Filing an Income Tax Return (ITR) for the assessment year 2025-26 requires various documents based on your income sources and chosen tax regime. Essential papers include the Permanent Account Number (PAN), Aadhaar card, Form 16 provided by your employer, Form 26AS, and Annual Information Statement (AIS) or Tax Information Summary (TIS) statements.
These documents summarise your tax deducted and reported income. For those with interest income, it is crucial to collect interest certificates from banks or post offices. Individuals who wish to claim deductions under the old tax regime must maintain evidence of investments and expenses, such as Life Insurance Corporation (LIC) premiums, Public Provident Fund (PPF) passbooks, Equity Linked Savings Scheme (ELSS) statements, and health insurance receipts under Section 80D, amongst others.
Speaking on the ITR season, Shefali Mundra, Tax Expert, ClearTax, said that tax filing has become a crucial exercise for all. She said: “You also must file ITR if: You want to claim an income tax refund due to excess TDS or advance tax;
You have earned from or invested in foreign assets during the financial year;
You need an ITR as proof of income while applying for a visa, passport, or loan;
You are a company or a firm, irrespective of profit or loss;
You have incurred losses under the capital gains or business head and want to carry them forward (filing before the due date is mandatory for this).”
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Mundra added: “Even if your income is below the exemption limit, filing becomes mandatory if you meet any of the following conditions,”
> You deposited Rs 1 crore or more in one or more current accounts during the year.
> You deposited over Rs 50 lakh in one or more savings bank accounts.
> You spent over Rs 2 lakh on foreign travel, for yourself or others.
> Your annual electricity bill exceeded Rs 1 lakh.
> Your TDS/TCS is Rs 25,000 or more (Rs 50,000 for senior citizens).
> Your business turnover exceeds Rs 60 lakh.
> Your professional income exceeds Rs 10 lakh.
> The total TDS and TCS combined exceeds Rs 25,000 in the financial year.
Stocks, property, MFs
For individuals who have engaged in the sale of property, stocks, or mutual funds, obtaining capital gains statements is necessary. These can be sourced from brokers or registrars. Additional documentation like rent receipts, bank statements, and Tax Deducted at Source (TDS) certificates—such as Form 16A, 16B, or 16C—may also be required, depending on specific circumstances.
Even if your income is below the exemption limit, filing becomes mandatory under certain conditions, such as depositing ₹1 crore or more in current accounts, spending over Rs 2 lakh on foreign travel, or having a business turnover exceeding Rs 60 lakh. These criteria ensure compliance with current tax regulations.
Corrections in ITR
Taxpayers who need to make corrections after filing their ITR for AY 2025-26 can utilise options such as filing a revised return or an updated return. A revised return, under Section 139(5), allows taxpayers who filed their return on time to correct errors like missed deductions or incorrect income before the end of the assessment year or before the completion of the assessment, whichever is earlier. Alternatively, an updated return under Section 139(8A) permits corrections within 48 months from the end of the assessment year, making it particularly beneficial for late filers who missed earlier deadlines.
A rectification request can address apparent mistakes in records, such as mismatched TDS or income details, without necessitating a new return submission. This is facilitated under Section 154 of the Income Tax Act. Filing an ITR is also mandatory for individuals aiming to claim a tax refund due to excess TDS or advance tax, those with foreign assets, or those requiring proof of income for applications such as visas or loans. These measures ensure that taxpayers can effectively manage their financial obligations and rectify any inadvertent errors in their filings.
Senior citizens
Senior citizens aged 75 and above, with only pension income and interest from specified banks, may qualify for a simplified ITR filing process under Section 194P, alleviating the need for return filing if specific conditions are fulfilled. This provision reflects ongoing efforts to simplify tax processes for senior citizens. For those aged 60 to 79, ITR forms should be selected based on income sources, with ITR-1 applicable for incomes up to Rs 50 lakh from salary or pension, and ITR-2 for incomes exceeding Rs 50 lakh or involving capital gains. These structured options cater to varying income levels and sources, ensuring a comprehensive approach to tax compliance.
ITR-1: Designed for senior citizens with income of up to Rs 50 lakh from salary/pension, one house property, and other sources (excluding lottery, racehorses, etc.).
ITR-2: Suitable for individuals whose income exceeds Rs 50 lakh or includes capital gains, multiple house properties, or foreign assets.
ITR-3: Applicable to individuals with income from business or profession, regardless of regime choice.
ITR-4: Intended for individuals (including senior citizens) with presumptive income under Sections 44ADA or 44AD (e.g., professionals, freelancers, small businesses).
Senior citizens aged 75 and above who receive only pension income and interest from specified banks can opt for a simplified ITR filing process under Section 194P. No return filing is required if certain conditions are met.
No, Form 16 is not mandatory, but it is extremely helpful for salaried individuals. It provides details of your salary, TDS deductions, and employer’s PAN—making the filing process easier. If you don’t have Form 16, you can still file your return using payslips and Form 26AS.
Yes, you can file ITR without referring to AIS. However, AIS provides a consolidated view of your financial transactions such as interest income, stock trades, and property sales. It’s advisable to cross-check AIS to avoid mismatches that may trigger scrutiny or notices.
You can log in to your mutual fund account (like Groww, Zerodha, CAMS, KFintech, etc.) and download the capital gains report for the financial year. This report includes short-term and long-term gains and is essential for accurate tax calculation and reporting.
Form 26AS is a tax credit statement issued by the Income Tax Department. It shows details of TDS deducted, advance tax paid, and high-value transactions. It helps ensure the taxes paid on your behalf are correctly credited and reduces the chance of discrepancies.
Individuals whose gross total income exceeds ₹2.5 lakh (before deductions) must file ITR. Also, if you have foreign income, own foreign assets, paid electricity bill above ₹1 lakh, or deposited ₹1 crore or more in a bank account, you are required to file an ITR even if your income is below the basic exemption limit.
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