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Published: May 2026 · 7 min read · Covers FY 2025-26 (AY 2026-27) filings

Which Law Governs This Year's Filing?

Even though the Income Tax Act, 2025 came into force on 1st April 2026, your return for AY 2026-27 relates to income earned in FY 2025-26 — that is, before the new Act took effect. As a result, this filing season is governed entirely by the old Income Tax Act, 1961. The old ITR forms (ITR-1 through ITR-7), old section numbers, and familiar deduction rules all apply. The new Act only becomes relevant when you file for Tax Year 2026-27, which won't be due until 2027.

In short: this is effectively the last filing season under the 1961 framework you already know. Nothing about the new Act changes how you file this year.

Due Date Calendar for AY 2026-27

Taxpayer CategoryApplicable FormsDue Date
Salaried individuals, pensioners, capital gains, one or two house propertiesITR-1, ITR-231 July 2026
Business/professional income — no audit requiredITR-3, ITR-431 August 2026
Businesses and professionals requiring a tax auditITR-3, ITR-5, ITR-631 October 2026
Tax audit report submission (Form 3CA/3CB/3CD)30 September 2026
Entities with international/specified domestic transactions (transfer pricing, Section 92E)ITR-5, ITR-6 + Form 3CEB30 November 2026
Trusts, political parties, exempt institutionsITR-731 October 2026 (or 30 Nov if audit + TP applicable)
Belated return (missed original deadline)Any31 December 2026
Revised return (correcting an already-filed return)Any31 March 2027
Updated return (ITR-U) — voluntary disclosureITR-U31 March 2031

*Dates apply unless extended by the Income Tax Department via official notification. Always confirm on the e-filing portal before your deadline.

What's New for AY 2026-27

  • ITR-1 now covers two house properties: Previously, owning more than one house property meant moving to ITR-2. From this year, ITR-1 (Sahaj) accepts income from up to two house properties, simplifying filing for many salaried taxpayers with a second home.
  • ITR-3/ITR-4 get an extra month: Non-audit business and professional taxpayers now have until 31 August, a separate and later deadline from the 31 July date for salaried filers.
  • Higher Schedule AL threshold: Detailed disclosure of assets and liabilities is now required only if total income exceeds ₹1 crore, up from the earlier lower threshold — removing this compliance step for many taxpayers.
  • Secondary contact fields added: All ITR forms now capture a secondary address, mobile number, and email ID, reducing missed communication from the department.
  • Buyback loss reporting: A new field in the Capital Gains schedule of ITR-2 captures losses arising from company share buybacks.
  • Forms notified early: CBDT notified all ITR forms (ITR-1 to ITR-7) on 30th March 2026, and e-filing opened well ahead of the July deadline — so there's no reason to wait until the last week.

Which Form Applies to You?

  • ITR-1 (Sahaj): Salary, pension, one or two house properties, other sources, agricultural income up to ₹5,000. Total income up to ₹50 lakh. Cannot be used by company directors or those with capital gains beyond specified limits.
  • ITR-2: Individuals and HUFs with capital gains, foreign income or assets, more than two house properties, or holding a directorship — but no business/professional income.
  • ITR-3: Individuals and HUFs with business or professional income under the regular scheme.
  • ITR-4 (Sugam): Presumptive taxation under Sections 44AD, 44ADA, or 44AE, with turnover within prescribed limits.
  • ITR-5: Partnership firms, LLPs, AOPs, BOIs.
  • ITR-6: Companies not claiming exemption under Section 11.
  • ITR-7: Trusts, political parties, and institutions claiming exemption.

Choosing the wrong form is a common trigger for a defective return notice. If you have agricultural income above ₹5,000, hold a directorship, or have capital gains, ITR-1 is not available to you — even if your income is otherwise simple.

Missed a Deadline? Your Options

Belated Return — Section 139(4)

If you miss the original due date, you can still file until 31 December 2026. A belated return attracts a late fee under Section 234F — ₹5,000 if total income exceeds ₹5 lakh, or ₹1,000 if it doesn't. Interest under Section 234A also applies at 1% per month on any unpaid tax from the original due date.

The real cost of filing late isn't just the fee. If you file a belated return, you lose the option to choose the old tax regime for that year — the new regime becomes mandatory. You also lose the ability to carry forward certain losses (other than house property loss) to future years.

Revised Return — Section 139(5)

Found an error after filing — a missed deduction, wrong income figure? You can revise your return any time up to 31 March 2027, or before assessment is completed, whichever is earlier. There's no penalty for revising a return; it's a normal part of accurate compliance.

Updated Return (ITR-U) — Section 139(8A)

If you've missed both the original and belated deadlines, or need to disclose income you missed entirely, ITR-U lets you file within 48 months from the end of the relevant assessment year — for AY 2026-27, that's up to 31 March 2031. This comes with additional tax (25% to 70% of the tax and interest due, depending on how late you file) and cannot be used to claim additional refunds or losses.

Why Filing Early Matters

  • Faster refunds: Early filers are typically processed and refunded sooner, before the pre-July rush hits the department's systems.
  • Time to fix Form 26AS/AIS mismatches: If your pre-filled data doesn't match your records, you need time to reconcile before submitting — not something to discover on 30th July.
  • Regime choice stays intact: File on time and you retain full flexibility to choose old or new regime (for salaried taxpayers, this choice is available every year regardless).
  • Documentation for loans and visas: Banks and embassies routinely ask for ITR acknowledgments — having yours filed and verified well in advance avoids last-minute scrambling.

Don't wait for the July rush. Our CA-qualified team can file your ITR-1 through ITR-7, compare old vs new regime with your actual numbers, and handle Form 26AS/AIS reconciliation — all before the deadline crunch. Get a custom quote for your return →

Disclaimer: The dates and information on this page are for general reference only, compiled from publicly available sources including incometax.gov.in and CBDT notifications. While we strive for accuracy, deadlines are subject to change via official government notification. This content does not constitute professional tax advice. Always verify current deadlines on the official e-filing portal before relying on them. For personalised advice, consult our experts. Last reviewed: May 2026.