New ITR Forms Streamline Tax Filing for 2026-27

The Income Tax department has announced all return forms for assessment year 2026-27, affecting small and medium taxpayers. Updated ITR forms allow taxpayers to file with ease, especially in cases of income from two properties. The e-filing portal supports both old and new tax acts during this transition phase.

The Income Tax department has released all income tax return forms for the assessment year 2026-27, with significant updates intended to streamline the filing process for taxpayers. This includes ITR Forms 1-4, which were unveiled earlier for small and medium taxpayers, with Forms 2, 3, 5, 6, 7, and ITR-U following closely.

The new forms are designed to accommodate varied income sources, notably allowing taxpayers with income from up to two house properties to report using ITR-1, a form previously limited to one property. This revision is expected to reduce compliance burdens, simplifying the disclosure of multi-property income within the forms.

The department has assured taxpayers that the e-filing portal remains equipped to handle filings under both the old and new Income Tax Acts during this transition. Additionally, the existing assessment year-based return structure is maintained, minimizing interpretational challenges and easing compliance efforts throughout the filing window.

(With inputs from agencies.)