The Income Tax Department has formally notified the Income Tax Return (ITR) forms for Assessment Year (AY) 2026–27, with all seven forms (ITR-1 to ITR-7) released with updates aimed at improving compliance and reporting accuracy. ITR-V (acknowledgement/verification form) and ITR-U (updated return) have also been notified for this year's filing cycle. Taxpayers can now file updated returns within 48 months (four years) from the end of the relevant assessment year. The updated ITR-U form now allows taxpayers to update income or reduce losses within the extended 48-month window. Accordingly, taxpayers could file updated returns for FY 2020–21 (AY 2021–22) until March 31.

Source: Economic Times April 02, 2026 07:50 UTC