ITR Form Selection Guide

| Your Situation | Correct ITR Form | |---|---| | Salaried individual + interest income only | ITR-1 (Sahaj) | | Capital gains, multiple properties, foreign income | ITR-2 | | Business/professional income (non-audit) | ITR-3 | | Presumptive income (44AD/44ADA/44AE) | ITR-4 (Sugam) | | Partnership firm, LLP | ITR-5 | | Company | ITR-6 (due: 31st October 2026) |

From AY 2024-25 onwards, the new tax regime (Section 115BAC) is the default. If you want to use the old regime (with deductions like 80C, HRA, home loan), you must explicitly opt out in your ITR. Failing to opt out means you lose all deductions.

Key Documents to Gather Before Filing

Form 16 (from employer) — available from employer by 15th June
Form 26AS / AIS / TIS — download from income tax portal (reflects all TDS, advance tax, SFT entries)
Capital gains statements: Broker/AMF consolidated account statement for all stocks, MF redemptions
Bank interest certificates — from all banks (savings + FD interest)
Home loan statement — principal + interest bifurcation for the full FY
Donation receipts (80G) — ensure 80G registration of the donee organisation is current
Rent receipts (for HRA) — if claiming HRA exemption
Form 12BA — if you received any perquisites from employer

New Regime vs Old Regime — Quick Decision Tool

Choose New Regime if:

Your total deductions (80C + 80D + HRA + home loan interest + NPS) are below about ₹3.75 lakh
You want lower compliance burden (no need to track investments)

Choose Old Regime if:

You have home loan interest above ₹1.5L and 80C maxed (₹1.5L)
Your HRA exemption is significant (metro city, high rent)
Your total deductions + exemptions exceed ₹3.75L

Consequences of Late Filing

| Scenario | Consequence | |---|---| | Filed before 31st July 2026 | No late fee | | Filed 1st August – 31st December 2026 | ₹5,000 late fee (₹1,000 if income ≤ ₹5L) | | Filed after 31st December 2026 | Belated return; may not carry forward capital losses | | Not filed at all | Section 271F penalty up to ₹10,000 + possible prosecution for tax evasion |

Action Checklist

[ ] Download Form 26AS and AIS from income tax portal — verify all TDS entries
[ ] Collect Form 16 from employer (by June 15th)
[ ] Gather all capital gains statements from brokers/AMCs
[ ] Decide: new regime or old regime?
[ ] Compute income from all sources + applicable deductions
[ ] Verify tax payable vs TDS/advance tax paid; pay self-assessment tax if required
[ ] File ITR using correct form by 31st July 2026
[ ] E-verify ITR within 30 days of filing (via Aadhaar OTP, net banking, or DSC)