ITR Filing for AY 2026-27 Now Open: Forms Available, July 31 Deadline

Income tax return filing for Assessment Year 2026-27 has opened with online filing utilities and Excel tools now live on the e-filing portal. Salaried individuals, pensioners, and taxpayers with capital gains or foreign income can file immediately. The deadline is July 31, 2026. Employers must issue Form 16 by June 15, 2026, a document many taxpayers wait for before filing.

Which ITR Form Should You Use

The form you choose depends on your income sources, not your age. ITR-1 (Sahaj) suits salaried employees with income under ₹50 lakhs from salary, one or two house properties, and interest income. ITR-2 works for individuals with capital gains, multiple house properties, or foreign income. ITR-4 (Sugam) applies to business owners with income under ₹50 lakhs. The income tax department has notified all forms for AY 2026-27. Online filing and Excel utilities are now available on the e-filing portal for immediate use.

Form 16 Deadline and Why It Matters

Employers must issue Form 16 to salaried employees by June 15, 2026. Form 16 contains consolidated details of salary income, exemptions, deductions, TDS deducted, and tax computations. Filing without Form 16 increases the risk of errors or omissions because taxpayers must rely on scattered payslips and separate documents. Using Form 16 helps ensure accuracy while filing. If you changed jobs during the year, you will receive multiple Form 16s from different employers.

Key Changes in ITR-1 for This Year

ITR-1 now allows reporting income from up to two house properties instead of just one. A new field for “rent which cannot be realized” has been added to help taxpayers with rented properties. Requirements for reporting foreign retirement benefits have been removed. These changes simplify filing for property owners and reduce unnecessary disclosures. Section 263 of the Income Tax Act, 2025 governs the filing process and contains provisions for original returns, belated returns, revised returns, and updated returns.

Special Rules for Pensioners and Senior Citizens

Pension income is taxed as salary under the Income Tax Act because it arises from the former employer-employee relationship. Government employees receive full tax exemption on leave encashment at retirement, while private sector employees have a limit of ₹25 lakhs. Super senior citizens (80 years and above) with only pension and bank interest income may file Form 125 with their bank instead of filing a full ITR. Senior citizens aged 60-79 must choose the correct ITR form based on income sources, not age.

Final Thoughts

ITR filing for AY 2026-27 is now live with a July 31 deadline. Wait for Form 16 from your employer by June 15 to file accurately and avoid errors. Choose the correct ITR form based on your income sources.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.