Income Tax Form Update: Today,April 1,2026,marks the start of the new fiscal year. The Income Tax Department has notified all Income Tax Return (ITR) forms for the assessment year 2026–2027 prior to the commencement of the new fiscal year. This implies that business owners,salaried individuals,and other organizations can start filing their income tax returns for the fiscal year 2025–2026 right away.
Early notification of the income tax return forms will allow taxpayers to collect the required paperwork and file their returns on time. These ITR forms were approved. On March 30th,the Income Tax Department notified ITR-1 and ITR-4,giving small and middle-class taxpayers relief. The remaining forms—ITR 2,ITR 3,ITR 5,ITR 6,ITR 7,and ITR-U—were also made available on March 31st,a day later. The government has taken proactive steps to reduce last-minute technical issues and streamline the filing process.
What is the deadline for filing an ITR in 2026?
The deadline for filing Income Tax Returns (ITRs) for individual taxpayers and those with non-audited accounts has been set at July 31,2026. It’s worth noting that the decades-old Income Tax Act,1961,has expired today. In its place,the government has introduced the Income Tax Act,2025,which comes into effect today,April 1,2026. However,it’s important for taxpayers to understand that the new Income Tax Act will not apply to this filing year. Its effects will be felt starting next year,June 2027. Therefore,follow the existing rules for filing income tax returns this year.
Who is eligible to file ITR-1 and ITR-4?
It is important to note that people frequently select incorrect income tax return forms,which results in their returns being denied. Before filing an income tax return,make sure you fully comprehend the circumstances. ITR-1 (Sahaj) is for salaried taxpayers with an annual income of up to or less than Rs 50 lakh. They should also earn up to Rs 5,000 from housing,interest,or farming. ITR-4 (Sugam),on the other hand,is intended for individuals,Hindu Undivided Families (HUFs),and businesses that make up to Rs 50 lakh from their line of work or business.