The Deadline is Firm: July 31
For most individual taxpayers, including salaried employees and pensioners, the due date for filing ITR for the Assessment Year (AY) 2026-27 is July 31, 2026. Unlike some previous years, the government has not indicated any plans for an extension. Missing
this deadline can lead to a late filing fee of up to ₹5,000, interest on the outstanding tax amount, and an inability to carry forward certain losses. Taxpayers with business income not requiring an audit have until August 31, 2026, while those needing an audit have until October 31, 2026.
New Tax Regime is Now the Default
One of the most significant updates is that the New Tax Regime is the default option for all taxpayers for the Financial Year 2025-26. If you want to use the Old Tax Regime to claim deductions like those under Section 80C (like PPF, ELSS) or for HRA, you must actively choose it when filing your return. The New Regime has been made more attractive with revised slabs, a higher basic exemption limit of ₹4 lakh, and a standard deduction of ₹75,000 for salaried individuals. Crucially, a rebate under Section 87A makes income up to ₹12 lakh effectively tax-free under the new rules.
Which ITR Form Should You Use?
Choosing the correct form is the first step to a successful filing. For most salaried individuals with an income up to ₹50 lakh from salary, one or two house properties, and other sources like interest, ITR-1 (Sahaj) is the right form. An important update for AY 2026-27 is that ITR-1 can now be used even if you have income from up to two house properties. If you have income from capital gains (like from stocks or property sale) but no business income, you must file ITR-2. Those with income from a business or profession should use ITR-3 or ITR-4 (Sugam), depending on their specific situation.
Essential Documents to Keep Ready
Before you begin filing, gather all your necessary documents to ensure accuracy and avoid errors. The most crucial ones include your PAN card, Aadhaar card, Form 16 from your employer, and bank account statements. It is also vital to download and review your Form 26AS and Annual Information Statement (AIS) from the e-filing portal. These documents provide a consolidated view of the taxes already deducted (TDS) and financial transactions reported against your PAN. If you plan to claim deductions under the old regime, keep proofs of investments, rent receipts for HRA, and home loan interest certificates handy.
Top Mistakes to Avoid This Year
Simple errors can lead to notices from the tax department or delays in getting your refund. One common mistake is not reconciling the information in your Form 16 with your AIS and Form 26AS. Any mismatch in income or TDS reported can trigger an automated notice. Another frequent error is failing to report all sources of income, such as interest from savings accounts or fixed deposits. Finally, ensure all your personal information, especially your bank account number (which must be pre-validated on the portal), is correct to facilitate a smooth refund process.
Don't Forget to E-Verify Your Return
Filing your ITR is only half the job. Your return will be considered invalid if you do not verify it within 30 days of filing. The easiest and quickest method is e-verification through an Aadhaar-linked mobile number OTP. Other options include using your pre-validated bank or Demat account, or through net banking. Once you e-verify, the process is complete, and you will receive an acknowledgement. If you miss the 30-day window, you may have to file a condonation request, which complicates the process.
