The countdown has begun for filing Income Tax Returns (ITR) for the Financial Year 2025-26 (Assessment Year 2026-27). With less than seven days remaining before the July 31, 2026 deadline, taxpayers who have not yet filed their returns are advised to complete the process as soon as possible to avoid last-minute technical issues or penalties.

While many taxpayers hire Chartered Accountants (CAs) to file their returns, individuals with simple income sources can complete the process themselves through the Income Tax Department's e-filing portal—saving both time and professional fees.

How Much Do CAs Charge for Filing ITR?

The fee charged by a Chartered Accountant depends on the complexity of your income and tax calculations.

Typically, CA charges range between:

• ₹500–₹1,500 for salaried individuals with straightforward income.
• ₹2,000–₹8,000 or more for taxpayers with business income, capital gains, multiple income sources, or foreign assets.

If your tax profile is simple, filing your ITR online can be done free of cost using the official Income Tax portal.

What Is an Income Tax Return (ITR)?

An Income Tax Return (ITR) is a form through which taxpayers report their annual income, deductions, taxes paid, and other financial information to the Income Tax Department.

After submitting the details, the system automatically calculates whether:

• You need to pay additional tax, or
• You are eligible for a tax refund.

Who Should File an ITR?

Many people believe they don't need to file an ITR if their annual income is below the basic exemption limit. However, tax experts recommend filing returns even in such cases because it offers several long-term financial benefits.

Regular ITR filing creates a documented income history that can prove useful when applying for loans, visas, or tax refunds.

Step-by-Step Guide to File ITR Online

You can file your Income Tax Return yourself by following these steps:

Step 1: Visit the Official Portal

Go to the Income Tax Department's e-filing website:
https://www.incometax.gov.in

Step 2: Log In

Click on 'Login' and sign in using:

• PAN
• Aadhaar
• User ID

Enter your password and proceed.

Step 3: Start Filing Your Return

• Click on 'e-File'
• Select 'File Income Tax Return'

Step 4: Choose Assessment Year

Select:

• Assessment Year (AY) 2026-27
• Filing Type (Original/Revised as applicable)

Step 5: Select the Correct ITR Form

Choose the applicable form based on your income:

• ITR-1 (Sahaj): Salaried individuals with simple income.
• ITR-2: Individuals with capital gains or multiple income sources.
• ITR-3: Business or professional income.
• ITR-4 (Sugam): Presumptive taxation scheme.

Step 6: Select the Reason for Filing

Choose the appropriate reason from the options displayed on the portal.

Step 7: Verify Pre-filled Information

Most details—including salary, TDS, interest income, and tax payments—are pre-filled.

Carefully review:

• Personal details
• Income information
• Tax deducted (TDS)
• Bank account details

Correct any discrepancies before proceeding.

Step 8: Enter Deductions and Exemptions

Declare eligible deductions under applicable sections such as:

• Section 80C
• Section 80D
• Home loan benefits (if applicable)

The portal will calculate your taxable income automatically.

Step 9: Verify Your Return

After reviewing all information, submit your return.

The final and mandatory step is verification, which can be completed:

• Online through Aadhaar OTP, net banking, or Digital Signature Certificate (DSC), or
• Offline by sending the signed ITR-V acknowledgment to the Income Tax Department.

Taxpayers get 30 days from the date of filing to complete verification.

Without verification, the ITR filing process remains incomplete.

Step 10: Download Your Filed Return

Once your return is successfully submitted and verified, download the acknowledgment and keep it safely for future reference.

Why Filing ITR Is Important

Even if you have no tax liability, filing your Income Tax Return offers several advantages.

1. Easier Loan Approval

Banks and NBFCs often ask for the last two to three years' ITRs while processing:

• Home loans
• Car loans
• Personal loans
• Business loans

Regular ITR filing strengthens your financial profile.

2. Helpful for Visa Applications

Many countries require applicants to submit three to five years of Income Tax Returns while processing visa applications.

ITRs help establish your financial stability and income history.

3. Claim Tax Refunds

If excess tax has been deducted from your salary or income through TDS, filing an ITR is the only way to claim the refund.

Once processed, eligible refunds are credited directly to your registered bank account.

4. Carry Forward Capital Losses

Investors who incur losses in shares, mutual funds, or other capital assets can carry those losses forward to future years—but only if they file their ITR within the prescribed deadline.

These losses can later be adjusted against future capital gains, reducing tax liability.

Don't Wait Until the Last Minute

With the July 31 deadline fast approaching, taxpayers are encouraged to file their returns early to avoid server congestion, technical glitches, or missing important details.

For individuals with straightforward income sources, the Income Tax Department's e-filing portal makes the process simple, secure, and completely free.