ITR Filing for AY 2026-27 (FY 2025-26): Forms, Due Dates & Regime Choice

By CA Mihir Thacker, FCA, DISA(ICAI), ACMA · M J Thacker & Co, Chartered Accountants, Panvel · Updated: 11 June 2026

TL;DR: Income earned in FY 2025-26 (1 Apr 2025 – 31 Mar 2026) is reported in AY 2026-27. For most individuals the due date is 31 July 2026 (audit cases: 31 October 2026), subject to any official extension. The new regime is the default; under it, income up to ₹12 lakh (about ₹12.75 lakh for salaried, after the ₹75,000 standard deduction) is effectively tax-free for residents due to the Section 87A rebate. Pick your form below, reconcile AIS/26AS, file, and e-verify within 30 days.

Who has to file an ITR?

You must generally file a return if your gross total income exceeds the basic exemption limit, and in several specific cases regardless of income — for example high-value transactions, foreign assets or income, or TDS/TCS above thresholds. Filing is also worthwhile when you are due a refund of excess TDS, or need the return for a loan or visa application. NRIs file when taxable Indian income exceeds the exemption limit or to claim refunds (note: the Section 87A rebate is not available to non-residents).

Which ITR form should I use?

FormBroadly forTypical user
ITR-1 (Sahaj)Resident individuals, total income up to ₹50 lakh: salary, one house property, other sources; small listed-equity LTCG (up to ₹1.25 lakh) permittedMost salaried employees and pensioners
ITR-2Individuals/HUFs without business income: capital gains, multiple properties, foreign assets/incomeInvestors, property sellers, NRIs
ITR-3Individuals/HUFs with business or professional income (regular books)Proprietors, traders, professionals
ITR-4 (Sugam)Residents under the presumptive scheme, income up to ₹50 lakhSmall businesses and freelancers opting for presumptive taxation

Choosing the wrong form can make a return defective, so check this first — especially in the year you sell property or shares, or earn from more than one source.

Old vs new regime: how do I decide?

The new regime is the default. For FY 2025-26 its slabs are: nil up to ₹4 lakh, then 5% (4–8L), 10% (8–12L), 15% (12–16L), 20% (16–20L), 25% (20–24L) and 30% above ₹24 lakh — with a ₹75,000 standard deduction for salaried taxpayers and a Section 87A rebate that makes resident incomes up to ₹12 lakh effectively tax-free.

The old regime keeps the familiar deductions — 80C, 80D, home-loan interest, HRA — with higher slab rates. As a rule of thumb, the old regime only wins when your total deductions are substantial relative to income. Salaried taxpayers can switch regimes each year at filing; taxpayers with business income have a one-time opt-out procedure.

Documents checklist

  • PAN and Aadhaar (linked), and a pre-validated bank account for the refund
  • Form 16 / 16A, and interest certificates from banks
  • AIS/TIS and Form 26AS — reconcile every entry before filing; mismatches are the most common cause of notices
  • Capital gains statements from your broker / mutual fund RTA (if you sold shares, funds or property)
  • Rent receipts (HRA) and proof of deductions like 80C/80D — old regime only
  • Details of foreign assets and income (Schedule FA), if applicable — required even when income is below taxable limits

The filing process, step by step

  1. Collect documents and reconcile AIS/26AS with your own records.
  2. Compute income under each head; compare both regimes (use the calculator).
  3. Pick the correct ITR form, fill it on the e-filing portal (or have your CA prepare and file it), and pay any self-assessment tax.
  4. Submit, then e-verify within 30 days (Aadhaar OTP, net-banking, or a signed ITR-V by post) — an unverified return is treated as not filed.
  5. Track the intimation under Section 143(1); if there is a refund, it follows after processing.

What if I miss the due date?

A belated return can normally be filed up to 31 December 2026, with a late-filing fee of up to ₹5,000 (₹1,000 where total income is up to ₹5 lakh), interest on unpaid tax, and the loss of certain benefits such as carrying forward most losses. A revised return correcting mistakes is also possible up to the same date. Filing on time is simply cheaper.

Note: Figures above relate to FY 2025-26 / AY 2026-27 and are subject to official notifications and extensions. This article is general information, not advice on your specific facts — please verify positions applicable to you with a professional consultation.

Frequently Asked Questions

What is the last date for ITR filing for AY 2026-27?

31 July 2026 for individuals not requiring audit, and generally 31 October 2026 for audit cases — subject to any extension notified by the department.

Is the new tax regime compulsory?

No. It is the default, but salaried taxpayers can choose the old regime each year while filing; taxpayers with business income follow a one-time opt-out procedure.

Which ITR form do salaried employees use?

Usually ITR-1 (Sahaj) if total income is up to ₹50 lakh from salary, one house property and other sources. With capital gains beyond the small permitted limit, multiple properties or foreign assets, ITR-2 applies.

Do NRIs need to file an ITR in India?

Yes, when taxable Indian income exceeds the basic exemption limit — and often it is worth filing anyway to claim refunds of excess TDS on rent, interest or property sales. NRIs typically use ITR-2. We handle NRI filing fully online.

What happens after I file?

E-verify within 30 days, then the return is processed and an intimation under Section 143(1) is issued. Refunds are credited to your pre-validated bank account after processing.

Need it done for you? M J Thacker & Co files returns for salaried individuals, businesses and NRIs — in person at Panvel and fully online across India.