Overview
- The e-filing portal has progressively activated Excel and online utilities so ITR-1 and ITR-4 were usable from mid-May and ITR-2 was enabled on Wednesday, May 27, allowing eligible taxpayers to begin submissions.
- Tax advisers recommend most taxpayers delay filing until mid-June because employers must file March-quarter Form 24Q by May 31 and issue Form 16 by June 15, and deductor TDS entries and AIS/Form 26AS updates often arrive after those dates.
- The ITR forms for AY 2026-27 include new reporting fields and rule changes such as mandatory bank closing balances for ITR-4, disclosure of up to two residential properties, a new unrealised rent field, and a higher Schedule AL threshold.
- The portal’s Excel utilities let users prepare and validate returns offline and upload JSON files, but the department is releasing utilities form by form so taxpayers must choose the correct ITR to avoid defective-return notices or loss of benefits like carry-forward of losses.
- Key deadlines remain in force with ITR-1 and ITR-2 due by July 31 and non-audit ITR-4 by August 31, and the broader shift to heavier automatic reconciliation with AIS, ITS and GST data increases the chance that early filing will trigger mismatch notices, delayed refunds or the need to file revised returns.