Key Points For Tax Filing: Financial Year 2026-27 (Tax Year 2026-27)

From 1st April 2027, the existing terminology of "Assessment Year" and "Financial Year" becomes void. They are replaced by a single term, "Tax Year".

For the 2026-27 tax year, you will file your ITR on or before July 31, 2027, if you are a salaried individual, pensioner, student without business income, or anyone else not subject to tax audit.

Those subject to Tax Audit have (time) until August 31.

The following are some of the salient features I observed for Tax Year 2026-27 onward.

Tax Filing Deadlines and Points to Note for "Tax Year 2026-27"

ITR due date/deadline: 

The due date for filing income tax returns is extended from 31 July to 31 August for non-audit business/professional taxpayers and partners of non-audit firms. For non-business assessees, the 31st July due date continues unchanged.

ITR-U (Updated Return) due date: 

Taxpayers can file an updated return even after receiving a reassessment notice, within the time allowed in that notice. This is allowed on payment of tax, interest, and an additional 10%, and the disclosed income will get immunity from under-reporting/misreporting penalty.

Revised ITR Filing: 

The time limit for filing a revised return has been extended from 9 months to 12 months from the end of the relevant year (or before assessment, whichever is earlier). 

However, if the revised return is filed after 9 months, a fee of Rs. 1,000 (for income up to Rs. 5 lakh) or Rs. 5,000 (for other cases) will be payable.

Quoting of PAN is Mandatory on Purchases: 

Section 262(10)(c) is amended to allow the CBDT (Central Board of Direct Taxes) to mandate quoting of PAN even for non-business/non-professional transactions. This aligns the ITA 2025 with the existing provisions of the ITA, 1961. For example, buying jewellery or other goods above Rs 2 lakh needs a PAN number.

Loss in ITR-U (Updated Return Filing for Corrections in Loss): 

The Finance Bill 2026 proposes that an updated return will be allowed even if the original return was a loss return, provided the updated return reduces the loss amount. This change enables voluntary correction, as reduced losses result in higher taxable income.

Key Changes in Income Tax Forms

Form 15G/H is merged and unified into Form 121

Form 16 is now Form 130

Form 26AS is Form 168

Tax Audit Forms 3CA, 3CB, and 3CD are merged into a single Form No. 26.