AY 2026-27 ITR Forms Released: Key Filing Deadlines
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- Income Tax Department notified all ITR forms for AY 2026-27, releasing Forms 1 and 4 on March 30 and the remaining Forms 2, 3, 5, 6, 7 alongside ITR-U this Tuesday.
- Advance Tax installments for FY 2025-26 fall due at 15% by June 15, 2025; 45% by September 15, 2025; 75% by December 15, 2025; and 100% by March 15, 2026.
- TDS/TCS deposits must be made monthly by the 7th of the following month, with March collections due by April 30.
- Section 139(4) Belated Returns incur a penalty under Section 234F plus applicable interest, while Section 139(5) Revised Returns require interest on any newly identified tax.
- ITR-U (Updated Return), introduced in Budget 2022, allows taxpayers to disclose missed income for up to 24 months after the end of the Assessment Year — extending to March 2029 for AY 2026-27.
- The e-filing portal will handle compliance under both the legacy and updated Income Tax Acts during the transitional phase, with returns filed this July for AY 2026-27 to use forms prescribed under the previous framework.
Why it matters: Taxpayers now have the full AY 2026-27 form set to begin FY 2025-26 filings, but the four-staged Advance Tax calendar (June 15, September 15, December 15, March 15) creates year-round compliance checkpoints where missed payments trigger Section 234F penalties plus interest. The ITR-U window extending to March 2029 gives assessees a two-year safety net to correct undisclosed income after standard and revised return deadlines close.
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