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Income Tax Return Filing
Your Trusted Partner for Hassle-Free ITR Filing
Filing your income tax return isn’t just a legal requirement—it’s a vital part of maintaining your financial credibility, avoiding penalties, and securing loans or visas when needed. At Alpviram Legal, we provide end-to-end Income Tax Return (ITR) Filing Services for individuals, businesses, and professionals. Our services are tailored to the latest tax laws, and we ensure accuracy, compliance, and timely submissions to help you stay worry-free during tax season.
Who Needs to File an Income Tax Return?
As per current laws, the following individuals/entities are mandatorily required to file ITR:
1. Individuals (Based on Income Thresholds)
| Taxpayer Category | Old Regime Exemption Limit | New Regime Exemption Limit |
|---|---|---|
|
Individuals below 60 years |
₹2.5 lakh |
₹3 lakh |
|
Senior Citizens (60–80 years) |
₹3 lakh |
₹3 lakh |
|
Super Senior Citizens (80+ years) |
₹5 lakh |
₹3 lakh |
Note: If your gross income (before deductions) exceeds the above threshold under any regime, ITR filing is mandatory.
2. Other Cases Where Filing is Mandatory
High-Value Transactions:
Deposited over ₹1 crore in one or more current accounts.
Spent over ₹2 lakh on foreign travel.
Paid electricity bills exceeding ₹1 lakh.
TDS/TCS Deductions:
If TDS/TCS of ₹25,000 or more (₹50,000 for senior citizens) has been deducted in the financial year.
Foreign Assets:
Owned foreign assets or had signing authority in foreign accounts.
Tax Relief Claims:
Claimed relief under sections like 90, 90A, or 91 (foreign tax credit)
Old vs New Tax Regime: Which One to Choose?
Old Regime
Offers deductions like 80C, HRA, LTA, home loan interest, etc.
Ideal for those with investments and tax-saving expenses
| Income Slab (₹) | Old Regime |
|---|---|
|
Up to ₹2.5 lakh |
NIL |
|
₹2.5 – ₹5 lakh |
5% |
|
₹5 – ₹10 lakh |
20% |
|
Above ₹10 lakh |
30% |
New Regime
Lower tax rates
No exemptions or deductions (except NPS, employer contribution, etc.)
Best for those with limited deductions or simple income structures
| Income Slab (₹) | New Regime (Revised as per Budget 2024) |
|---|---|
|
Up to ₹3 lakh |
NIL |
|
₹3 – ₹7 lakh |
5% |
|
₹7 – ₹10 lakh |
10% |
|
₹10 – ₹12 lakh |
15% |
|
₹12 – ₹15 lakh |
20% |
|
Above ₹15 lakh |
30% |
Standard Deduction: Increased from ₹50,000 to ₹75,000 for salaried employees and pensioners under the new regime.
Rebate under Section 87A: Individuals with taxable income up to ₹7 lakh are eligible for a rebate, making their tax liability zero under the new regime.
Types of ITR Forms (AY 2025–26)
| Form | Applicable To |
|---|---|
|
ITR-1 (Sahaj) |
Resident individuals with income up to ₹50 lakh from salary, one house property, and other sources (excluding lottery winnings and racehorses) |
|
ITR-2 |
Individuals and HUFs not having income from business or profession |
|
ITR-3 |
Individuals and HUFs having income from business or profession |
|
ITR-4 (Sugam) |
Individuals, HUFs, and firms (other than LLPs) opting for presumptive taxation scheme under sections 44AD, 44ADA, or 44AE |
|
ITR-5 |
Partnership firms, LLPs, AOPs, BOIs, etc. |
|
ITR-6 |
Companies other than those claiming exemption under section 11 |
|
ITR-7 |
Persons including companies required to furnish returns under sections 139(4A) to 139(4D) |
Due Dates for ITR Filing – AY 2025–26
| Category | Due Date |
|---|---|
|
Individuals / Non-audit cases |
31st July 2025 |
|
Businesses requiring audit |
31st October 2025 |
|
Assessees requiring Transfer Pricing report |
30th November 2025 |
Penalties for Late Filing
| Delay Period | Penalty Amount |
|---|---|
|
Filed after due date but before 31st December |
₹5,000 (₹1,000 if income < ₹5 lakh) |
|
Filed after 31st December |
₹10,000 |
Other Consequences:
Interest: 1% per month or part thereof under section 234A.
Loss Carry Forward: Losses under specific heads cannot be carried forward if returns are not filed on time.
Prosecution: In cases of willful default, prosecution may be initiated.
Frequently Asked Questions
It is the comprehensive statute that governs the levy, administration, collection, and recovery of income tax in India.
Individuals, Hindu Undivided Families (HUFs), companies, firms, LLPs, associations of persons, bodies of individuals, local authorities, and any other artificial juridical persons are liable to pay tax if they have taxable income.
The assessment year is the year following the financial year in which income is assessed to tax. The previous year is the financial year in which income is earned.
Residential status is determined based on the individual’s physical presence in India during the financial year and the preceding years, as specified in the Act.
Income is categorized into:
- Salaries
- Income from House Property
- Profits and Gains of Business or Profession
- Capital Gains
- Income from Other Sources
Agricultural income is exempt from tax, but it is considered for rate purposes when computing tax on non-agricultural income.
It provides a rebate on tax payable for individuals with income below a certain threshold, effectively reducing their tax liability.
It is a certificate issued by employers detailing the salary paid and tax deducted at source (TDS) on it.
It is the income tax payable if your tax liability exceeds a certain amount, to be paid in installments during the financial year.
It is a means of collecting tax at the source from where an individual’s income is generated.
Returns can be verified electronically using Aadhaar OTP, net banking, or by sending a signed physical copy to CPC Bangalore.
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