ITR Season in Hyderabad: A Simple Guide for Salaried Professionals and Business Owners

If you work in Gachibowli or the Financial District, tax season usually means a Form 16, a vague memory of last year’s regime choice, and a nagging worry about the ESOPs or mutual funds you sold. Filing your return isn’t hard — but filing it well, so you don’t overpay and don’t invite a notice, takes a little know-how. Here’s what matters.

Which year does this guide cover? Returns for income earned up to 31 March 2026 (FY 2025-26, AY 2026-27), which are still filed under the Income-tax Act, 1961. Income earned from 1 April 2026 falls under the new Income-tax Act, 2025 and its “tax year” concept — see our guide Tax Year under the Income-tax Act, 2025.

Do you even need to file a return?

If your income is above the basic exemption limit, yes. But you should also file even if it isn’t, when any of these apply: you want a refund of TDS deducted, you have capital gains from shares or property, you hold foreign assets or ESOPs, or you’ve had high-value spends the department already sees in your AIS. For most salaried professionals in Hyderabad’s IT sector, filing is both required and worth it.

Old regime vs new regime — which one saves you more?

This is the single biggest decision on your return. The new regime is now the default, with lower slab rates but almost no deductions. The old regime has higher rates but lets you claim deductions like 80C, HRA and home-loan interest.

The rule of thumb: if you have a home loan, pay rent, and invest in 80C, the old regime often wins. If you don’t, the new regime is usually simpler and cheaper. Run both before you file — the difference can be tens of thousands of rupees. (Exact slab rates and limits change year to year — confirm for the current assessment year.)

What documents will you need?

Keep these ready: Form 16 from your employer, your AIS/TIS from the income-tax portal, bank interest details, capital gains statements from your broker or mutual fund, proof of 80C/80D and home-loan payments if you’re on the old regime, and your bank account for the refund.

When is the deadline?

For FY 2025-26 (AY 2026-27) there are now three main due dates:

Missed it? You can still file a belated return up to 31 December 2026 with a late fee under section 234F, but you lose the right to carry forward most losses. A return already filed can now be revised up to 31 March 2027 (twelve months from the end of the year), with a fee if revised after 31 December. (Confirm the current year’s dates and any extension before you rely on them.)

Salaried vs business owner — when to bring in a CA in Kondapur or Gachibowli

A salaried return is largely built from your Form 16 and AIS. A business owner or professional has more moving parts: books of account, expenses, and often the option of presumptive taxation (declaring income at a prescribed rate without maintaining detailed books), subject to turnover limits. Getting this right is where a CA saves you real money — and keeps you clear of scrutiny.

FAQ

TDS is already deducted from my salary — do I still need to file? Yes. TDS is not the same as filing. You file to report income, claim any refund, and stay compliant.

Which regime applies if I don’t choose? The new regime is the default. You must actively opt for the old regime if it benefits you.

I sold shares/mutual funds this year. Does that change my return? Yes — capital gains must be reported, and the tax depends on how long you held them. It’s worth getting this computed correctly.

What if I miss my due date? For FY 2025-26 you can file a belated return up to 31 December 2026, with a late fee under section 234F (₹1,000 if total income is up to ₹5 lakh, otherwise ₹5,000) and interest on any unpaid tax — so file as soon as possible.

Want your return filed right — in the regime that actually saves you the most? ComplianceKart files ITRs for salaried professionals and business owners across Hyderabad. Talk to our team in Kondapur/Hitech City. Call or WhatsApp 9959536391, or email team@compliancekart.com.