This year isn't a routine rollover. The Income Tax Act 2025 is in effect, ITR-1 scope expanded dramatically, F&O reporting changed, and deadlines shifted. Here's everything you need to know.
Missing deadlines means penalties of ₹1,000–₹10,000 + interest. Plan ahead.
AY 2026-27 is NOT a routine rollover. Here's what changed and why it matters.
Now covers 2 house properties, co-ownership, and LTCG under 112A up to ₹1.25 lakh. Thousands who needed ITR-2 can now use ITR-1.
New dedicated columns in ITR-3, 5, 6 for F&O turnover and income. Can't be lumped with regular business anymore.
NewPresumptive taxpayers must now disclose bank balance as on 31 March and investments made during the year.
NewITR-3 and ITR-4 non-audit filers now get until 31 August 2026. Revised returns extended to 31 March 2027.
NewNew column in ITR-3, 5, 6 for interest disallowance on delayed MSME vendor payments. CPC adds it automatically if missed.
NewPre/post 23 July 2024 capital gains bifurcation is gone. Single reporting schedule — simpler, but documentation unchanged.
Simplified80G now requires IFSC + transaction reference. 80GGC needs political party name and PAN. Across ALL forms.
28-digit Aadhaar Enrolment ID no longer accepted. Only 12-digit Aadhaar linked to PAN works.
RemovedChoosing the wrong form = defective return notice. Answer one question to find yours.
The new regime is default. Wrong choice can be costly and irreversible for some assessees.
| Feature | Old Regime | New Regime (Default) |
|---|---|---|
| Basic Exemption | ₹2,50,000 | ₹3,00,000 |
| Standard Deduction | ₹50,000 | ₹75,000 |
| 80C (PPF, ELSS, LIC) | ✅ Up to ₹1.5L | ❌ Not available |
| HRA Exemption | ✅ Available | ❌ Not available |
| 80D (Health Insurance) | ✅ Available | ❌ Not available |
| Home Loan Interest (24b) | ✅ Up to ₹2L | ❌ Not available |
| NPS Extra (80CCD(1B)) | ✅ ₹50,000 | ✅ ₹50,000 |
| Rebate u/s 87A | Up to ₹5L income | Up to ₹7L income |
| Best For | Heavy deductions (HRA + 80C + 80D + Home Loan) | Simple salary, fewer investments |
Select your category to see the exact documents required. Items marked NEW are first-time requirements for AY 2026-27.
These reduce your taxable income. Available only under the Old Tax Regime.
| Section | What's Covered | Max Limit |
|---|---|---|
| 80C | PPF, ELSS, LIC, NSC, tuition fees, home loan principal | ₹1,50,000 |
| 80CCD(1B) | Additional NPS contribution | ₹50,000 |
| 80D | Health insurance (self + parents) | ₹25,000 – ₹1,00,000 |
| 80E | Education loan interest | No limit (up to 8 yrs) |
| 80G | Donations to eligible charities | 50% or 100% |
| 80TTA | Savings account interest | ₹10,000 |
| 24(b) | Home loan interest (self-occupied) | ₹2,00,000 |
| HRA | House rent exemption (salaried) | Formula-based |
Whether self-filing or using MakeEazy — here's the complete workflow.
Collect Form 16, bank statements, investment proofs, broker capital gains statement. Download AIS & 26AS from the IT portal.
Cross-check every income source with AIS. Mismatches = future notices. This is the single most important step.
Compute tax under both Old & New regime. Select the one that saves more. Pick the correct ITR form (use the finder above).
Gross income → deductions → tax slabs → surcharge/cess → TDS already paid = tax payable or refund due.
Submit on incometax.gov.in using the latest post-corrigendum utility (April 10+ version). You'll get an acknowledgement number.
E-verify via Aadhaar OTP, net banking, or DSC. Without e-verification, your return is invalid.
These are the most common errors the Income Tax Department catches. Don't be one of them.
3 quick questions based on this year's changes.
Our qualified CAs stay updated on every form change, corrigendum, and deadline — so you don't have to.