With the beginning of the new financial year, the new Income Tax Act (ITR New Rules) has also come into force. Under which many changes have been made. Taxpayers should be aware of this. The new forms are going to replace many old tax forms. Apart from this, changes have been made in the deadline of ITR and ITR-U due date.

The Central Government has fixed the date for filing ITR for the financial year 2026-27 for salary earners, pensioners, students and taxpayers who do not come under the purview of tax audit, as 31 July 2027. The deadline for filing income tax for non-audit businesses, professional taxpayers and firm partners has been extended to August 31, which was earlier July 31.

Changes to revised ITR and ITR-U

• The deadline for revised returns has also been extended. Taxpayers can amend their ITI within 9 months after the end of the tax year, which has now been increased to 12 months. However, fees will also be charged for modification after 9 months. Penalty can be up to Rs 1,000 for income up to Rs 5 lakh and Rs 5,000 for income more than Rs 5 lakh.


• Taxpayers can file updated returns even after receiving the reassessment notice. However, this will have to be done within the time limit given in the notice. Even if the original return is a loss return, ITR-U will still be allowed to be filed. However, the updated returns should result in lower losses.

Know these rules also

• Many changes have been made in the income tax return form. Form 15G/H has been unified into Form 121. Form 16 will now be replaced by Form 130. Tax audit forms (3CA, 3CB and 3CD) have now been combined into a single Form 26. Form 26AS will now be replaced by Form 161.


• Changes have been made in section 262(10)(C) under the Income Tax Act 2025. Now gives power to CBDT to make PAN mandatory for non-business or non-professional transactions.