Who needs to file and which form applies
Individuals must file once their income exceeds the basic exemption limit, and also in certain other cases, such as holding foreign assets or meeting specified high-value transaction conditions. Companies, LLPs and firms must file regardless of profit or loss.
The form depends on income type. Salaried individuals with simple income typically use ITR-1 or ITR-2, those with capital gains or foreign assets use ITR-2, business and professional income goes into ITR-3 or ITR-4 for presumptive taxation, and companies use ITR-6.
The Income-tax Act, 2025 came into force from 1 April 2026, but returns for income earned in financial year 2025-26 continue to be filed under the 1961 Act.
Our filing process and the documents you share
We start by downloading your AIS and Form 26AS and comparing them with your own records. The documents usually needed are Form 16 from your employer, bank interest certificates, capital gains statements from your broker or mutual fund registrar, rent receipts, home loan interest certificate, and proofs for deductions if you choose the old regime.
For business or professional income, we also need the books of accounts or a profit and loss statement and GST data.
We compute tax under both regimes where relevant, share the draft for your review, file the return, and complete e-verification. Refund status and any intimation under section 143(1) are tracked afterwards.
Tax filing issues common among Mumbai taxpayers
Mumbai has a large population of salaried professionals in banking, financial services and technology, and many have income beyond salary: ESOPs and RSUs from listed or foreign parent companies, active trading in shares and derivatives, and rental income from a second flat.
Trading in futures and options is treated as business income and has its own reporting and, beyond specified limits, tax audit implications. Foreign RSUs and overseas bank accounts must be disclosed in Schedule FA even if no tax arises on them.
The city's film, advertising and media freelancers often have TDS deducted under several sections by multiple clients, which makes AIS reconciliation essential before filing.
Why file through Finaccle's Mumbai office
A return that matches your AIS and reports every income source correctly is far less likely to draw a mismatch notice. Our team reconciles before filing rather than after.
The process is entirely digital: you upload documents, review the computation online, and approve before submission. Every return is reviewed under CA supervision, and complex cases, such as capital gains on property, ESOPs, F&O trading or NRI residential status, are handled directly by experienced staff.
If the department later sends a notice, intimation or demand, the Mumbai team prepares the response and attends to proceedings on the e-filing portal. Our office is at Chandak Unicorn, Andheri West.
Income Tax Return Filing in Mumbai: FAQs
What is the due date for filing my income tax return?
The due date depends on your category. Salaried individuals and others not requiring an audit have an earlier deadline, typically in the summer, while taxpayers subject to tax audit and companies have later deadlines. The government sometimes extends dates by notification. Tell us your income sources and we will confirm the deadline that applies to you for the year.
Should I choose the old or new tax regime?
The new regime is the default and offers lower slab rates but allows few deductions. The old regime can work out better if you claim significant deductions such as home loan interest, section 80C investments and HRA. Salaried individuals can switch each year, while those with business income have limited options to switch. We compute both before recommending.
I trade in futures and options. Which form do I file?
Income from futures and options is treated as non-speculative business income, so it is reported in ITR-3 with a profit and loss account. Turnover is computed using a specific method for derivatives, and depending on turnover and profit, a tax audit may be required. Losses can be carried forward if the return is filed on time.
My AIS shows income I did not receive. What should I do?
You can submit feedback on the AIS itself, marking the entry as incorrect, duplicate or belonging to someone else. You should also report your income correctly in the return based on actual records. Keeping evidence of the discrepancy is important, as the department may later question the difference between AIS and the return filed.
Talk to Finaccle
Read more about our Income Tax Return Filing services, or book a free consultation with our Mumbai team. You can also browse our FAQs.
Income Tax Return Filing support is also available in Surat and Delhi.