Income Tax Department
The Income Tax Department has released the Excel utility for ITR filing for Assessment Year (AY) 2026-27. With this, now employees, pensioners, students and small taxpayers can start filing their income tax returns. The department has already made the online utility available on the e-filing portal. In such a situation, taxpayers can file ITR both online and offline.
31st July is the last date
For those who do not need to undergo tax audit, the last date for filing ITR has been fixed as 31 July 2026. Tax experts say that people should file returns on time to avoid last minute rush.
Who can fill ITR-1?
ITR-1 i.e. Sahaj form is for those resident individuals whose annual income is up to Rs 50 lakh. This includes income like salary, pension, income from a house property and interest on savings account or FD.
Apart from this, agricultural income up to Rs 5,000 and long term capital gain up to Rs 1.25 lakh under section 112A can also be shown in it. However, if a person has complex sources of income, has more than one house or has high capital gains, then he cannot file ITR-1.
These people will not get the facility of ITR-1
People earning from business or profession, earning short-term capital gains and owning more than one house property cannot use ITR-1 form. Apart from this, lottery earnings or income with special tax rates also cannot be included in this form.
Important advice for those filing ITR for the first time
According to Tax2Win co-founder and chartered accountant Abhishek Soni, now only verified Aadhaar number will be valid. Aadhar Enrollment ID will not be accepted. He said that taxpayers will have to fill the loan related information like bank name, loan amount and account number correctly. Also, it is important to provide information about all active bank accounts.
Must match with Form 26AS and AIS
Experts say that before filling ITR, the information entered in Form 26AS and AIS must be matched. If any difference is found in the income details, a notice may come from the Income Tax Department or there may be a delay in processing the return.
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