Overview
An income tax return is a statement of your income, deductions and tax paid for a financial year. You file it online on the income tax portal, and refunds, if any, are credited to your verified bank account.
The return form depends on who you are and what you earn. Salaried individuals with simple income use one form, while business owners, professionals, those with capital gains or foreign assets use others.
Since the new tax regime became the default, you also choose whether to stay in it or opt for the old regime with its deductions. The better option depends on your own numbers, and we run both before filing.
Who needs to file?
You may have to file even if no tax is payable.
Usually a good fit if
- Your total income before deductions is above the basic exemption limit for the regime you choose.
- You have business or professional income, capital gains, or income from more than one house property.
- You hold foreign assets or have foreign income, or are a director in a company or hold unlisted shares.
- You want to claim a refund of tax deducted at source, or carry forward a loss.
Think twice if
- Your income is below the exemption limit and none of the special conditions apply; filing is not compulsory, although many people still file for loans and visa applications.
Key benefits
Refund of excess tax
Recover tax deducted or paid in advance above your actual liability.
Proof of income
Banks, visa offices and lenders ask for filed returns.
Loss carry forward
Certain losses can be carried forward only if the return is filed on time.
Right regime and deductions
We compare old and new regimes before filing.
Fewer notices
Matching income against the department's records reduces mismatch letters.
Clean tax history
Regular filing makes later assessments and scrutiny easier.
What we need from you
Gather what applies to you. You do not need every item, and we will tell you what is missing.
Identity and account details
- PAN card and Aadhaar, linked with each other
- Mobile number and email linked to the income tax portal
- Bank account number and IFSC, pre-validated on the portal for refunds
Income documents
- Form 16 from your employer
- Form 26AS, Annual Information Statement and Taxpayer Information Summary from the portal
- Interest certificates from banks and post office
- Rent receipts if you receive rent, and details of any other income
Capital gains and investments
- Broker or mutual fund capital gains statements
- Sale and purchase documents for property or unlisted shares
- Proofs of deductions you wish to claim, such as life insurance, health insurance, home loan interest certificate or donations (deductions mainly apply under the old regime)
For business or professional income
- Profit and loss account and balance sheet, or books of account
- Bank statements for all business accounts
- GST returns and TDS certificates received
- Details of loans, capital introduced and assets bought
Foreign assets and income, if any
- Details of foreign bank accounts, shares or property
- Foreign tax paid and relevant certificates
How the process works
Gather documents 1 to 2 days
You share the documents above and we pull your statements from the income tax portal to cross-check.
Choose the form and regime Same day
We confirm the right ITR form and compare tax under the old and new regime.
Prepare the computation 1 to 2 days
We prepare the income computation, claim eligible deductions, set off losses and calculate tax payable or refundable.
Your review Same day
You review the working and approve it before anything is filed.
Pay any balance tax Same day
If tax is payable after TDS and advance tax, it is paid through challan before filing.
File the return Same day
The return is filed on the income tax portal and the acknowledgment is generated.
E-verify Within 30 days
The return must be verified, usually by Aadhaar OTP or net banking, within thirty days of filing. An unverified return is treated as not filed.
Refund tracking Weeks after filing
We monitor the refund status and help if the portal raises an intimation or mismatch.
How long it takes
| Preparation after documents are received | 2 to 4 days |
| Filing and e-verification | Same day |
| Refund processing | Usually a few weeks after verification |
| Usual due date for individuals not needing audit | 31 July after the financial year ends |
| Usual due date where audit is required | Later date set by the law, commonly in October |
The government sometimes extends due dates. From tax year 2026-27 the Income-tax Act, 2025 applies, with new section numbers, and we use the rules that apply to your year. If you have missed the date, a belated return can generally still be filed, with a late filing fee and loss of some benefits. Speak to us soon.
After you file
The return is not finished until it is verified and processed.
- Verify itComplete e-verification within thirty days so the return is treated as filed.
- Read the intimationThe department sends an acknowledgment and later an intimation after processing. Compare it with your return.
- Respond to noticesIf you receive a notice or demand, there is a time limit to respond. Forward it to us promptly.
- Keep recordsKeep supporting documents for as long as the law allows reassessment.
- Plan advance taxIf you have business income or large other income, plan advance tax instalments for the next year.
Frequently asked questions
Do I have to file if my employer deducted tax?
Not always, but you may need to if your income is above the exemption limit, if you have other income, or if you want a refund. Filing also gives you proof of income.
What is the difference between the old and new tax regimes?
The new regime has lower slab rates but allows few deductions. The old regime has higher rates but allows deductions such as certain investments and home loan interest. The better one depends on your numbers, so we compare both.
Which ITR form should I use?
It depends on your income sources and status. Salaried individuals with simple income use a simpler form, while those with business income, capital gains above certain limits or foreign assets use others. We pick the right one.
What if I miss the due date?
A belated return can usually still be filed after the date, with a late fee and some loss of benefits such as carrying forward certain losses. File as soon as you can.
Why is e-verification necessary?
A return is considered filed only after it is verified. Verification can be done online within thirty days of filing, usually with an Aadhaar OTP or net banking.
Will filing a return trigger a notice?
Not by itself. Notices usually arise from mismatches between your return and the department's records, which is why we cross-check statements before filing.
This page is general information to help you prepare, not legal, tax or professional advice for your situation. Rules, forms, thresholds and due dates change, so we confirm the current position before we file anything for you. Taxswami Consultants is an independent professional services firm and is not a government body.