31/03/2026
The 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.
“For Financial Year 2025–26, assessment will continue under the Income Tax Act, 1961 and not the Income Tax Act, 2025. Accordingly, the ITR forms will be aligned with the 1961 law as amended by the Finance Act, 2026. Therefore, taxpayers will continue to see terms like ‘Assessment Year’ and ‘Previous Year’, not ‘Tax Year’,”
Who needs to file ITR-1?
ITR-1 (Sahaj) is meant 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.
Who is eligible to file ITR-2?
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).
In simple terms, if you are not eligible to file ITR-1 and do not have business or professional income, ITR-2 is the appropriate form to use.
Who needs to file ITR-3?
ITR-3 is meant 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.
Who needs to file ITR-4?
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-5, 6, and 7 are tax forms for non-individual entities in India. ITR-5 is used by partnership firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), and Co-operative Societies. ITR-6 is strictly for companies (both public and private) that do not claim exemptions for charitable or religious purposes. ITR-7 is dedicated to entities required to file under Section 139, including charitable or religious trusts, political parties, and scientific research associations.
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.
