The Central Board of Direct Taxes (CBDT) has clarified that there will be no major changes to the Income Tax Return (ITR) forms for the Assessment Year (AY) 2026-27. This announcement comes despite the introduction of a new tax law scheduled to take effect from April 1, 2026. CBDT sources have confirmed that the returns to be filed in the upcoming assessment year will be governed by the existing rules and forms, providing certainty for taxpayers.

The new tax law, set to be implemented from April 1, 2026, introduces several key updates. These include changes to the Minimum Alternate Tax (MAT), tax exemptions for disability pensions for armed forces members, and exemptions on income received from compulsory land acquisition. The Finance Bill 2026 also proposes to give taxpayers more time to correct their income tax returns.

For general taxpayers, the due date for filing Income Tax Returns (ITR) remains July 31. This primarily includes individuals filing ITR-1 and ITR-2. However, the Finance Bill has proposed an extension for certain taxpayers, pushing the deadline for non-audit business cases and trust cases to August 31. This extended deadline will apply to partners of firms not requiring an audit.

Taxpayers should note that missing the ITR filing deadline can lead to interest charges under Section 234A and a late filing fee of up to Rs. 5,000 under Section 234F. However, even after the due date, a belated return can be filed until December 31 of the assessment year. The due date to file revised returns has been extended to March 31 from the existing December 31.

The CBDT has released draft Income-tax Rules, 2026, for public consultation, signaling a move towards simplification, reduced ambiguity, and easier compliance. The tax authority has invited feedback on the proposed rules and forms until February 22, 2026. The income-tax forms have been rationalized and will be identified by Serial Nos 1-190, in lieu of the existing alphanumeric nomenclature. The forms have been drafted in clearer language to avoid uncertainty, and the notes have been simplified.

The new Annual Information Statement (AIS) framework will increase the compliance burden due to granular reporting requirements. Businesses should view this as a shift towards a transparent, data-driven tax regime.

For those seeking to download ITR forms for AY 2026-27, they can do so through the official Income Tax e-Filing portal. Taxpayers can log in using their PAN, password, and captcha code, navigate to the 'Downloads' section, and choose the applicable form in PDF or XML format.