The Income Tax Department has unveiled a revamped e-filing portal designed for the shift to the Income Tax Act, 2025. Taxpayers can now handle payments and file under both the old and new tax regimes via one platform, with updated ITR forms and challans scheduled for availability from April 1, 2026.
For AY 2026-27, NRIs choosing the presumptive income scheme will need to make an extra disclosure in the new ITR forms: separate reporting of gross receipts and presumptive income. The update targets presumptive taxation provisions under Sections 44B, 44BB, 44BBA, 44BBC, and 44BBD, aiming to improve transparency and enable better matching with tax data.
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The Income Tax Department has released new ITR forms for Assessment Year 2026-27. The biggest update is a new secondary address field alongside the primary contact details. The process for representative assessees has also been simplified. Meanwhile, taxpayers no longer need to split capital gains based on transfers before or after July 23, 2024.
India’s new Income Tax Return forms have removed ITR-1 and ITR-4, forcing US 401(k) and other overseas pension account holders to file ITR-2 or ITR-3 instead. The update is meant to streamline reporting of foreign assets and income, consistent with existing disclosure expectations. A tax deferment option remains available through Form 10-EE.
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