Income Tax Filing

Tax experts explain belated ITR filing, late fee, interest, refunds and the steps taxpayers should take now

Over 5.9 crore ITRs have been filed for AY 2026-27 by July 31, the income tax department said on Saturday. The last date for filing income tax returns (ITRs) 1 and 2 -- for assessees who do not have to get their accounts audited -- for Assessment Year 2026-27 without penalty and interest -- was July 31. Last year, over 7.3 crore ITRs were filed by September 16, 2025, which was the extended date for filing tax returns for AY 2025-26. "Over 5.9 crore ITRs filed for AY 2026-27 by July 31st!," the I-T department said in a post on X on Saturday. ITR Form 1 (Sahaj) is a simpler form that caters 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 has salary income, one house property, and agricultural income up to Rs 5,000 a year. ITR-2 is filed by individuals and HUFs not having income from profits and gains in business or profession, but having income from capital gains.

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No penalty is levied for revising a return, provided the original return was filed on time

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Even if tax has already been deducted from your salary, you still need to file an income tax return

Taxpayers should carefully match their income profile with the applicable ITR form, as filing returns in the wrong form could lead to defective returns or tax notices

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

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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

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

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