Which ITR form should a salaried person earning less than ₹50 Lakhs use?

You should use ITR-1 (Sahaj), provided you have only one house property, no stock market capital gains, and no business income.

What are the benefits of the New Tax Regime?

The biggest benefit is that income up to ₹7 Lakhs is completely tax-free. It also includes a ₹75,000 standard deduction for salaried employees, and you don't need to submit any investment proofs.

How long does it take to get the tax refund?

Once you successfully e-Verify your return with an Aadhaar OTP, the processing takes anywhere from 10 to 40 days. The refund is then automatically sent to your pre-validated bank account.

Is linking Aadhaar and PAN mandatory for filing ITR?

Yes, it is strictly mandatory. If your PAN is not linked to your Aadhaar, your PAN becomes "inoperative," and you will not be allowed to log in or file your return.

Can I carry forward my stock market losses if I file late?

No. To carry forward any short-term or long-term capital losses (or business losses) to the next year, you must strictly file your ITR on or before the original deadline of July 31.

What if my employer hasn't given me Form 16 yet?

You can still file your return by calculating your gross salary from your monthly payslips and matching the TDS deducted by checking your Form 26AS and AIS on the tax portal.

Which ITR form is required if I bought and sold shares or mutual funds?

You must file ITR-2 (or ITR-3 if you do intraday trading). Selling stocks generates "Capital Gains," which cannot be declared in the basic ITR-1 form.

What happens if I don't declare my foreign bank account or foreign stocks?

It is mandatory to declare all foreign assets in ITR-2 or ITR-3. Hiding foreign accounts or stocks (like RSUs from an MNC employer) can lead to severe penalties under the Black Money Act.

How to File ITR Online (ITR-1 to ITR-7) AY 2026-27 | JanSevaHelp

Overview

Filing an Income Tax Return (ITR) is your annual financial report card to the Government of India. The Income Tax Department has fully digitized the process on the e-Filing 2.0 portal. For AY 2026-27, the portal automatically pre-fills most of your data (like salary, bank interest, and stock market gains) by pulling it directly from your PAN card history. Important 2026 Update: The New Tax Regime is now the default setting. It offers lower tax rates (and a ₹75,000 standard deduction for salaried employees) but removes most investment deductions like 80C (LIC, PPF) and 80D (Medical Insurance). If you want to claim your old investments, you must manually select the "Old Tax Regime" while filing. Choosing the Right Form: ITR-1 (Sahaj): For salaried employees earning up to ₹50 Lakhs, owning only 1 house, with basic interest/dividend income. (Used by 80% of taxpayers). ITR-2: For salaried people who have capital gains (sold stocks, mutual funds, or property), own more than 1 house, or hold foreign assets. ITR-3: For individuals earning income from a business or profession (like freelance developers, doctors, shop owners). ITR-4 (Sugam): For small businesses and freelancers opting for the "Presumptive Taxation Scheme" (declaring a flat profit percentage on turnover up to ₹50 Lakhs/₹3 Crores). ITR-5/6/7: For partnerships, LLPs, Companies, and Trusts. ✌️ Pro Tips for a Perfect Filing 📊 Check Your AIS First: Always download your Annual Information Statement (AIS) from the portal before filing. It shows exactly what the government already knows about your bank interest, dividends, and stock sales. Make sure your ITR matches the AIS perfectly to avoid notices. 🏦 Pre-Validate Your Bank: Your tax refund will fail if your bank account is not pre-validated on the portal. Add your IFSC and account number, and ensure your PAN is linked to that bank account. ✅ E-Verify Instantly: Filing your ITR is only half the job. You strictly have 30 days to "e-Verify" it using an Aadhaar OTP. If you forget, your return becomes invalid! ⏳ Processing Timeline ⏱️ Deadline: July 31, 2026 (for salaried individuals and non-audited businesses). March 31, 2027, is the absolute last date for late/belated returns (with penalty). 💸 Refund Processing: Usually 10 to 40 days after you successfully e-Verify your return. The money is auto-credited to your pre-validated bank account. ❌ Common Rejection & Notice Reasons 📉 AIS Mismatch: You forgot to declare your savings account interest or fixed deposit (FD) interest, but the bank reported it to the government. 📄 Wrong Form: Selecting ITR-1 when you actually sold mutual funds (which strictly requires ITR-2). 🏦 Bank Issues: Your refund is stuck because your name on the bank account doesn't perfectly match the name on your PAN card. ⌛ Missed E-Verification: You submitted the form but closed the browser without entering the Aadhaar OTP to e-Verify within the 30-day window.

Who is Eligible?

Basic Income: Anyone earning more than ₹3 Lakhs per year (under the default New Tax Regime) or ₹2.5 Lakhs (under the Old Tax Regime).
High Spenders: Anyone who paid an electricity bill of more than ₹1 Lakh in the year, or spent more than ₹2 Lakhs on foreign travel.
Asset Holders: Anyone owning foreign assets, foreign bank accounts, or holding signing authority outside India.
Refund Seekers: Anyone whose TDS (Tax Deducted at Source) was cut by their employer or bank and wants that money refunded.
Loss Carry Forward: Anyone who suffered losses in the stock market or business and wants to carry them forward to offset future taxes.

Documents Required

Form 16 (Provided by your employer)
Annual Information Statement (AIS) & Form 26AS (Downloadable from the tax portal)
Bank Account Statements for the entire financial year
Investment Proofs (Only if choosing the Old Tax Regime - e.g., LIC receipts, PPF passbook, rent receipts for HRA, medical insurance bills)
Capital Gains Statement (Download this from your stock broker like Zerodha, Groww, or Upstox if you trade)

Process & Guidelines

Step 1: Register or Log In

Go to the official portal (incometax.gov.in). Click on "Login" and enter your PAN card number as your User ID. If it is your first time, click "Register" and set up your account using your PAN and Aadhaar.

Step 2: Pre-Validate Your Bank Account

Once logged in, go to "My Profile" → "My Bank Accounts". Add your bank account details and click "Pre-Validate". This is exactly where your refund will be deposited.

Step 3: Start the Filing Process

Click on "e-File" from the top menu → "Income Tax Returns" → "File Income Tax Return". Select the Assessment Year as "2026-27" and the mode of filing as "Online".

Step 4: Select Your Status and ITR Form

Select your status as "Individual". Then, choose the correct form (e.g., ITR-1 if you only have salary and bank interest). The portal will ask you a few simple questions to confirm your choice.

Step 5: Review Pre-Filled Data

The form will open in sections (Personal Info, Gross Total Income, Deductions, Taxes Paid, Total Tax Liability). Open each section. The portal will automatically pre-fill your salary from Form 16 and interest from your bank. Verify that this data is perfectly correct.

Step 6: Choose Your Tax Regime and Add Deductions

The system will default to the New Tax Regime. If you want to use the Old Regime to claim your 80C (life insurance) or 80D (health insurance) deductions, change the selection and manually enter your investment amounts in the "Total Deductions" tab.

Step 7: Confirm Tax Liability

Go to the final "Tax Liability" tab. The system will automatically calculate if you owe any pending tax, or if you are eligible for a refund. If you owe tax, you must pay it online right there using UPI, Netbanking, or Debit Card before proceeding.

Step 8: Preview and Submit

Click on "Preview Return". Check all the details one last time. Scroll to the bottom, tick the declaration box, and click "Proceed to Validation". If the portal finds no math errors, it will say "Validation Successful".

Step 9: E-Verify Your Return (Crucial)

Click on "Proceed to Verification". Choose the option "e-Verify Now using Aadhaar OTP". You will get a 6-digit OTP on your mobile. Enter it, and hit submit.

Step 10: Download Acknowledgement

You will see a success message and receive an email. You can now download your ITR-V (Acknowledgement Receipt) as a PDF for your records. Your job is fully done!

💰 Fee Structure 2026

Government Filing Fee: FREE

Late Filing Penalty: ₹1,000 (if income is under ₹5 Lakhs) or ₹5,000 (if income is over ₹5 Lakhs) if you file after July 31, 2026.

📍 Status Tracking

Login to the portal → Go to "e-File" → "Income Tax Returns" → "View Filed Returns". Here you can track if your return is "Processing", "Processed", or if the "Refund is Issued".

How to File ITR Online (ITR-1 to ITR-7) AY 2026-27