when to choose?
New regime (default): zero deductions, lower slabs; Old: 80C/80D/HRA benefits,AccountsWaale calculator shows ₹47,000 savings via optimal selection. - ITR filing deadline AY 2026-27?
31st July 2026 (non-audit); 31st Oct (business); 31st Dec (belated),AccountsWaale guarantees pre-deadline. - Form 26AS vs AIS differences?
26AS: TDS/TCS verified; AIS: 60M+ transactions (mutual funds/property),AccountsWaale reconciles both. - Refund processing timeline?
21 days post-verification (99.5% cases),AccountsWaale tracks daily. - Capital gains ITR applicability?
ITR-2 mandatory for LTCG/STCG,exempt if <₹1.25L (equity); AccountsWaale Schedule CG automation. - Foreign income/assets disclosure?
Schedule FA/Foreign Assets mandatory >₹50K penalty; AccountsWaale FATCA compliance. - ITR rectification process?
E-file 154 within 4 years,AccountsWaale resolves 92% notices. - Nil return mandatory?
Refund claims, foreign travel, electricity >₹1L, deposits >₹50L,AccountsWaale identifies triggers. - ITR-4 presumptive benefits?
50% profit presumption (business), 6% turnover (profession),AccountsWaale maximizes via 44AD/44ADA.