Government Notifies ITR Forms for AY 2026-27, Taxpayers to File Returns by July 31

Government Notifies Income Tax Return Forms for Assessment Year 2026-27

The Indian government has notified income tax return forms (ITR-1 to ITR-7) for the Assessment Year (AY) 2026-27. This means individuals, pensioners, professionals, and other taxpayers can now use the applicable forms and file their income tax return (ITR) on or before July 31, 2026. Additionally, ITR-V (verification form) and ITR-U (updated return form) have also been notified.

The notification comes as the government continues to align the income tax forms with the Income Tax Act, 1961, as amended by the Finance Act, 2026. Himank Singla, Partner at SBHS & Associates, notes that the assessment for the Financial Year 2025-26 will continue under the Income Tax Act, 1961, and not the Income Tax Act, 2025.

Who Needs to File ITR-1?

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ITR-1 (Sahaj) is designed for resident individuals with a total income of up to Rs 50 lakh, earned from salary or pension, one house property, and other sources such as interest. It can also be used if you have long-term capital gains under Section 112A up to Rs 1.25 lakh, as long as there are no carry forward capital losses. However, this form is not applicable if you have income from business or profession, own more than one house property, have capital gains beyond the specified limit, hold foreign assets, or if your total income exceeds Rs 50 lakh.

Other ITR Forms

ITR-2 is meant for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It applies to those earning income from capital gains, owning more than one house property, having foreign income or assets, as well as non-resident individuals (NRIs).

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ITR-3 is designed for individuals and Hindu Undivided Families (HUFs) who earn income from a proprietary business or profession. It is applicable in cases where the taxpayer maintains regular books of accounts, typically when the total income exceeds Rs 50 lakh.

ITR-4 (Sugam) is meant for resident individuals, HUFs, and firms with total income up to Rs 50 lakh who opt for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE. It can also include income from salary or pension, one house property, and other sources.

ITR-U: Extended Window to Correct Past Returns

The updated ITR-U form provides taxpayers with an opportunity to rectify errors or omissions in previously filed returns. As per the notified rules, taxpayers can file an updated return within 48 months (four years) from the end of the relevant assessment year.

Income Tax Return Verification

ITR-V (Income Tax Return Verification) is the acknowledgement form generated after filing your income tax return, which must be verified within 30 days of filing to be considered valid. Verification can be done online via e-Verification (Aadhaar OTP, Net banking, EVC) or by mailing a signed physical copy to CPC Bangalore.