Get a quick overview of the important dates, applicable forms, and key rule changes for Income Tax Return (ITR) filing in the financial year 2026–27.
Mumbai : With the start of the new financial year 2026–27, it is once again time for taxpayers to file their Income Tax Returns (ITR). Although the new income tax law has come into effect from April 1, the returns for this year will still be filed under the existing rules. Missing the deadline can lead to penalties, interest, or even notices, so it is crucial to stay informed about the timelines and regulations.
The Income Tax Department has already notified all ITR forms, along with ITR-V (verification) and ITR-U (updated return). However, it is not enough to remember just the final filing date—there are several other important deadlines related to TDS, TCS, and advance tax that must be followed carefully to avoid complications.
For individual taxpayers, the last date to file ITR for this financial year is July 31. The return must be filed based on income earned between April 1, 2025, and March 31, 2026. In case of delay, a belated return can be filed until December 31. Advance tax, on the other hand, must be paid in four installments—June 15, September 15, December 15, and March 15.
Failure to pay advance tax on time may attract interest. Additionally, there are monthly deadlines for depositing TDS, such as April 30 being the last date for depositing TDS/TCS for the month of March.
The applicable ITR form depends on the nature and amount of income. ITR-1, also known as ‘Sahaj’, is meant for individuals with annual income up to ₹50 lakh, primarily from salary, up to two house properties, or other simple sources. ITR-2 is for individuals who have capital gains but no income from business or profession.
ITR-3 is applicable for those earning from business or professional activities, while ITR-4, known as ‘Sugam’, is for taxpayers opting for the presumptive taxation scheme. ITR-5, 6, and 7 are mainly meant for firms, companies, and trusts.
Under the new rules, certain relaxations have been introduced, while compliance has become stricter in some areas. For example, earlier only one house property income could be reported in ITR-1 and ITR-4, but now income from up to two houses can be declared. On the other hand, claiming deductions for donations or political contributions now requires mentioning the transaction reference number and the name of the respective party.
Additionally, relief related to salary arrears is no longer available under these forms. Overall, choosing the correct form and filing your ITR within the stipulated time is the most important responsibility for taxpayers this financial year.
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