Every individual with taxable income must file an income tax return each year, reporting income, claiming deductions, and paying or reclaiming tax. The right form depends on the sources of income, and the new tax regime, now the default, makes income up to Rs. 12 lakh effectively tax-free. Samkhya files your individual ITR accurately and on time.
An individual income tax return (ITR) reports a person’s income for the year, the deductions claimed, and the tax paid or refund due. The form depends on the income: ITR-1 (Sahaj) for a resident with salary, one house property, and other income up to Rs. 50 lakh; ITR-2 where there are capital gains but no business income; ITR-3 for business or professional income; and ITR-4 (Sugam) for presumptive income. The new tax regime is now the default, with a rebate under Section 87A that makes income up to Rs. 12 lakh effectively tax-free, while the old regime, with deductions like 80C and 80D, remains available on election. Returns for non-audit cases are due by 31 July. Under the Income Tax Act, 2025, in force from 1 April 2026, the year is now a single Tax Year.
Filing an individual return brings clear benefits:
The right form depends on your income:
An individual return is required where:
File an individual return:
Filing an individual return starts with gathering the income details, the salary and Form 16, interest and other income, capital gains, and any business income, along with the deductions to be claimed. The figures are checked against the Annual Information Statement (AIS) and Form 26AS for tax already deducted. The right form is then chosen, the income and deductions entered, and the tax computed under the chosen regime, the new regime by default, or the old regime on election. After paying any balance tax, the return is filed on the income tax portal and e-verified. Non-audit returns are due by 31 July; filing on time and verifying within the window completes the process.
For Income:
For Tax and Deductions:
Filing an individual return follows a clear sequence:
Filing your income tax return with Samkhya Corporate Services is simple. Just follow these easy steps:
From there, our team handles the form, the regime comparison, and the filing and verification.
Once the return is filed:
Under the new tax regime, now the default, the slabs run from nil up to Rs. 4 lakh to 30% above Rs. 24 lakh, but a rebate under Section 87A of up to Rs. 60,000 makes income up to Rs. 12 lakh effectively tax-free (around Rs. 12.75 lakh for the salaried, after the Rs. 75,000 standard deduction). The old regime, with deductions like 80C and 80D, remains available but must be chosen at filing. A 4% cess applies, with a surcharge on higher incomes. Non-audit returns are due by 31 July, and filing late attracts a late fee and interest, while a revised return can now be filed up to a longer window under the new framework. The Income Tax Act, 2025 brings the single Tax Year but leaves the rates unchanged.
| Feature | Detail |
| Forms | ITR-1, 2, 3, or 4. |
| Default Regime | New regime (Section 87A rebate). |
| Tax-Free | Up to Rs. 12 lakh (new regime). |
| Old Regime | Optional, with deductions. |
| Due Date | 31 July (non-audit). |
| Framework | Tax Year, IT Act 2025. |
Who has to file an income tax return?
Anyone whose income exceeds the basic exemption limit, who is claiming a refund, holds foreign assets, or meets certain high-value transaction triggers must file.
Which ITR form should an individual use?
ITR-1 for salary and small income, ITR-2 for capital gains, ITR-3 for business or professional income, and ITR-4 for presumptive income.
Is income up to Rs. 12 lakh really tax-free?
Yes, under the new regime, a Section 87A rebate of up to Rs. 60,000 makes taxable income up to Rs. 12 lakh effectively tax-free for resident individuals.
What is the due date for an individual return?
For non-audit cases, the individual return is generally due by 31 July of the assessment year.
Can I still use the old regime?
Yes. The old regime, with deductions like 80C and 80D, remains available, but you must choose it at the time of filing, as the new regime is the default.
What is the Tax Year?
Under the Income Tax Act, 2025, in force from 1 April 2026, the single Tax Year replaces the earlier previous year and assessment year.
