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The Central Board of Direct Taxes (CBDT) has officially notified the updated Income Tax Return (ITR) forms for Assessment Year (AY) 2026-27, introducing important changes aimed at simplifying tax filing and improving compliance. The revised forms come into effect from March 31, 2026, under the amend
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The updated ITR forms for Assessment Year 2026-27 are ITR-1 (Sahaj) and ITR-4 (Sugam), notified by the CBDT and effective from March 31, 2026.
Resident individuals with total income up to Rs 50 lakh, earning income from salary/pension, up to two house properties, other sources, and long-term capital gains under Section 112A up to Rs 1.25 lakh can file ITR-1.
Key changes include allowing income from up to two house properties in ITR-1, continued promotion of the new tax regime as default, and enhanced reporting requirements for high-value transactions.
Individuals who are directors in a company, have investments in unlisted equity shares, or own foreign assets or have foreign income cannot file ITR-1.
The updated ITR-4 (Sugam) form applies to individuals, HUFs, and firms (excluding LLPs) opting for the presumptive taxation scheme with total income up to Rs 50 lakh.
The revised ITR forms are applicable for returns filed for AY 2026-27 onwards, with immediate effect from March 31, 2026.
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