May 15 (BNP): The Income Tax Department has officially started the Income Tax Return (ITR) filing process for Assessment Year 2026-27 with the release of Excel-based offline utilities for ITR-1 and ITR-4 forms on the e-filing portal.
The move enables eligible taxpayers to begin filing returns for income earned during the Financial Year 2025-26. Taxpayers can now download the utilities, fill in income and tax details offline, calculate tax liabilities, generate JSON files, and upload them to the official portal for submission and verification.
The launch marks the beginning of the annual tax filing season and is expected to benefit salaried employees, pensioners, small business owners, and professionals covered under presumptive taxation schemes by allowing them to complete the process well before the deadline.
ITR-1 is applicable for resident individuals with annual income up to ₹50 lakh earned through salary, pension, up to two house properties, and other sources such as bank interest. The form also covers agricultural income up to ₹5,000 and long-term capital gains under Section 112A up to ₹1.25 lakh.
Meanwhile, ITR-4 is designed for resident individuals, Hindu Undivided Families (HUFs), and firms excluding LLPs with income up to ₹50 lakh opting for presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE.
Officials have advised taxpayers to verify PAN, Aadhaar linkage, bank account details, Form 16, and other financial information before filing returns. The department has also encouraged early filing to avoid last-minute technical issues and penalties.
Income Tax Returns are mandatory documents through which taxpayers declare their income, deductions, and tax liabilities to the Income Tax Department. The last date for filing returns without penalty is expected to remain July 31, unless extended by the government.