ITR Filing AY 2026-27: Due Dates, New vs Old Regime, and Which ITR Form Applies to You

Income tax return filing for Assessment Year 2026-27 is now open. This guide walks you through the filing deadlines, the difference between the new and old tax regimes, the latest slab rates, and how to identify the correct ITR form for your income profile.

Assessment Year (AY) 2026-27 corresponds to the income you earned during Financial Year (FY) 2025-26. A few important points apply this year: the new tax regime continues as the default regime, the Section 87A rebate makes income up to ₹12 lakh effectively tax-free under the new regime, and the Income Tax Department has expanded who can file the simpler ITR-1 and ITR-4 forms.

1. ITR Filing Due Dates for AY 2026-27

The deadline depends on the category of taxpayer and whether your accounts are subject to a tax audit.

What happens if you miss the deadline?

• Late filing fee (Section 234F): ₹5,000 if total income exceeds ₹5 lakh; ₹1,000 if total income is up to ₹5 lakh.
• Interest (Section 234A): 1% per month, or part of a month, on any unpaid tax.
• Loss of carry-forward: Most losses (capital losses, business losses) cannot be carried forward to future years if the return is filed after the due date.

2. New Tax Regime vs Old Tax Regime

For FY 2025-26, the new tax regime under Section 115BAC is the default. If you wish to be taxed under the old regime, you must specifically opt for it. Business and professional income taxpayers who want to opt out of the new regime must file Form 10-IEA.

New Tax Regime — slab rates (FY 2025-26)

A standard deduction of ₹75,000 is available to salaried taxpayers and pensioners under the new regime. A health and education cess of 4% applies on tax plus surcharge.

Old Tax Regime — slab rates (FY 2025-26, individuals below 60)

Under the old regime, the basic exemption limit is ₹3,00,000 for resident senior citizens (60 to below 80 years) and ₹5,00,000 for super senior citizens (80 years and above). Standard deduction for salaried taxpayers is ₹50,000. The old regime retains deductions such as Section 80C, 80D, HRA, and home loan interest.

3. The Section 87A Rebate — Why ₹12 Lakh Can Be Tax-Free

The Section 87A rebate is the reason so many taxpayers will pay zero tax this year under the new regime.

• New regime: Resident individuals with taxable income up to ₹12,00,000 get a rebate of up to ₹60,000, bringing their tax liability to nil. For a salaried person, after the ₹75,000 standard deduction, income up to approximately ₹12,75,000 can effectively be tax-free.
• Old regime: The rebate remains up to ₹12,500, so taxable income up to ₹5,00,000 is effectively tax-free.

4. New Regime or Old Regime — Which Should You Choose?

There is no single answer; it depends on how many deductions and exemptions you can claim.

• The new regime typically benefits those with few deductions — for example, taxpayers who do not have significant Section 80C investments, home loan interest, or HRA claims. With its lower slab rates and the enhanced ₹12 lakh rebate, it is the simpler and often more favourable choice for many salaried individuals this year.
• The old regime can still work out better if you claim substantial deductions — a full ₹1.5 lakh under Section 80C, health insurance under 80D, HRA, home loan interest under Section 24(b), and similar — that together reduce your taxable income meaningfully.

The practical approach is to compute your tax under both regimes before filing and choose the one with the lower liability. Salaried taxpayers can switch between regimes each year; taxpayers with business income face restrictions on switching once they opt out.

5. Which ITR Form Applies to You?

Selecting the correct form is essential — filing the wrong form can render your return defective. Start with one question: do you have business or professional income?

6. Key Changes in the ITR Forms for AY 2026-27

• Two house properties in ITR-1 and ITR-4: Earlier limited to one house property; now taxpayers with up to two house properties can use these simpler forms.
• New "unrealised rent" field added to ITR-1 and ITR-4.
• Old capital gains rate fields removed: The 15% STCG and 10% LTCG fields for listed equity have been removed, as those rates no longer apply for FY 2025-26.
• Regime selection disclosures: The forms now contain clearer disclosures for opting in or out of the new regime, particularly for business income taxpayers.
• Representative assessee flag added across all ITR forms.
• More detail for deductions: Section 80G donations now require the transaction reference number and bank IFSC; donations to political parties require the party's name and PAN.