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Income Tax Return: The Income Tax Department has released ITR-1 through ITR-5 forms and their corresponding Excel utilities. Taxpayers can prepare their returns offline first and submit them via the e-filing portal by July 31.

ITR Filing 2026: If you are planning to file your income tax return, this news is crucial for you. The deadline for filing ITR this time is set for July 31. It is essential for taxpayers to plan their taxes in advance and stay informed about all the rules to avoid any complications.

How taxpayers can prepare their returns:

• The Income Tax Department has released the ITR forms for the financial year 2026-27.
• Forms ranging from ITR-1 to ITR-5 have been made available.
• Additionally, Excel utilities for ITR-1, ITR-2, ITR-3, and ITR-4 have been released.
• This allows you to prepare your return offline first.
• You can subsequently upload it to the e-filing portal.

What is the relief available under Section 87A?

The benefit provided under Section 87A is a rebate. If an individual opts for the Old Tax Regime and their income is up to ₹5 lakh, they can receive a rebate of up to ₹12,500. Meanwhile, under the New Tax Regime, if their income is up to ₹12 lakh, they can avail of tax relief of up to ₹60,000.

• This amount is deducted directly from your total tax liability.
• It differs significantly from standard exemptions or tax deductions.
• The objective of this rebate is to provide relief to low- and middle-income taxpayers.

Who can claim the benefit under Section 87A?

• Only individual taxpayers can avail the benefit of Section 87A.
• Companies, HUFs, and NRIs cannot avail this benefit.
• This rebate does not apply to LTCG and STCG on shares.
• The Section 87A rebate is also not available on income from lotteries, game shows, or income subject to special tax rates.
• To claim the rebate, first calculate your taxable income by deducting exemptions and deductions from your total income.