India Tax Filing Guide 2026 — ITR Deadlines, AIS & E-Filing Portal

Overview — Income Tax Return Filing in India

The Indian tax year runs from 1 April to 31 March. The return for a financial year (FY) is filed in the following assessment year (AY). For FY 2025-26, the AY is 2026-27:

👉 Who Must File: Any individual whose total income exceeds the basic exemption limit. For FY 2025-26: INR 3 lakh (new tax regime), INR 3 lakh (old regime with Section 87a rebate up to INR 12,500), or INR 5 lakh (new regime with rebate — effectively no tax up to INR 12.75 lakh with standard deduction and rebate). Filing is mandatory if: income exceeds exemption limit, TDS or TCS has been deducted, foreign assets are held, turnover exceeds specified limits for business, or you want to claim a refund.

👉 Filing Due Date: 31 July 2026 for individual taxpayers (not requiring audit). For taxpayers requiring audit: 31 October 2026 (if 44AB applies). For taxpayers requiring transfer pricing report: 30 November 2026. These dates may be extended by CBDT (typically by a month or two) — check official notifications.

👉 Belated Return: If you miss the original deadline, you can file a belated return by 31 December 2026. The belated return attracts a late filing fee under Section 234F: INR 1,000 (if income below INR 5 lakh) or INR 5,000 (if income exceeds INR 5 lakh). Interest under Section 234A (1% per month) applies on tax due.

👉 Revised Return: You can file a revised return by 31 December 2026 if you discover an error or omission in your original return. The revised return replaces the original. No additional fee for revision (beyond the original late fee if applicable). You can revise multiple times within the deadline.

AIS — Annual Information Statement & TIS

The Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) are the backbone of pre-filled returns:

👉 AIS (Annual Information Statement): A comprehensive statement showing all financial transactions reported to the tax department during the year. Available on the e-filing portal under "Annual Information Statement." It includes: salary income (from Form 16), interest on bank deposits, dividends from shares/mutual funds, capital gains from securities transactions (stock exchanges, mutual funds), property transactions (real estate registries), TDS/TCS deducted, foreign remittance data, and GST turnover information.

👉 TIS (Taxpayer Information Summary): A processed summary of the AIS data. It categorizes transactions into: Part A (general information — income, tax, TDS/TCS), Part B (other information — interest, dividend, securities transactions, property transactions, foreign remittance). The TIS is used to pre-fill the ITR.

👉 Pre-Filled ITR: Based on AIS/TIS data, the e-filing portal pre-fills your ITR with income information. You must verify the data and add any additional income not captured in AIS. The portal shows the source of each data element (who reported it).

👉 Discrepancy Resolution: If AIS shows transactions you did not make (e.g., wrong PAN mapping), you can submit feedback on the AIS portal or report it as "not applicable." The tax department expects you to reconcile AIS data with your return — unexplained differences can trigger scrutiny.

👉 Information Sources: Over 100+ reporting entities provide data: banks (interest > INR 40,000), stock exchanges (securities transactions), mutual funds (capital gains/distributions), registrars (property registration value > INR 30 lakh), foreign exchange providers (remittances > INR 7 lakh), GSTN (GST turnover), and tax deductors (TDS/TCS).

E-Filing Portal (incometax.gov.in)

The official e-filing portal is the central platform for all tax-related activities:

👉 Registration: Register with your PAN. Use Aadhaar OTP-based registration (immediate) or PAN-based registration (manual verification). After registration, you can log in and access your dashboard: e-file, AIS, TIS, Form 26AS, pending actions, and compliance history.

👉 Filing Process: Log in → e-File → Income Tax Return → select AY 2026-27 → choose ITR form (ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, etc.) → choose filing type (online or offline — offline: download JSON from portal, fill in utility, upload) → validate pre-filled data → add missing income/deductions → compute tax → submit → verify (e-verify with Aadhaar OTP, net banking, bank account, or Demat account; or send signed physical ITR-V to CPC Bangalore within 120 days).

👉 ITR Forms: ITR-1 (Sahaj): for salaried individuals with income up to INR 50 lakh (one house property, no capital gains). ITR-2: for individuals/HUF not having business income (including capital gains, foreign assets). ITR-3: for individuals/HUF with business/profession income. ITR-4 (Sugam): presumptive taxation (44AD, 44ADA, 44AE). ITR-5: for LLPs, firms, AOPs. ITR-6: for companies (not 11). ITR-7: for charitable trusts, political parties.

👉 Processing Timeline: Electronically filed returns are processed within 60-120 days. Refunds (if any) are issued after processing. Intimation under Section 143(1) is sent showing tax due, refund, or as-filed status.

Tax Regimes — Old vs New

Taxpayers can choose between the old regime (with deductions) and the new regime (lower rates, no deductions):

• New Regime (Default from FY 2023-24): 0-3L: nil, 3-6L: 5%, 6-9L: 10%, 9-12L: 15%, 12-15L: 20%, above 15L: 30%. Standard deduction of INR 75,000 (from FY 2025-26) for salaried. No other deductions (no 80C, 80D, HRA exemption, etc.). Rebate under Section 87A: up to INR 25,000 tax rebate if income up to INR 7 lakh (effectively no tax up to INR 12.75 lakh for salaried with standard deduction).
• Old Regime (Optional): 0-2.5L: nil, 2.5-5L: 5%, 5-10L: 20%, above 10L: 30%. Full deductions available: 80C (up to INR 1.5L), 80D (health insurance), HRA exemption, LTA, home loan interest (up to INR 2L), 80CCD(1B) (NPS INR 50,000), standard deduction INR 75,000 (from FY 2025-26). Rebate under 87A: up to INR 12,500 if income up to INR 5 lakh.

Taxpayers without business income can switch regimes each year. Those with business income (44AD/44ADA) must choose one regime permanently (they cannot switch back unless they opt out by filing Form 10-IEA).

Key Deductions Under the Old Regime

If you opt for the old regime, the following deductions are available (subject to overall limits):

👉 Section 80C: Up to INR 1,50,000. Qualifying investments: EPF, PPF, VPF, life insurance premiums, ELSS (equity-linked savings scheme), 5-year tax-saving FDs, NSC, tuition fees for children, principal repayment of home loan, Sukanya Samriddhi Yojana.

👉 Section 80CCD(1B): Additional INR 50,000 for NPS Tier I contributions (over and above Section 80C).

👉 Section 80D: Health insurance premiums: up to INR 25,000 (self + family), additional INR 25,000 (parents below 60), additional INR 50,000 (parents above 60). Preventive health check-up: INR 5,000 (within overall limit).

👉 Section 24(b): Home loan interest deduction. Self-occupied property: up to INR 2,00,000. Let-out property: full interest (no upper limit).

👉 Section 80G: Donations to specified charities (50% or 100% deduction depending on charity).

👉 Section 10(14): HRA exemption (if living in rented accommodation, no upper limit but based on formula).

👉 Standard Deduction: INR 75,000 for salaried individuals (from FY 2025-26) available in both regimes.

Penalties & Interest for Late Filing

Missing the filing deadline or underreporting income carries significant consequences:

👉 Late Filing Fee (Section 234F): INR 1,000 if total income is below INR 5 lakh. INR 5,000 if total income exceeds INR 5 lakh. Fee applies to returns filed after the due date (including belated returns).

👉 Interest on Tax Due (Section 234A): 1% per month (or part of month) on the unpaid tax amount, from the due date to the date of filing. If you file a belated return in December, interest accrues from August to December (5 months).

👉 Interest on Shortfall in Advance Tax (Section 234B): If advance tax paid is less than 90% of the tax due, interest at 1% per month from the start of the assessment year.

👉 Interest on Deferment of Advance Tax (Section 234C): If advance tax installments are not paid on time, interest at 1% per month for 3 months on the shortfall.

👉 Penalty for Underreporting/Misreporting (Section 270A): 50% of tax on underreported income (if underreporting). 200% of tax on misreported income (if deliberate concealment or false statements).

👉 Prosecution: For wilful tax evasion above INR 25 lakh (income), rigorous imprisonment from 6 months to 7 years (under Section 276C).

Practical Tips for Smooth Filing

File early, file accurately. Key practical tips:

👉 Reconcile AIS with Your Records: Before filing, download your AIS from the e-filing portal and reconcile it with your Form 16 (salary), bank statements (interest), and investment statements (capital gains, dividends). Discrepancies must be explained or corrected.

👉 Claim TDS/TCS Credit: Ensure all TDS deducted appears in Form 26AS. If missing, contact the deductor to file a corrected TDS return. TDS credit cannot be claimed if it is not reflected in 26AS.

👉 Choose Tax Regime Wisely: Compare old vs new regime. If you have significant deductions (housing loan, 80C investments, health insurance), the old regime may be better. If you have minimal deductions, the new regime with lower rates is simpler and likely better.

👉 Report Foreign Assets: If you are an ROR, file Schedule FA with details of all foreign bank accounts, real estate, shares, insurance policies, pension accounts. Non-disclosure can attract penalty of INR 10 lakh under the Black Money Act.

👉 Preserve Records: Keep tax records (Form 16, bank statements, investment proofs, AIS/TIS, filed ITR) for at least 8 years (assessment can be reopened up to 6-16 years depending on concealment).

FAQs

What is the deadline to file ITR for FY 2025-26?

31 July 2026 for individual taxpayers (without audit requirement). For taxpayers requiring audit: 31 October 2026. Belated and revised returns can be filed by 31 December 2026. These dates may be extended by CBDT — check the e-filing portal for official notifications.

What is the late filing fee for belated ITR?

INR 1,000 if total income is below INR 5 lakh. INR 5,000 if total income exceeds INR 5 lakh. Plus interest under Section 234A (1% per month) on the unpaid tax amount from the due date to the date of filing.

What is AIS (Annual Information Statement)?

AIS is a comprehensive statement on the e-filing portal showing all financial transactions reported to the tax department: salary, interest, dividends, capital gains, property transactions, TDS/TCS, and foreign remittances. It pre-fills your ITR and helps identify discrepancies.

Which ITR form should I use?

ITR-1 (Sahaj): for salaried individuals with income up to INR 50 lakh (one house property, no capital gains). ITR-2: for individuals with capital gains, foreign assets, or multiple house properties. ITR-3: for business or professional income. ITR-4 (Sugam): for presumptive taxation (Section 44AD/44ADA). Use the ITR form selection tool on the e-filing portal to determine the correct form.

What is the difference between old and new tax regime?

New regime (default): lower slab rates (0-3L nil, 3-6L 5%, 6-9L 10%, 9-12L 15%, 12-15L 20%, above 15L 30%) with standard deduction of INR 75,000 but no other deductions. Old regime: higher rates but allows all deductions (80C, 80D, HRA, LTA, home loan interest). Compare both to choose the better option.

Can I revise my tax return after filing?

Yes, you can file a revised return by 31 December 2026 if you discover an error or omission. The revised return replaces the original. You can revise multiple times within the deadline. A belated return cannot be revised, but a belated return filed before the December deadline can be (if you filed as belated but later discover an error, you can revise within the same period).

How do I verify my ITR after filing?

You can e-verify using: Aadhaar OTP (instant), net banking (instant), bank account (EVC via bank, takes 1-2 days), Demat account (EVC via depository, instant), or by sending a signed physical copy of ITR-V to CPC Bengaluru within 120 days. Without verification, the return is treated as not filed.

What is the penalty for not filing ITR?

Late filing fee up to INR 5,000 (Section 234F). Interest at 1% per month on tax due (Section 234A). Potential penalty of 50-200% of tax on underreported/misreported income (Section 270A). Prosecution for wilful evasion (imprisonment up to 7 years for amounts above INR 25 lakh).