Top News

The income tax return filing season for Assessment Year 2026–27 has officially started in India. The Income Tax Department has activated online filing facilities and Excel utilities for ITR-1 and ITR-4 forms on its e-filing portal, allowing eligible taxpayers to begin filing returns for Financial Year 2025–26.

With the filing process now open, salaried employees, pensioners, freelancers, professionals, and small business owners are preparing to submit details of their annual income, taxes paid, deductions, and investments.

Tax experts are advising taxpayers to begin the process early instead of waiting until the last moment, as early filing can help avoid errors, processing delays, and penalties.

What Is an Income Tax Return (ITR)?

An Income Tax Return, commonly called ITR, is an official form through which taxpayers report their annual earnings and tax-related details to the government.

The return generally includes information about:

• Salary income
• Business income
• Rental income
• Interest earnings
• Investments and deductions
• Tax already paid or deducted
• Refund claims or pending tax liabilities

Different taxpayer categories are required to file different ITR forms depending on their source and level of income.

Choosing the correct form is extremely important because filing under the wrong category may lead to processing issues or notices from the tax department.

ITR-1 and ITR-4 Filing Now Available

The Income Tax Department announced that both online filing and Excel utility filing options are now active for:

• ITR-1
• ITR-4

Eligible taxpayers can now submit returns directly through the e-filing portal or prepare returns offline using the Excel utility before uploading the completed file online.

The department shared the update through its official social media communication channels.

What Is Excel Utility?

The Excel Utility is an offline return preparation tool provided by the Income Tax Department.

It allows taxpayers to:

• Fill ITR forms without continuous internet access
• Verify calculations carefully before submission
• Generate a final JSON or upload file for e-filing

Many taxpayers and professionals prefer this method because it offers better flexibility for reviewing calculations and correcting mistakes before final submission.

Important Warning Regarding Form 16 and Form 16A

The tax department has also issued a caution regarding TDS-related documents.

Officials clarified that only those Form 16 and Form 16A documents downloaded from the TRACES portal will be treated as valid and authentic.

Using mismatched, manually altered, or unofficial TDS certificates could create issues during ITR processing and refund verification.

Experts advise taxpayers to cross-check:

• TDS details
• PAN information
• Employer data
• Deduction amounts

before filing returns.

ITR Filing Deadlines for AY 2026–27

The government has prescribed different deadlines for different taxpayer categories.

Deadline for Salaried Individuals and Pensioners

Individuals earning income through:

• Salary
• Pension
• Interest income
• One house property

and filing ITR-1 or ITR-2 must submit returns by:

• July 31, 2026

Deadline for Freelancers and Small Businesses

Freelancers, professionals, and small business owners whose accounts do not require audit and who file:

• ITR-3
• ITR-4

must file returns by:

• August 31, 2026

Deadline for Audit Cases

Businesses and professionals requiring tax audit compliance must complete filing by:

• October 31, 2026

What Happens If You Miss the Deadline?

Taxpayers who fail to file returns within the original due date can still submit a Belated Return.

The deadline for belated returns for AY 2026–27 is:

• December 31, 2026

However, filing after the original due date may attract:

• Late filing penalties
• Interest on pending taxes
• Delayed refund processing

Revised Return Facility Also Available

If taxpayers discover mistakes in a previously filed return, they can submit a Revised Return.

The revised return deadline is also:

• December 31, 2026

This facility allows correction of:

• Income details
• Deduction claims
• Bank account information
• Tax calculations
• Filing errors

Updated Return (ITR-U) Rules Explained

Taxpayers also have the option to file an Updated Return using ITR-U if they need to disclose previously missed income or correct major omissions.

Under current rules, Updated Returns can be filed for up to four years after the end of the relevant assessment year.

For AY 2026–27, taxpayers may file ITR-U until:

• March 31, 2031

This provision is particularly useful for people who later realize they forgot to disclose certain income or made major filing mistakes earlier.

Why Experts Recommend Filing Early

Tax professionals consistently advise taxpayers not to wait until the final deadline.

Early filing offers several advantages:

• Faster tax refund processing
• More time to correct mistakes
• Easier response to notices if required
• Reduced risk of portal congestion near deadlines
• Better financial documentation for loans and visas

Experts also recommend reconciling Form 26AS, Annual Information Statement (AIS), and TDS records before final submission.

Taxpayers Should Prepare Documents in Advance

Before starting ITR filing, taxpayers should keep important documents ready, including:

• PAN card
• Aadhaar card
• Form 16
• Bank statements
• Investment proofs
• Home loan certificates
• Capital gains details
• TDS certificates

Proper preparation can help make the filing process smoother and reduce the chances of rejection or notices later.

As the filing season progresses, tax professionals expect higher portal activity in the coming weeks, especially after employers complete issuance of Form 16 documents to employees.

---