Income Tax return: Complete Income Tax Guide, Important Dates, ITR Forms and New Rules Explained

The new financial year 2026-27 has been effective from 1 April 2026. At this time, it is very important to do tax-related work on time, because just filing the ITR is not enough. Apart from this, there are many responsibilities like TDS, TCS, and advance tax. If any of these dates are missed, you may receive a penalty, interest, or notice. The government has released all ITR forms, ITR–V (Verification Form)  and ITR–U for this year. However, this time the old rules for filing returns will remain applicable; the new law will not be applicable yet.

It’s important to understand the tax calendar because every transaction has different deadlines. The last date for filing ITR for general people is July 31. If a person is not able to file the return on time, they can file a belated return till 31st December. In cases where an audit is necessary, the last date is October 31. Advance tax has to be paid in four installments on 15 June, 15 September, 15 December, and 15 March. Interest may have to be paid if payment is not made on time.

TDS has to be deposited every month, and TDS for the month of March must be deposited by 30th April. Apart from this, many important tasks are also done in April, May, and June, like submitting Form 15G/15H, giving a TCS statement, and doing various reporting. It is important to make tax-saving investments by the end of March (31st March), especially if you want to avail yourself of an exemption in the old tax system.

‘ITR’ means giving information about your annual earnings and the tax levied on it to the government. This includes all types of income like salary, business, rent, interest, dividend, capital gain, etc.

Which ITR form to fill out depends on your type of income:

• ITR-1 is for small income earners (up to Rs 50 lakh) who have income from salary or other ordinary sources.
• ITR-2 is for those whose income includes capital gains but does not include a business.
• ITR-3 is for those earning from a business or profession.
• ITR-4 is for small business owners who take the presumptive scheme.
• ITR-5, 6, and 7 are for companies, firms, and trusts.

This year, some rules have been simplified, and some have become stricter. Now Form 16 will be replaced by the new Form 130. Now permission has been given to show the income of two households in ITR-1 and ITR-4. If you want to avail yourself of an exemption on a donation or political donation, now you will have to provide its full details (like transaction number).