More than 4 crore income tax returns (ITRs) have been filed for the assessment year (AY) 2026-27, as confirmed by the Income Tax Department. The department advised eligible taxpayers to submit their Income Tax Return (ITR)-1 and ITR-2 early to avoid last-minute congestion.
This achievement follows the recent announcement by the department that ITR filings had surpassed the 3 crore mark, with over 15 lakh returns submitted in a single day. The pace of filings has been steadily increasing as the deadline nears, with over 1.7 crore taxpayers already having filed their returns earlier this month.
Taxpayers who are yet to file their returns are encouraged by the I-T department to complete the process well before the July 31 deadline. Early filing is recommended to prevent heavy traffic on the e-filing portal and ensure smoother processing of returns.
ITR-1 (Sahaj) is designed for resident individuals with total income up to Rs 50 lakh from salary, one house property, and other sources, including agricultural income of up to Rs 5,000. On the other hand, ITR-2 is applicable to individuals and Hindu Undivided Families (HUFs) without income from profits and gains from business or profession but with income from sources like capital gains.
The Central Board of Direct Taxes (CBDT) had earlier this year introduced revised ITR forms for AY 2026-27, incorporating updated disclosure requirements such as reporting norms on long-term capital gains, losses from share buybacks, and specific trading transactions.
