The Income Tax Department has officially commenced the income tax return (ITR) filing process for the assessment year 2026-27. The department has released the ITR-1 and ITR-4 forms, along with their Excel utilities, on the e-filing portal. This development marks the beginning of the annual tax filing season, allowing taxpayers to fulfill their obligations well before the deadline.
What Are ITR-1 and ITR-4?
ITR-1, also known as Sahaj, is designed for resident individuals with total income up to Rs 50 lakh, comprising salary, one house property, and other sources like interest. ITR-4, or Sugam, is for individuals, HUFs, and firms opting for the presumptive taxation scheme under sections 44AD, 44ADA, and 44AE of the Income Tax Act. Both forms have been updated for the current assessment year to incorporate changes in tax laws and compliance requirements.
How to Access the Forms
Taxpayers can download the Excel utilities directly from the e-filing portal at incometax.gov.in. The department has enabled both offline and online filing options. The Excel utility allows users to prepare their returns offline and upload them later, while the online filing feature provides a step-by-step interface for direct submission. The Income Tax Department has also issued a notification on social media, urging taxpayers to use these facilities.
Key Changes for AY 2026-27
While the basic structure of ITR-1 and ITR-4 remains similar, taxpayers should note any modifications in tax slabs, deductions, or reporting requirements. The department has likely incorporated adjustments based on the Union Budget 2025-26. It is advisable to review the instructions carefully before filing. Common updates may include changes in standard deduction limits, new reporting of high-value transactions, or revised schedules for capital gains.
Steps to File ITR
- Gather Documents: Collect Form 16, bank statements, investment proofs, and other relevant documents.
- Choose the Right Form: Determine whether ITR-1 or ITR-4 applies to your income sources.
- Download Utility: Access the Excel utility from the e-filing portal.
- Fill Details: Enter income, deductions, and tax paid accurately.
- Validate and Upload: Use the validation feature to check errors, then upload the XML file.
- E-Verify: Complete verification via Aadhaar OTP, net banking, or other methods.
Important Deadlines
The due date for filing ITR for individuals not requiring audit is typically July 31, 2026. However, taxpayers are encouraged to file early to avoid last-minute glitches. Late filing may result in penalties under section 234F and interest under sections 234A, 234B, and 234C.
What This Means for Taxpayers
The release of ITR-1 and ITR-4 forms signals that the filing season is open. Taxpayers should start preparing their returns immediately. Early filing ensures faster refunds and reduces the risk of errors. The department has also provided helpdesk support and updated FAQs on the portal. For those with straightforward income, the process is simple and can be completed without professional assistance.
