The new financial year begins tomorrow. The new Income Tax Act will come into effect for the new financial year. This new law will benefit taxpayers. The Income Tax Act explains many things in simple language. Meanwhile, the Income Tax Department has now released new income tax return forms for the financial year 2026-27.

The Income Tax Department has issued forms ITR-1 through ITR-7. If you are a taxpayer and want to file your ITR, you should know this information.

The deadline for filing ITR for the financial year 2026-27 is July 31, 2026. Tax assessments for the financial year 2025-26 will be conducted under the Income Tax Act, 1961. Therefore, no changes have been made to the income tax forms this time.

Income Tax Return Form (ITR Form)

ITR-1: ITR 1 is for individuals with annual income up to ₹50 lakh. This includes salary, pension, housing income, and interest. You can also file this form if you have long-term capital gains of up to ₹1.25 lakh.

ITR form for those having assets abroad

ITR-2: If you don't qualify for the ITR-1 form and don't have a business, you can file this form. It also includes income from the sale of shares or property. This form is also applicable to citizens who have assets acquired abroad.

ITR Forms for Business

ITR-3: This form is for HUFs. This ITR form is for individuals who own a business and have a turnover of more than ₹50 lakh.

ITR-4

The ITR-4 form is for those with business income up to ₹50 lakh and those who opt for the presumptive taxation scheme (sections 44AD, 44ADA). This allows you to pay tax on the turnover amount in a fixed form.

PC: SaamTV