About This Service
This service involves the comprehensive reporting of all income sources for an individual, including Salary, House Property, and Other Sources (Interest/Dividends). For 2026, the focus is on choosing the most beneficial tax regime (New vs. Old) and ensuring that the data matches the Pre-filled JSON from the Income Tax portal. It includes optimizing deductions under Chapter VI-A (if in the Old Regime) and ensuring that high-value transactions reported in the AIS do not lead to “Defective Return” notices.
Eligibility & Criteria
- Limits: Mandatory if Gross Total Income exceeds the basic exemption limit (₹3 Lakh in New Regime, ₹2.5 Lakh in Old Regime). Mandatory regardless of income if you have foreign assets or electricity bills > ₹1 Lakh.
- Forms: ITR-1 (Sahaj) or ITR-2 (for capital gains/multiple properties).
- Penalty: ₹5,000 for late filing (reduced to ₹1,000 if income is below ₹5 Lakh). Interest @ 1% per month on unpaid tax (Section 234A).
