Income Tax Filing

The Income Tax department has notified all income tax return forms for the assessment year (AY) 2026-27. While ITR forms 1-4, filed by small and medium taxpayers, were notified on March 30, ITR forms 2, 3, 5, 6 and 7, as well as ITR-U (for filing updated returns), were notified on Tuesday. With the ITR (income tax return) notification, individuals, businesses and other entities can start filing I-T returns for the income earned in the financial year 2025-26. The last date for filing ITR for individuals and those who do not have to get their accounts audited is July 31. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having annual income up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income up to Rs 5,000 a year. Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other tha

Expansion of higher HRA benefits to eight cities from FY27 comes alongside rigorous new disclosure rules designed to crack down on fraudulent rental claims

New tax rules from April 1 focus on compliance, reporting and clarity, with no change in tax slabs or rates for individuals

Taxpayers must be able to distinguish between matters where the old tax law still applies and those where the new one does

The Income Tax department on Sunday said it has invited inputs and suggestions from stakeholders on the draft tax rules and forms under the new Income Tax Act, 2025, which will come into effect from April 1. To encourage wider stakeholder participation, the proposed Income Tax Rules, 2026, and corresponding Forms have been uploaded on the official website: www.incometaxindia.gov.in before their final notification, it added. As part of a wider consultative process, the Central Board of Direct Taxes (CBDT) invites inputs and suggestions from stakeholders in the following four categories - simplification of language, reduction of litigation, reduction of compliance burden and identification of redundant/obsolete rules and forms, the I-T department said in a statement. "Stakeholders are encouraged to study the same and make suggestions, which will be compiled and considered for review before final notification," it said. To facilitate this, a utility has been launched on the e-filing .

Bear in mind that substantial changes in a revised return can invite closer examination by tax authorities

Budget signals a shift toward a less adversarial tax regime by extending return-filing deadlines to March, halving the mandatory litigation deposit to 10%, and decriminalising minor procedural lapses

While a formal rent agreement is not a legal prerequisite, Tax planning 2026: digital payment trails and landlord PAN details are essential to withstand tax department's scrutiny

Tax filings reveal a growing shift towards multi-income earners

Government responds to claims about ITD and citizens' digital activity

'Knowing when to file an updated or revised ITR can safeguard your refunds,' says expert

Section 247 under the new Act allows authorised officers to access computer systems or virtual spaces, but strictly during search and survey operations where there is credible evidence of evasion

From Section 80D to home-loan perks, here's what many taxpayers overlooked last year

Tax experts say that omissions, data mismatches, and common assumptions were the primary causes of defective returns, penalties, and delayed refunds this year, urging timely preparation for 2026

Emails about high-value transactions in Annual Information Statements nudge people on compliance processes, say experts

The Income Tax department has started sending SMS and email advisories to taxpayers for wrongful deduction claims related to unrecognised political parties or charitable institutions

Tax department advises taxpayers attempting to disclose foreign assets in revised returns to switch from ITR-1 or ITR-4 to the correct forms (ITR-2 or ITR-3) by December to ensure compliance

The documents will make tax filing easier by reducing legal wording, say experts

With the 15 December instalment approaching, here is a clear guide on who must pay advance tax, how much is due, and the interest costs of missing the cut-off

The intent of the department is to keep the I-T Return forms simple to ease compliance under the new law, which replaces the six-decade old Income Tax Act, 1961