ITR Filing AY 2026-27

ITR-1 (Sahaj): resident individuals with salary/pension, one house property, other sources — income up to ₹50 lakh. ITR-2: individuals/HUF with capital gains, more than one house property, or foreign income/assets — no business income. ITR-3: individuals/HUF with business or profession income (P&L mandatory). ITR-4 (Sugam): presumptive income under Sections 44AD/44ADA/44AE — turnover up to ₹2 crore (business) or ₹50 lakh (profession). ITR-5: firms, LLPs, AOPs, BOIs. ITR-6: companies other than Section 11 exempt entities. ITR-7: trusts, political parties, and research associations filing under Sections 139(4A) to 139(4F). ITR-1 is not available to NRIs — they must use ITR-2 or ITR-3.

Under Section 139(1): July 31, 2026 for non-audit cases; October 31, 2026 for tax audit cases under Sec 44AB, IT Act 1961 (≡ §63, IT Act 2025); November 30, 2026 for transfer pricing cases under Sec 92E, IT Act 1961 (≡ §172, IT Act 2025). A belated return under Section 139(4) can be filed up to December 31, 2026. Late-filing fee under Section 234F: ₹1,000 if total income does not exceed ₹5 lakh; ₹5,000 if it does. Interest on unpaid tax accrues under Section 234A (delay in filing), 234B (shortfall in advance tax), and 234C (deferment of advance tax instalments) at 1% per month or part thereof.

The Annual Information Statement (AIS) under Section 285BB aggregates financial transactions reported by banks, employers, mutual funds, registrars, and brokers to the IT department. The Taxpayer Information Summary (TIS) shows the derived taxable amounts. Before filing, your CA reconciles Form 26AS, AIS, and TIS against your actual income — discrepancies trigger either an automatic adjustment notice under Section 143(1)(a) or a reassessment notice under Section 148A. Unreported interest, capital gains, or dividend income identified in AIS are the most common sources of post-filing notices.

For individuals and HUF without business income: you can switch freely every year — choose the regime giving lower tax when filing your ITR. For those with business or profession income (ITR-3/ITR-4): once you opt out of the new regime under Section 115BAC, you can return to it only once in your lifetime by filing Form 10-IEA before the ITR due date. The new regime under Section 115BAC is the default from AY 2024-25 — if you want the old regime, you must explicitly elect it each year (for non-business taxpayers) or via Form 10-IE/10-IEA (for business taxpayers).

Form 16 / 16A from employer and TDS deductors; capital gains statements from broker or mutual fund with ISIN-level breakup for listed securities (required for correct Schedule CG entries); bank statements for all accounts showing interest credited; rent receipts and landlord PAN if claiming HRA exemption under Section 10(13A); AIS downloaded from the IT portal; foreign bank account and asset details (Schedule FA is mandatory for residents/RNORs holding foreign assets); property purchase or sale deeds; and a copy of the previous year ITR for advance tax and carry-forward loss details.