The time for filing income tax has started once again. The Income Tax Department has issued all the necessary ITR Forms 1-7 for the assessment year 2026-27. Now employed people, pensioners and other tax payers can file returns by choosing the right form as per their income. This time the last date for filing returns has been fixed as 31 July 2026.
Like every year, this time too some changes have been made, so that the process of paying tax can be made easier. The most important thing is that it is very important to choose the right ITR form. If a person fills the wrong form, he may have to face notice or trouble later. Therefore, it is important to first understand from which sources you are earning.
Changes in ITR 1
This year a big and relief change has been made in ITR 1 form. Now the income from two houses can also be shown in this form. Earlier this was not the case and it was allowed to give information about only one house property. This change will benefit those people who have two houses, because now they will not need to fill more complex forms. This will make it much easier for small and medium taxpayers to file returns.
Who has to fill ITR 1
ITR 1 is usually for those whose income is in the form of salary, pension or house rent. However, some types of income cannot be included in this, such as income from business or income from profession. Apart from this, income like high capital gain or lottery also cannot be shown in it. Therefore this form is suitable only for people with limited and simple income.
ITR 2
At the same time, ITR 2 is for those who have income from multiple sources, such as capital gain from selling shares or property. But if a person earns from business or profession, then he cannot file ITR 2. In such cases it is necessary to use ITR 3. Therefore, before filling the form, it is very important to understand the nature of your income clearly.
What is ITR-U?
ITR-U is an option through which you can correct your old mistake. If you did not file the return, forgot to declare any income or gave wrong information, then it can be corrected later through ITR-U.
What is ITR-V?
ITR-V is like a receipt, which states that you have filed your income tax return. After filing the return, it is necessary to verify it within 30 days.
Benefits of filing ITR early
By filing ITR on time, you are saved from penalty and if refund is made, it is received quickly. Late filing may result in penalty and the process also becomes a bit difficult.
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