ITR filing 2025-26: The commencement of the new financial year marks the official beginning of the filing of Income Tax Returns (ITRs) for the Assessment Year 2025-26. As in previous years, taxpayers have the option to file their tax returns through both online and offline channels. An Income Tax Return (ITR) is a document used by taxpayers to report details of their income and tax liabilities to the income tax department.
To assist taxpayers in filing their income tax returns smoothly, the Income Tax Department introduces new forms, updates existing ones, and provides Excel utilities. Currently, there are 7 forms notified by the department – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. It is crucial for every taxpayer to submit their ITR by the specified due date.
The selection of the appropriate ITR form depends on factors such as the sources of income, the total income earned, and the taxpayer’s category, whether individual, Hindu Undivided Family (HUF), company, etc.
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Choosing the right ITR form
When it comes to filing your income tax return, it’s important to choose the right form that aligns with your financial situation. By understanding the specific criteria for each ITR form, you can make an informed decision on which form is right for you.
Here are the key points to consider for each type of ITR form:
ITR-1 (Sahaj): Ideal for small taxpayers such as salaried individuals, pensioners, and those with income from only one house. However, individuals with income including capital gains, business earnings, or foreign assets should opt for a different form.
ITR-2: Designed for individuals with high income and capital gains, including those with multiple sources of income like salary, property, capital gains, foreign assets, or agricultural income exceeding Rs 5,000.
ITR-3: Meant for business owners, professionals (e.g., doctors, lawyers, freelancers), and individuals with capital gains from investments like the stock market.
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ITR-4 (Sugam) is specifically designed for small businessmen who qualify for presumptive taxation. Individuals with a total income of up to Rs 50 lakh, such as shopkeepers, cab drivers, plumbers, and electricians, are eligible to fill out this form. However, those with income from foreign assets or special exemption sections are not eligible to use ITR-4.
ITR-5: For partnership firms and trusts, ITR-5 is the appropriate form to be filled out by entities such as partnership firms, LLPs, societies, and trusts.
ITR-6: Companies are required to fill out ITR-6, unless they are claiming exemption under section 11.
ITR-7 is designated for charitable trusts, political parties, and institutions such as religious institutions, political parties, and research institutes.
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ITR Form Applicability
| ITR Form | Applicable to | Salary | House Property | Business Income | Capital Gains | Other Sources | Exempt Income | Lottery Income | Foreign Assets/Foreign Income | Carry Forward Loss |
|---|---|---|---|---|---|---|---|---|---|---|
| ITR-1 / Sahaj | Individual, HUF (Residents) | Yes | Yes (One House Property) | No | No | Yes | Yes (Agricultural Income less than Rs 5,000) | No | No | No |
| ITR-2 | Individual, HUF | Yes | Yes | No | Yes | Yes | Yes | Yes | Yes | Yes |
| ITR-3 | Individual or HUF, partner in a Firm | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| ITR-4 | Individual, HUF, Firm | Yes | Yes (One House Property) | Presumptive Business Income | No | Yes | Yes (Agricultural Income less than Rs 5,000) | No | No | No |
| ITR-5 | Partnership Firm/ LLP | No | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| ITR-6 | Company | No | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| ITR-7 | Trust | No | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Source: Cleartax
Important Deadlines for Filing Income Tax Returns (AY 2025-26):
For Individuals and Non-audited Firms: July 31, 2025
For Audited Businesses: October 15, 2025
For Businesses Requiring Transfer Pricing Report: November 30, 2025
