FY 2025-26 · AY 2026-27
Complete Guide to
ITR Filing for AY 2026-27
Know which ITR form applies to you, key due dates, penalties, and important updates — explained simply for every taxpayer.
⚠️ Important: ITR-1, ITR-2, and ITR-4 for AY 2026-27 are now LIVE on the Income Tax e-Filing Portal. The last date for salaried individuals is 31 July 2026. Don't wait till the last minute!
What is ITR? Income Tax Return (ITR) is a form submitted to the Income Tax Department declaring your total income earned during a financial year and the taxes paid on it. For FY 2025-26 (April 2025 – March 2026), the relevant Assessment Year is AY 2026-27. Filing ITR is not just a legal obligation — it is proof of your income and financial credibility. The CBDT notified all ITR forms (ITR-1 to ITR-7) on 30th March 2026.
ITR Forms — Which One Is for You?
ITR-1SAHAJ
The simplest form — for most salaried employees.
✅ Who can file?Salaried individuals & pensioners with income up to ₹50 Lakh, up to 2 house properties, other sources (interest/dividend), and agricultural income up to ₹5,000.
ITR-2Capital Gains & More
For those with capital gains or foreign assets.
✅ Who can file?Individuals & HUFs with capital gains (shares/property), more than 2 house properties, foreign income/assets, or directors in a company.
ITR-3Business & Profession
For business owners and professionals.
✅ Who can file?Individuals & HUFs with income from business or profession — doctors, lawyers, architects, freelancers, traders, etc. (not under presumptive scheme).
ITR-4SUGAM — Presumptive
Easy option for small business owners.
✅ Who can file?Individuals, HUFs & Firms (not LLP) under presumptive taxation — Sec. 44AD / 44ADA / 44AE with income up to ₹50 Lakh.
ITR-5Firms & LLPs
For partnership firms and other entities.
✅ Who can file?Partnership Firms, LLPs, AOPs, BOIs, and co-operative societies not covered under ITR-7.
ITR-6Companies
For all companies registered in India.
✅ Who can file?All companies except those claiming exemption under Section 11 (charitable trusts). Must be filed with DSC.
ITR-7Trusts & Charities
For non-profit and exempt entities.
✅ Who can file?Charitable/religious trusts, political parties, universities, research institutions under Sec. 139(4A)/(4B)/(4C)/(4D)/(4E)/(4F).
ITR-UUpdated Return
Missed filing or made a mistake? Use ITR-U.
✅ Who can file?Any taxpayer who missed filing or wants to correct a past ITR. Can be filed within 48 months (4 years) from end of the relevant AY.
Key Changes for AY 2026-27
Staggered Due Dates (NEW)For the first time, non-audit business/professional taxpayers (ITR-3 & ITR-4) get a separate extended deadline of 31 August 2026 — different from the 31 July 2026 salaried deadline.
ITR-1 Now Allows 2 House PropertiesEarlier restricted to one house property. Taxpayers with up to two house properties can now file the simpler ITR-1.
Revised Return Deadline ExtendedYou can now revise your filed ITR up to 31 March 2027 (earlier: 31 December 2026) — more time to correct errors.
New Tax Regime Remains the DefaultLower rates, fewer deductions — continues as default. To opt for the Old Regime (80C, HRA, etc.), you must actively select it while filing.
Forms Notified Early — Portal LiveAll ITR forms notified on 30 March 2026. ITR-1, ITR-2, and ITR-4 are already live with online filing and Excel utilities enabled.
Due Date Calendar — AY 2026-27
| Taxpayer Category | Form | Due Date |
|---|---|---|
| Salaried, pensioners, HUF (non-business) | ITR-1, ITR-2 | 31 Jul 2026 |
| Business / Profession — Non-Audit cases | ITR-3, ITR-4 | 31 Aug 2026 |
| Companies & Tax Audit Cases | ITR-3, ITR-5, ITR-6 | 31 Oct 2026 |
| Transfer Pricing Cases | ITR-3, ITR-6 | 30 Nov 2026 |
| Belated Return (missed deadline) | Any applicable | 31 Dec 2026 |
| Revised Return (correction) | Any applicable | 31 Mar 2027 |
| Updated Return — ITR-U | ITR-U | Within 48 months |
What If You Miss the Deadline?
₹1,000
Late fee — income < ₹5 Lakh
₹5,000
Late fee — income > ₹5 Lakh
1% / mo.
Interest u/s 234A on unpaid tax
31 Dec
Last date for belated return
⚠️ Note: If your total income is below the basic exemption limit (₹3 Lakh under New Regime / ₹2.5 Lakh under Old Regime), there is no late filing penalty. But filing on time is always advisable.
Why File ITR — Even If Tax is Zero?
Loan Approval
Banks require ITR as income proof for Home, Car, and Personal Loans.
High Credit Card Limit
Premium cards and higher limits need ITR as income evidence.
Visa Applications
US, UK, Canada, and Schengen visas ask for last 3 years' ITR copies.
Carry Forward Losses
Capital or business losses can only be carried forward if ITR is filed on time.
TDS Refund
Excess TDS on salary or FD interest can only be claimed via ITR filing.
Government Tenders
Tenders and contracts require ITR for the past 3–5 years as eligibility proof.
Need Help Filing Your ITR?
Our expert CA team at Sanjay A & Co. is here to file accurately, maximise your refund, and keep you penalty-free.
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Sanjay A & Co., First Floor, Opp. Old District Court, Above DCB Bank, Hoshiarpur, Punjab – 146001
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⚖️ For general awareness only. Tax laws are subject to change. Consult a qualified CA for personalised advice.
Source: CBDT, Income Tax Department of India | Last Updated: June 2026 | www.casanjaygupta.co.in
Source: CBDT, Income Tax Department of India | Last Updated: June 2026 | www.casanjaygupta.co.in
