Mumbai: The Income Tax Department has officially released all Income Tax Return (ITR) forms for Assessment Year 2026-27.
Earlier, ITR-1 to ITR-4 forms were notified on March 30. The remaining forms, including ITR-2, ITR-3, ITR-5, ITR-6, ITR-7 and ITR-U, were issued on May 12.
With most salaried employees now receiving Form 16 from employers, taxpayers can begin the filing process for FY 2025-26.
Experts Suggest Filing Early
Tax experts are advising people not to wait till the last moment for filing returns.
Early filing helps taxpayers avoid technical issues, reduce mistakes and receive refunds faster.
Experts also warned that selecting the wrong ITR form can create problems during processing and may even trigger notices from the Income Tax Department.
Which ITR Form Should You Choose?
Different ITR forms are meant for different categories of taxpayers.
ITR-1 or Sahaj is for resident individuals earning up to Rs 50 lakh from salary, one house property and other normal income sources.
ITR-2 is for individuals and Hindu Undivided Families (HUFs) who do not have business income.
ITR-3 is for individuals and HUFs earning income from business or profession.
ITR-4 applies to taxpayers using the presumptive taxation scheme under Sections 44AD, 44ADA and 44AE with income up to Rs 50 lakh.
ITR-5 is mainly for firms, LLPs, AOPs and BOIs.
Documents Needed Before Filing
Before starting the filing process, taxpayers should keep important documents ready.
These include Aadhaar card, PAN card, Form 16, Form 16A, Form 26AS, AIS statement, investment proofs and capital gains details.
How To File ITR Online?
Taxpayers can file returns online through the Income Tax e-filing portal.
Users need to log in using PAN and password, select the correct ITR form, choose the assessment year, verify details carefully and complete e-verification through Aadhaar OTP or other methods.
Important Deadlines And Penalties
For most individual taxpayers, the last date to file ITR for FY26 is July 31, 2026.
Taxpayers using ITR-3 and ITR-4 can file returns till August 31, 2026.
Belated returns can still be filed till December 31, 2026.
Late filing may attract penalties of up to Rs 5,000 for taxpayers earning above Rs 5 lakh, while smaller taxpayers may face a penalty of up to Rs 1,000.
