Part 9: ITR Filing Guide — Forms, Deadlines & Common Mistakes

Filing your Income Tax Return (ITR) is mandatory if your gross total income exceeds the basic exemption limit. Even if your tax liability is zero (thanks to deductions or rebates), filing is strongly recommended to maintain a clean financial record and claim refunds.

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📋 Which ITR Form Should You Use?

Form	Who Should Use It
ITR-1 (Sahaj)	Resident individuals with income up to ₹50L from salary, one house property, other sources, and LTCG up to ₹1.25L
ITR-2	Individuals with income > ₹50L, capital gains, multiple house properties, or foreign assets
ITR-3	Individuals with business/profession income
ITR-4 (Sugam)	Individuals opting for presumptive taxation

Most salaried IT professionals will use ITR-1. If you have significant capital gains from stocks/mutual funds, you need ITR-2.

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📅 Key Deadlines (AY 2027-28)

Event	Date
FY 2026-27 ends	March 31, 2027
Form 16 issued by employer	By June 15, 2027
ITR filing deadline (salaried)	July 31, 2027
Belated return deadline	December 31, 2027
Revised return deadline	March 31, 2028

Late filing penalty (Section 234F):

• Income > ₹5L: ₹5,000
• Income < ₹5L: ₹1,000

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📄 Essential Documents Checklist

1. Form 16 — Your employer’s TDS certificate. Contains salary breakup, deductions claimed, and tax deducted.
2. Form 26AS — Your tax credit statement. Shows all TDS deducted by employer, banks, and other sources.
3. Annual Information Statement (AIS) — A comprehensive statement showing all financial transactions reported against your PAN (salary, interest, dividends, mutual fund purchases/sales, property transactions).
4. Taxpayer Information Summary (TIS) — Processed version of AIS.
5. Investment Proofs — PPF passbook, ELSS statements, NPS transaction statement, health insurance premium receipts, home loan interest certificate, rent receipts.
6. Bank Statements — For interest income verification.
7. Capital Gains Statement — From your broker (Zerodha, Groww, Kite) for stock/MF transactions.

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🔍 Pre-Filing Verification: The AIS Check

Critical Step: Before filing, log in to incometax.gov.in and download your AIS. Cross-check every transaction.

Common discrepancies:

• Bank FD interest not matching (because you have FDs in multiple banks).
• Dividend income from shares/MFs not reported.
• Mutual fund capital gains missing.
• Property stamp duty not reflected.

If AIS shows income you did not receive, submit feedback on the portal. If you earned income not shown in AIS, still report it in your ITR.

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❌ The 10 Most Common Filing Mistakes

1. Not reporting bank interest: Even ₹500 in savings account interest must be reported (though it may be exempt under 80TTA up to ₹10,000).
2. Forgetting to report old employer salary: If you switched jobs mid-year, both Form 16s must be combined.
3. Not claiming 80TTA: Savings account interest up to ₹10,000 is deductible under Section 80TTA (Old Regime).
4. Ignoring dividend income: All dividends are now taxable at your slab rate.
5. Wrong ITR form: Using ITR-1 when you have capital gains above ₹1.25L.
6. Not verifying the return: You must e-verify within 30 days of filing (via Aadhaar OTP, net banking, or physical signature).
7. Claiming HRA without rent receipts.
8. Not reporting cryptocurrency gains (taxed at flat 30%).
9. Forgetting to set off capital losses against gains.
10. Not claiming TDS refund: If your employer deducted excess TDS, file your return to get the refund.

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🎯 Step-by-Step Filing Process

1. Go to incometax.gov.in and log in with your PAN.
2. Navigate to e-File > Income Tax Returns > File Income Tax Return.
3. Select Assessment Year 2027-28 and ITR-1 (or ITR-2).
4. Choose your filing mode: Online (recommended) or Offline (via JSON upload).
5. The portal will pre-fill most data from your Form 16 and AIS. Verify every field.
6. Enter any additional income (interest, capital gains, rental).
7. Enter deductions (80C, 80D, HRA, NPS, Home Loan).
8. Review the Tax Computation summary. Verify tax payable or refund.
9. Submit and e-Verify via Aadhaar OTP.
10. Download the ITR-V acknowledgment receipt. Save it for your records.

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Next: Part 10 — Advanced Strategies →

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← Part 8 | Index | Part 10 →