ITR Filing For FY 2026-27

*How to File ITR AY 2026-27

 

Filing window: April 1, 2026 to July 31, 2026 (ITR 1 & 2)

What you need before you start:

• Form 16 from your employer
• Bank interest statements (savings + FD)
• Investment proofs for 80C deductions
• PAN and Aadhaar linked to your mobile number

 

Which ITR form to pick:

• ITR 1: Salaried, one house, no capital gains (most people)
• ITR 2: Multiple income sources, capital gains, foreign assets
• ITR 3: Business or freelance income

 

7 steps to file:

1. Collect documents
2. Choose ITR form
3. Log in to incometax.gov.in
4. Verify pre-filled data from Form 26AS + AIS
5. Enter deductions, choose regime
6. Pay outstanding tax if any
7. E-verify within 30 days

 

Late filing fee: Rs.1,000-Rs.5,000 if filed after July 31

 

In India, understanding ITR filing deadlines is crucial. Missing these deadlines can result in penalties. Let's take a look at the due dates and associated penalties.

 

• Electronically file your ITR by 31st July to ensure timely filing

• The due date for taxpayers required to undergo a tax audit is 31st October

• If you're covered under transfer pricing rules, the due date to file your ITR is 30th November

• You can revise your ITR by 31st December

• A penalty of ₹5,000 applies for ITRs filed after 31st July but before 31st December

• Taxpayers with an income below ₹5 Lakh facing a late filing penalty will pay a reduced amount of ₹1,000

 

 

Identity Proofs

• PAN Card

• Aadhaar Card

Income Proofs

• Form 16 (Salary Income Certificate)

• Form 16A, 16B, and 16C (For specified income sources)

Tax Information Details

• Form 26AS (Tax Credit Statement)

• AIS/TIS (Annual Information Statement/Tax Information Statement) (if applicable)

Investment and Deduction Proofs

• Bank Statements (for income and deductions)

• Investment Statements (mutual funds, stocks, etc.)

• Capital Gain Details (for selling assets)

• Rent Receipts (if claiming HRA deduction)

• Medical Bills (if claiming medical expense deduction)

• Life and Health Insurance Statements (for premium payments)

• Loan Statements (for interest payments)

• Receipts of Donations (for claiming charitable donation deduction)

Step 1: Log in to incometax.gov.in

Your PAN is your user ID. If you are registering for the first time, you will need your PAN, Aadhaar, and date of birth.

Step 2: Start a new ITR filing

Go to e-File > Income Tax Returns > File Income Tax Return. Select AY 2026-27 and Online mode.

Step 3: Let the portal pre-fill your data

The portal automatically pulls your salary, TDS deducted, and bank interest from Form 26AS and your Annual Information Statement (AIS). Review each entry carefully — add anything that is missing.

Step 4: Choose your tax regime

Select New Regime or Old Regime. If you are unsure, use the calculator embedded in the portal to see which one results in lower tax.

Step 5: Enter your deductions (Old Regime only)

Under the Old Regime, enter your Section 80C investments (ELSS, PPF, LIC), 80D health insurance premium, and any home loan interest under Section 24.

Step 6: Check your tax payable

If tax is due, pay it via Challan 280 before submitting. If you are owed a refund, the portal will show the amount — typically credited within 15-45 days.

Step 7: Submit and e-verify

After submission, e-verify your return immediately using Aadhaar OTP or net banking. An unverified return is treated as if it was never filed..

 

If you are opting for the Old Regime this year, the 80C investments you make between April 1 and March 31, 2027 will reduce your taxable income for AY 2027-28. Starting early means you can spread investments across the year rather than rushing in February.

 

Bajaj Markets gives you access to ELSS mutual funds and tax-saving fixed deposits from multiple providers in one place, so you can compare returns and start building your 80C portfolio from day one of the new financial year.