The Income Tax Department has officially enabled ITR-1 and ITR-4 filing utilities for AY 2026-27, marking the beginning of the return filing season for FY 2025-26. According to the Income Tax Department's official announcement, taxpayers can now download the utilities and begin preparing their returns through the e-filing portal. However, taxpayers are strongly advised not to rush into filing their income tax returns immediately as important tax-related statements such as Form 26AS, Annual Information Statement (AIS), and Taxpayer Information Summary (TIS) may not yet be fully updated on the portal. The department emphasizes that a careful and reconciled filing process will ensure smoother processing of returns and faster issuance of refunds.
PAN and Aadhaar cards must be kept ready with proper linking, along with verified mobile numbers, email IDs, and current residential addresses for OTP verification purposes. As reported by Mint, Form 16 (now Form 130) provides essential details including salary, deductions, and exemptions from employers, while Form 26AS and AIS offer comprehensive tax statements and transaction records that must be compared with personal records before filing. Interest certificates from banks for savings accounts and fixed deposits are crucial for accurately reporting interest income, and investment proofs including life insurance premium receipts, PPF deposits, and ELSS investments are necessary for claiming deductions under the old tax regime.
For rent receipts and HRA claims, taxpayers must maintain rent agreements and landlord PAN details if annual rent exceeds ₹1 lakh, as per income tax rules. According to Mint, capital gains reports are essential for share, mutual fund, property, and gold transactions, while previous year ITR copies should be kept for carrying forward losses from stocks or property. Other income proofs including freelance work invoices, pension statements, and rental income records must be prepared for applicable cases. Taxpayers should ensure that all information appearing in Form 16/Form 16A, Form 26AS, AIS/TIS, Capital gains statements, Interest certificates matches with the income being disclosed in the return before filing.
The applicable ITR form depends on income type and amount, with ITR-1 (SAHAJ) for individuals with total income below ₹50 lakh from salary, one house property, and interest income, and ITR-4 (SUGAM) for individuals, HUFs, and firms with presumptive income from small business or profession. As reported by Mint, ITR 2 covers individuals without business income, ITR 3 handles business or professional income, ITR 5-6 are for firms, LLPs, and companies respectively. The Finance Act, 2024 has made the new tax regime the default option for individuals, HUFs, AOPs, BOIs, and artificial judicial persons. Taxpayers can opt out of the new regime by explicitly choosing the old tax regime and filing Form 10-IEA on or before the due date for filing returns under Section 139(1).
The ITR-4 form has seven sections that taxpayers must fill before submitting online, including personal information, gross total income, disclosures and exempt income, long-term capital gains, and total deductions. According to the latest user manual, taxpayers must verify their return through e-verification within 30 days of uploading, with the duly verified ITR-V sent to Centralized Processing Centre, Income Tax Department, Bengaluru - 560500. The Finance Act, 2024 has introduced additional requirements for claiming deductions under Chapter VI-A, with specific forms like Form 10-IA mandatory for taxpayers claiming deductions under sections 80DD or 80U, and Form 10BA required for section 80GG deductions. Taxpayers are advised to verify AIS, TDS, and Form 26AS details before filing returns to avoid complications including mismatch in income reported, incorrect TDS claims, and processing delays.
