🎓 Finance
ITR Filing 2026: A Bengali Guide to Income Tax Returns for Salaried Individuals and Small Business Owners
Who must file an income tax return (ITR), whether the old or new tax regime suits you, how to file on the e-Filing portal using Form 16, choosing ITR-1/ITR-3/ITR-4 and how to track your refund.
When July arrives, a familiar restlessness sets in at the office — “Got your Form 16?”, “Filed your ITR?” For salaried employees and small business owners alike, here’s the guide: who needs to file, in which form, under which regime, and how to get your refund faster.
Who Must File an ITR
- If your total annual income exceeds the basic exemption limit (₹2.5 lakh for those under 60 under the old-regime basic limit — there are regime-specific exceptions)
- Even with lower income, if you had specified transactions such as large bank deposits, foreign travel, or high electricity bills
- If you have business income (including under the presumptive scheme)
Even when it’s not mandatory, filing is worthwhile — refunds, income proof for loans/visas, and your own financial record.
Which ITR Form?
| Form | For Whom |
|---|---|
| ITR-1 (Sahaj) | Salary + rent from one house property + interest/dividends — income up to ₹50 lakh |
| ITR-2 | Capital gains from shares/MFs, multiple properties — no business income |
| ITR-3 | Business/professional income |
| ITR-4 (Sugam) | Presumptive taxation (deemed income) — popular with small shops/freelancers |
Filing the wrong form can bring a “defective return” notice — if in doubt, reconcile once.
New vs Old Regime
- New regime: lower slab rates, but almost no 80C/HRA/home-loan deductions — this is the default regime
- Old regime: more deductions — ₹1.5 lakh under 80C (PF, ELSS, life insurance), HRA, home-loan interest under 24(b)
A simple rule for salaried employees: if you invest/deduct ₹1.5 lakh+ a year → compute under the old regime; if you barely deduct anything → the new regime. Compute both and take whichever taxes less.
Steps to File
- Arrange your papers — Form 16, bank interest, investment proofs, AIS/TIS
- Log in to incometax.gov.in (PAN = user ID) → e-File → Income Tax Return
- Select the year and form → choose your regime
- Reconcile the pre-filled data (salary, TDS) against Form 26AS/AIS — mismatched? Consider a correction first
- Pay any tax due online → submit
- e-Verify within 30 days (Aadhaar OTP) — skip this and the return is invalid
3 Conditions for a Faster Refund
- Pre-validate your bank account on the portal before filing
- e-Verify promptly after submitting
- Aadhaar linked with PAN
If Something Goes Wrong
You can submit an updated/revised return after filing — if income was under-reported or details were missed, correct it without delay; fixing it yourself before the department catches it is always cheaper.
See Also
🪜 Step-by-step guide
- Gather your papers
Review Form 16 / TDS certificates, bank interest certificates, investment proofs, and AIS/TIS once.
- Pick your regime
Compute tax under the new and old regimes, choose the cheaper one, and select the ITR form accordingly.
- Log in to the e-Filing portal
Log in with your PAN at incometax.gov.in → e-File → Income Tax Return — most fields are pre-filled.
- Verify income and deductions
Cross-check with Form 26AS and AIS — make sure all TDS, interest and dividends have been reported.
- e-Verify
e-Verify with the Aadhaar OTP within 30 days of filing — otherwise the return is invalid and the refund is stuck.
❓ Frequently asked questions
New or old regime — which should I pick?
Simple math: the new regime has lower rates but almost no deductions; the old regime has higher rates but offers deductions like 80C (₹1.5 lakh), HRA and home-loan interest. If you can invest/deduct ₹1.5 lakh+ a year, the old regime often wins; if not, the new regime is usually cheaper — compute both, and the portal has a comparison tool too.
My income is below the tax-free limit — do I still need an ITR?
Not legally mandatory, but filing helps: refunds of TDS deducted, income proof for visas/loans (ITR copies), and a record for future large transactions. If tax was deducted, not filing means no refund at all.
When does the refund arrive?
After e-Verify and completion of processing, it typically reaches your bank within a few weeks to a few months — refund status is visible on the portal. The biggest causes of delay: not e-verifying, or a bank account that isn't pre-validated.