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There is important news for the crores of taxpayers waiting to file their Income Tax Returns. The Income Tax Department has enabled the facility to file ITR-1 and ITR-4 forms for the Assessment Year 2026-27. Eligible taxpayers can now file their ITRs without any delay. The Department announced via social media platforms that both the Excel utility and online filing options have been activated on the e-filing portal. This facility became available starting May 15, 2026.

**7 Types of Forms**

An Income Tax Return (ITR) is a form through which taxpayers provide details regarding their income, tax savings, and tax liability to the Income Tax Department. It is mandatory to file an ITR for every financial year by July 31. Currently, there are a total of 7 types of forms—ranging from ITR-1 to ITR-7—which are selected based on the taxpayer's category and source of income.

**Who is ITR-1 For?**

ITR-1 (also known as the 'Sahaj' form) is designed for Indian residents whose total annual income is up to ₹50 lakh. This form can be filed by individuals earning income from salaries, pensions, up to two house properties, other sources (such as interest), and agricultural income up to ₹5,000. Additionally, taxpayers with long-term capital gains of up to ₹1.25 lakh under Section 112A are also eligible to use ITR-1.

**Several Changes in the Forms**

The Central Board of Direct Taxes (CBDT) has already released the new ITR forms for the Assessment Year 2026-27. Several changes have been introduced in the forms this time around, requiring taxpayers to provide additional details regarding long-term capital gains, losses from share buybacks, and certain trading transactions.

While several changes have been made to the ITR forms this year, the government has not made any changes to the income tax slab rates under either the old or the new tax regimes. These new rules are being implemented under the ‘Income Tax Act, 2025,’ with the aim of curbing tax evasion and simplifying the tax filing process.

Tax experts believe that the early release of the Excel utility will provide salaried individuals and small business owners with ample time to prepare their documents and file their ITRs with ease before the deadline of July 31, 2026.

**ITR Filing Options**
For the convenience of taxpayers, the Income Tax Department has provided two options for filing ITRs. Those who wish to enter their details directly on the website may utilize the online mode. Conversely, those with voluminous data—or those who prefer working offline—can download the Excel utility, fill in their details, and subsequently upload the file to the portal. Both facilities are now fully operational and available on the e-filing portal. Taxpayers may choose either option based on their specific needs and convenience.

Disclaimer: This content has been sourced and edited from News18 Hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.