More than 1.7 crore income tax returns have been filed for the assessment year 2026-27, as confirmed by the Income Tax Department. The department highlighted that over 10 lakh returns were submitted in a single day. Eligible taxpayers are reminded to file their returns before the upcoming July 31 deadline to avoid a last-minute rush.
The Income Tax Department recently allowed the filing of Income Tax Returns (ITRs) for the financial year 2025-26. Taxpayers can now access Excel utilities for ITR-1 and ITR-4 forms on the e-filing portal. ITR-1 is designed for resident individuals with an annual income of up to Rs 50 lakh, including various income sources.
ITR-2 applies to individuals and Hindu Undivided Families (HUFs) without business income but with sources like capital gains. The Central Board of Direct Taxes (CBDT) introduced revised disclosure norms for ITR forms for AY 2026-27, including new reporting requirements for long-term capital gains and certain trading transactions.
India’s net direct tax collections saw a 14.64% increase year-on-year, reaching Rs 5.21 lakh crore in the April 1-June 17 FY27 period. Gross direct tax collections also rose by 12.46% to Rs 6.1 lakh crore compared to the previous year.
