Tax Season 2026: Government Notifies New ITR Forms; Here is the July 31 Deadline Guide
The Finance Ministry has officially notified the Income Tax Return (ITR) forms for Assessment Year 2026-27. With the July 31 deadline set, the new forms incorporate key shifts under the Income-tax Act 2025, requiring taxpayers to disclose more granular data on global assets and AI-driven income.
To ensure a seamless transition into the new fiscal cycle, the Central Board of Direct Taxes (CBDT) has officially notified the Income Tax Return (ITR) forms for Assessment Year 2026-27. The notification, released on the final day of the current financial year, has a deadline of July 31, 2026, for individual taxpayers not requiring an audit.
New Disclosures
The 2026-27 forms (ITR-1 through ITR-6) feature significant updates reflecting the "Digital India" push and the Income-tax Act 2025. For the first time, taxpayers will be required to provide a more detailed breakdown of income derived from Virtual Digital Assets (VDAs) and foreign-sourced dividends. This follows increased scrutiny on cross-border capital flows amid the ongoing West Asia conflict, which has prompted the government to tighten reporting standards for high-net-worth individuals holding offshore investments.
Simplifying the New Tax Regime
Following the 2025 reforms, the New Tax Regime remains the default choice for all filers. The updated forms include a simplified Opt-out mechanism for those still wishing to claim deductions under the Old Tax Regime. Internal logic of the 2026 forms is heavily geared toward the New Regime, featuring pre-filled data blocks that pull information directly from the Annual Information Statement (AIS) to minimize manual errors.
Taxpayers are advised to ensure their AIS and Form 26AS are reconciled by mid-April to avoid mismatches.
Who Files Which Form?
- ITR-1 (Sahaj): For resident individuals with income up to ₹50 lakh from salary, one house property, and other sources (interest, etc.).
- ITR-2: For individuals and HUFs not having income from profits and gains of business or profession.
- ITR-3: For individuals and HUFs having income from profits and gains of business or profession.
- ITR-4 (Sugam): For resident individuals, HUFs, and firms (other than LLPs) having total income up to ₹50 lakh and computed under presumptive taxation sections.
Published By : Shourya Jha
Published On: 31 March 2026 at 14:54 IST