E-Paper
ITR deadline nears: Step-by-step guide to file return, avoid ₹5,000 penalty
The I-T department had on Monday said more than 4 crore income tax returns have been filed for Assessment Year 2026-27.
The Income Tax department has urged taxpayers to file their ITR-1 and ITR-2 returns before the July 31, 2026 deadline to avoid the penalty as well as the last-minute rush.
The I-T department had on Monday said more than 4 crore income tax returns have been filed for Assessment Year 2026-27. “4 Crore ITRs for AY 2026-27 filed and counting! Avoid the 31 July, 2026 deadline stress and file your ITR 1 & 2 early,” IT-Department said in a post on X.
Step-by-step guide to file ITR
Taxpayers need certain documents/ information at hand to file ITR. These are:
- Form 16/16A with details of salary and tax deducted by your employer or bank.
- Form 26AS and AIS of annual statements showing your tax credit and financial transactions.
- Other financial records, including bank statements, pay slips and investment proofs.
After gathering the documents, taxpayers need to:
📌Go to the Income Tax e-Filing Portal and log in using their user ID (PAN) and password.
📌Go to e-File, then select Income Tax Returns and choose File Income Tax Return.
📌Choose the right Assessment Year and select your filing mode as 'Online'
📌Pick from ITR-1 and ITR-2 bases on their income sources.
What are ITR-1 and ITR-2?
The ITR Form 1 (Sahaj) is a simpler form which is applicable to a large number of small and medium taxpayers. It can be filed by a resident with an annual income of up to ₹50 lakh, or anyone who is a salaried individual with one house or property, or residents with an agricultural income of up to ₹5,000 a year.
Meanwhile, ITR-2 is for individuals and Hindu Undivided Families (HUFs) with complex financial profiles or income above ₹50 lakh, not having income from profits and gains in business or profession, but having income from capital gains. Neither of the above forms are meant for people with business or professional income.
Submitting return, e-verification
📌Taxpayers need to review their pre-filled personal, income, and bank account details against their AIS and Form 26AS.
📌They then need to preview their return, run the validation check to see if there are any errors.
📌If there are no errors, they can proceed to submission of the return.
📌Taxpayers can complete the process by e-verifying their return immediately using an Aadhaar OTP, net banking, or other available electronic methods.
The Income-Tax department also an online user manual for the filing of ITR-1 (Sahaj) and ITR-2, which specifies each section of the forms and explains in detail the information which needs to be filled in. Taxpayers can refer to the online user manuals for ITR-1 (Sahaj) and ITR-2 to obtain further details on the filling of their return.
