Just a day left to file income tax return, do it in few clicks: Step-by-step guide

The deadline for filing individual income tax returns is July 31. The central government has not yet commented on whether this deadline will be extended. Those who miss the initial deadline have until December 31 to file. However, this will incur a late filing fee (penalty) as per Section 243F of the Income Tax Act. The penalty stands at ₹5,000 for individuals with an annual income above ₹5 lakh, and ₹1,000 for those with an annual income below that amount.

CA firms would be too busy with their hectic ITR filing schedules, and hence may not accept new applications. However, one can file the ITR through the income tax portal and avoid the late fee.
Here's a simple guide to filing your tax return:

Step 1: Login
Visit the Income Tax e-filing portal (https://www.incometax.gov.in) and click 'Login'. You can log in by entering your PAN, password, and captcha code. (First-time users must complete registration by clicking 'Register' and providing their PAN, Aadhaar, mobile number, and email ID.) Once logged in, proceed by navigating to E-file > Income Tax Return > File Income Tax Return.

Step 2: Assessment Year
To file your return for the 2025-26 financial year, you must select AY 2026-27. Select 'Online' as the filing mode and click 'Continue'. Click 'Start new filing' to submit a new return.

Step 3 - Filing Status
Click on the applicable status: Individual, Hindu Undivided Family (HUF), or any other. This will determine the next steps for selecting the appropriate form.

Step 4 - ITR Form
Selecting the correct form is the most crucial step in filing. Based on your source of income, residential status, business/professional income, and capital gains, select the correct form and click on it.

Step 5 - Reason for Filing Return
The portal will ask why you are filing the return. Click on the appropriate reason. After providing basic information, click on the relevant option from reasons such as: income, claiming a tax refund, carrying forward a loss, high-value transactions, or disclosing foreign assets.

Step 6 - Income Details
Here, you should have handy documents such as Form 16, AIS, Form 26AS, salary slips, bank statements, QPL share statements, and proof for various deductions. Reviewing these documents carefully will help you accurately enter the correct information. First, enter your salary details (as per Form 16), followed by other incomes such as interest, rent, and capital gains.

Step 7 - Tax Calculation
Based on the information you've provided, the portal will calculate and display your tax liability. You can also check if any tax is yet to be paid, or if there is any refund due.

Step 8 – Reconciliation
Reconcile the information with Form 26AS. Ensure all incomes and deductions are correctly recorded. Double-check everything to ensure accurate entry.

Step 9 E-Verify
Click on the method you choose for e-verification (Aadhaar OTP, Net Banking, Demat Account, Digital Signature Certificate (DSC), or sending it to CPC, Bengaluru).

Step 10 Submitting
Once all information is complete, you can click 'Submit'.

Choosing Your Tax Regime
Before you start filling out your return on the portal, select your tax regime, assessment year, and ITR form, then go to the 'Part A General / Personal Information' tab.

There, you will see a question asking if you wish to opt out of the new regime. If you click 'No', you can continue with the new regime. If you click 'Yes', you can switch to the old regime.