Overview
- The Income Tax Department enabled its e-filing portal and rolled out pre-filled ITR‑1, ITR‑2 and ITR‑4 forms on June 10–11, officially starting the AY 2026‑27 filing season.
- The CBDT set staggered due dates for filings with non-audit individual returns due July 31, 2026, non-audit businesses August 31, audit cases October 31 and transfer‑pricing cases November 30, and allowed belated returns until December 31, 2026.
- New guidance forces more granular reporting of capital gains, buyback losses, F&O/derivative trades and foreign assets, and requires taxpayers to fill schedules (for example Schedule AL for very high incomes and Schedule FAR for foreign assets) that are not fully auto-populated.
- Experts urge taxpayers to gather core documents—Form 16, AIS/TIS, Form 26AS, bank and broker statements, loan and rent certificates—cross-check every auto-filled entry and e-verify returns within 30 days to avoid mismatch notices.
- Missing deadlines or omitting income can trigger automatic notices, delayed refunds, interest on unpaid tax and penalties (Rs 1,000 where total income ≤ Rs 5 lakh or Rs 5,000 otherwise), so taxpayers should use the online or Common Offline Utility and correct any discrepancies before submitting.