Income Tax Returns, Filed Right

It depends on your sources of income. A salaried individual with limited other income may be eligible for ITR-1, while capital gains, more than one house property, or foreign assets typically require ITR-2, and business or professional income, including intraday and derivatives trading, generally points to ITR-3 or the presumptive-scheme form ITR-4. Filing on the wrong form can make a return defective, so we determine the correct form from your actual documents and income sources before preparing anything.

For most individuals: PAN, Aadhaar, and Form 16 from your employer if you are salaried. We also work from Form 26AS and the AIS/TIS statements, which record the tax deducted and the transactions already reported against your PAN. Depending on your situation, bank interest certificates, capital-gains statements from your broker or mutual fund registrar, rent receipts, and home-loan interest certificates may apply. Once you tell us your income sources, we send a short checklist of exactly what we need, nothing more.

The usual due date for non-audit taxpayers falls partway through the assessment year (unless extended), but missing it is not the end of the road. A belated return can generally still be filed until 31 December of the assessment year, with the applicable late fee and interest. Beyond that window, the law provides for an updated return (ITR-U) for a further period, on payment of additional tax. Filing late has real costs: certain losses cannot be carried forward in a belated return. Share your details and we will set out the options that still apply to your year.

Each falls under different rules. Gains on listed shares and equity mutual funds are taxed as short-term or long-term capital gains at their own rates. Intraday and derivatives (futures and options) trading is generally treated as business income, which changes both the ITR form and how expenses are claimed. Virtual digital assets such as crypto are taxed at a flat rate under a separate schedule, with no set-off of losses against other income. Accurate classification matters, because the AIS already reports these transactions to the department, so the return you file should reconcile with it.

There is no single answer; it depends on the deductions and exemptions you actually use. The old regime rewards taxpayers with sizeable deductions such as housing-loan interest, insurance, and retirement contributions, while the new regime offers lower slab rates with fewer deductions. The beneficial choice can change from year to year as your income and investments change. We compute your tax both ways each year, show you the comparison, and file under whichever regime works out better for you.