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Frequently asked questions
An income tax return (ITR) is a formal declaration form submitted to the Income Tax Department. It acts as an official record of your gross annual income, tax exemptions, and any taxes paid or deducted via TDS during a financial year.
Example: Suppose you are an individual earning a total income of ₹12,00,000 in FY 2025-26. You submit your ITR to report this income. Because the New tax Regime offers substantial tax rebates, your final tax liability drops to zero. Filing your return is the official way you prove your zero-tax status to banks and the government
There are two primary ways you can submit your Income Tax Return Filing in India:
The Official Government E-Filing Portal: You can file completely on your own by registering on the Income Tax Department's official website (https://www.incometax.gov.in/iec/foportal/). While the portal is free, you are responsible for manually selecting the correct form, declaring every source of income, and accurately cross-verifying your numbers against your Form 16, AIS, and Form 26AS to prevent getting a compliance notice.
Through TaxGullak (AI + Expert Assisted): For a faster, stress-free experience, you can file directly through TaxGullak. Our Smart TaxGullak AI automatically imports and matches your tax data, while a professional tax consultant in Kolkata acts as a second pair of eyes to review your file. We ensure you choose the absolute best tax regime and accurately lock in your refund well before the final income tax return last date.
E-Filing of income tax returns in India refers to the electronic filing of income tax returns through the official website of the Income Tax Department of India. It allows taxpayers to file their returns online, eliminating the need for physical paperwork and reducing the processing time.
TaxGullak specializes in assisting individuals and businesses with e-Filing of income tax returns, ensuring accurate and timely submission. Our experienced tax professionals guide clients through the process, helping them to maximize deductions and credits while staying compliant with the latest tax laws and regulations.
We prioritize security and confidentiality, safeguarding our clients' sensitive financial information throughout the e-Filing process.
Income Tax online filing with TaxGullak is a smooth, end-to-end digital experience that you can complete entirely from the comfort of your home. By blending intuitive automation with dedicated human expertise, we take the stress out of compliance.
Here is how we streamline your filing journey:
Effortless Onboarding: Simply select the plan that fits your income streams, complete a quick checkout, and then sit back and relax.
Secure Document Management: Use our protected online platform to easily drag-and-drop your financial documents, communicate directly with your assigned tax team, and review your tax return before it goes to the department.
Expert Guidance: Our seasoned tax professionals supervise the entire process. As a premier tax consultant in Kolkata, we review your details to ensure flawless data accuracy and 100% compliant filings under either the Old or New tax Regime.
Maximized Refunds: We systematically analyze your data to uncover overlooked exemptions and maximize your deductions, locking in the best possible tax outcome for you in record time.
The TaxGullak Guarantee: We don't just file forms; we deliver peace of mind. Our team ensures your Income Tax Return Filing is executed perfectly and submitted well before the income tax return last date, leaving you completely protected against unexpected tax notices.
At TaxGullak, we take the security and privacy of your data very seriously. We utilize the latest encryption and security protocols to ensure that your personal and financial information is protected at all times. Our team is trained to handle sensitive data with the utmost care, and we have strict internal policies and controls in place to safeguard against unauthorized access or data breaches.
Additionally, we comply with all relevant privacy and data protection laws to further ensure the security of your information.
When you choose TaxGullak , you can trust that your data is in safe and capable hands.
If a taxpayer fails to file their Income Tax Return (ITR) by the due date, they may be liable to pay penalties and interest. The penalties for non-filing or late-filing of ITR in India are as follows:
Late filing fee: If a taxpayer fails to file their ITR by the due date, they may be liable to pay a late filing fee of up to Rs.10,000, depending on the delay in filing. The late filing fee for belated ITR, i.e., ITR filed after the due date but before December 31st of the relevant assessment year, is Rs.5,000. For returns filed after December 31st, the late filing fee increases to Rs.10,000.
Interest on tax liability: If a taxpayer has any outstanding tax liability, interest will be charged on the amount due from the due date of filing until the date of payment. The interest rate is currently 1% per month, calculated from the due date of filing until the date of payment.
Loss of certain benefits: If a taxpayer files a belated return, they may lose certain benefits, such as the right to carry forward losses, etc. And in case of failure to file ITR at all, they will not be able to claim TDS refunds, if any.
Prosecution: In case of a willful failure to file ITR, the taxpayer may be subject to prosecution under Section 276CC of the Income Tax Act, which can result in imprisonment and/or fine.
Once you are done with e-filing of income tax return, you must:-
Check your inbox for the provided email id. You will receive an intimation for successfully filing your Income Tax Return and ITR-V (Acknowledgement) attached to the email.
With a new notification, a revised ITR can only be filed if your original ITR is verified.
Cross Check all figures thoroughly in your filled ITR form or ITR-V for errors, mistakes, etc.
Verify the income tax return within 30 days of filing, as Income Tax Return is processed only when ITR is verified. If you fail to verify the return, it will not be considered filed or processed by the Department. You will lose out on income tax refund (if any), etc. Also, you will have to file a new return from the beginning. Read more here.
If you have a refund in your tax return, you shall receive the same in your bank account within the next few days. It is better to keep tracking your refund status so that you get all the important updates from the department. You can keep checking the refund status from here.
Note: Verifying ITR is an important step. The Income Tax Department will not process your filed Income Tax return unless it is verified . The time limit for verification of Filed Income Tax returns is 30 days. Previously this time limit was 120 days. This new rule is applicable for returns filed on or after 1st August 2022. If you have not verified your tax return, it shall be considered “Invalid,” i.e., null and void. It means that no Income Tax Return has been filed at all.
TaxGullak operates as a leading tech-enabled tax consultant in Kolkata offering virtual compliance support to individuals, startups, and corporates all over India. Our suite of services includes:
End-to-end Income Tax Return Filing for Salaried Individuals, Freelancers & Professionals, Cryptocurrency Traders, F&O & Intraday Traders, Capital Gains Taxpayers, NRI Taxpayers, Anyone with TDS
Fast, accurate GST registration alongside Monthly/Quarterly GST Return Filing & Annual GST Compliance
Corporate services including Company Incorporation, ROC Compliances, TDS calculations, and strategic long-term tax planning and advisory.
Yes, it can be. There is a common misconception that if you don't owe any tax, you don't need to file.
Under the default New tax Regime for FY 2025-26, the basic exemption limit is ₹4,00,000. If your total gross income before any deductions exceeds ₹4,00,000, Income Tax Return Filing is legally mandatory—even if your final tax liability is zero due to tax rebates.
Under the Old Tax Regime, the mandatory filing threshold is ₹2,50,000.
Hence, If you earn ₹4,50,000, you will pay ₹0 tax, but you are still legally required to file your ITR.
You are not required to file an ITR if your total gross income stays below the basic exemption limit (₹4,00,000 under the New Regime or ₹2,50,000 under the Old Regime) AND you do not meet specific criteria like:
Owning foreign assets or foreign bank accounts.
Depositing more than ₹1 crore in current bank accounts.
Paying electricity bills exceeding ₹1 lakh during the financial year.
Spending over ₹2 lakh on foreign travel.
The Income Tax Department uses this question to establish your eligibility criteria for filing. Most ordinary taxpayers select the option: "Taxable income is more than basic exemption limit". However, you might select alternative reasons if you are filing an ITR solely to claim a tax refund, or because you meet one of the specific high-value transaction criteria listed above despite your income being below the taxable limit.
For salaried individuals, non-audit freelancers, and retail businesses, the official income tax return last date is July 31, 2026. Missing this deadline incurs a late filing fee under Section 234F of up to ₹5,000, delays your tax refunds, and stops you from carrying forward any business or capital losses.
For FY 2025-26, the New tax Regime is highly lucrative because taxpayers with total incomes up to ₹12,00,000 pay zero tax thanks to an enhanced rebate. For salaried employees, this tax-free limit effectively reaches ₹12,75,000 once you factor in the standard deduction.
However, if you are actively paying off a massive home loan or maxing out traditional exemptions (like Section 80C, 80D, and HRA), the Old Regime might still save you more money. Our Smart TaxGullak AI automatically calculates which scheme is most beneficial for your unique financial profile so you don't have to guess. Plus, a dedicated TaxGullak expert CA is always standing by to review your details. If you're ever in doubt, you can schedule a free consultation right on our platform to confidently lock in the highest possible savings before you file.
You can execute your filing electronically through the official income tax e-filing portal by following these steps:
Log in to the e-filing portal using your PAN as your User ID.
Navigate to 'File Income Tax Return', select the current Assessment Year (AY 2026-27), and choose the 'Online' mode.
Cross-verify your auto-populated data against your Form 26AS and your Annual Information Statement (AIS).
Fill in any missing income streams, verify your details, pay any self-assessment tax owed, and submit.
Crucial Step: E-verify your filed return within 30 days using your Aadhaar OTP to prevent your filing from being declared invalid.
Salaried employees generally utilize the ITR-1 (Sahaj) form if their annual income is below ₹50 lakh and is derived from salary, one house property, and regular interest.
Keep your Form 16 (provided by your employer) handy.
When you launch the online filing window, the portal will automatically pull your salary and TDS data using your Form 16.
Ensure that your standard deduction of ₹75,000 under the New tax Regime has been properly applied to your gross salary before hitting submit
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