Income Tax Filing for AY 2026-27 (FY 2025-26)
The Income Tax Department has released updated ITR forms for AY 2026-27 with several new disclosures and the new tax regime now being the default. Here is a complete breakdown of what is new and what you must do.
New Tax Slabs – New Tax Regime (Default) AY 2026-27
The new tax regime is now the default regime for all taxpayers. You must actively opt out to choose the old regime.
· Annual Income · Tax Rate (New Regime) · · --- · --- · · Up to ₹3 lakhs · Nil · · ₹3 – ₹7 lakhs · 5% · · ₹7 – ₹10 lakhs · 10% · · ₹10 – ₹12 lakhs · 15% · · ₹12 – ₹15 lakhs · 20% · · Above ₹15 lakhs · 30% ·
Key Benefit: Individuals with income up to ₹12 lakhs effectively pay zero tax under the new regime (with rebate under Section 87A).
ITR Due Dates – AY 2026-27
· Category · Due Date · · --- · --- · · Individuals & HUFs (no audit) · 31st July 2026 · · Businesses requiring audit · 31st October 2026 · · Businesses with transfer pricing · 30th November 2026 · · Belated / Revised Return · 31st December 2026 ·
Key New Disclosures in ITR Forms 2026
1. Foreign Asset Reporting – More detailed disclosure of foreign bank accounts, assets, and income 2. Crypto/Virtual Digital Assets (VDA) – Schedule VDA now mandatory if you traded crypto 3. High-Value Transaction Matching – AIS/TIS data is pre-filled; review carefully before filing 4. Capital Gains Reclassification – STCG rate on equity is now 20%; LTCG on equity above ₹1.25 lakh taxed at 12.5%
Top 5 Tax Saving Tips for AY 2026-27
1. Compare old vs new regime before filing – use the income tax calculator 2. Claim HRA correctly with landlord PAN if rent exceeds ₹1 lakh/year 3. Check Form 26AS, AIS & TIS for any unreported income 4. File on time – avoid ₹5,000-₹10,000 penalty for late filing 5. Invest in NPS – Extra ₹50,000 deduction under 80CCD(1B) available even in old regime
File Your ITR with FinTaxVers Nagpur
FinTaxVers Consultancy Services handles accurate, timely ITR filing for individuals, salaried employees, freelancers, and businesses in Nagpur.
Call: +91-8928895195 | Email: contact@fintaxvers.com
What is the ITR filing deadline for AY 2026-27?
31st July 2026 for individuals; 31st October 2026 for businesses requiring audit.
Is the new tax regime better in AY 2026-27?
For most salaried individuals with income up to ₹12 lakhs, the new regime is better due to the zero tax benefit under Section 87A.
Are crypto gains taxable in AY 2026-27?
Yes, crypto/VDA gains are taxed at 30% flat with no deductions, and Schedule VDA must be filled in the ITR.