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Filing income tax returns isn't about how many candles were on your last birthday cake, it's entirely about where your money comes from. With the utilities for AY 2026-27 officially live, choosing the wrong form can mean getting an unwelcome tax notice. The key takeaway is that the correct form dep
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ITR-1 (Sahaj) is designed for retirees with simple income streams, including pension, interest income (from FDs, SCSS, savings accounts), and income from a single house property, provided their total income is up to ₹50 Lakh.
ITR-2 is for individuals with personal investments, including income exceeding ₹50 Lakh, or those with income from capital gains (equity, mutual funds, property), multiple house properties, or foreign assets/income.
ITR-4 (Sugam) is for micro-business owners or professionals whose income is computed under Presumptive Taxation (Sections 44AD, 44ADA, 44AE) and does not exceed ₹50 Lakh.
Yes, individuals aged 75 and above are exempt from filing an ITR if their only income sources are pension and interest income earned within the exact same bank account. They need to submit Form 12B to their bank.
For non-audit cases (ITR-1 & ITR-2), the deadline is 31st July 2026. For non-audit business cases (ITR-4), the deadline is 31st August 2026.
All submitted ITRs must be e-verified within 30 days of submission using methods like Aadhaar OTP, Net Banking, or a Digital Signature (DSC).
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