The Income-tax Act, 2025 replaced the Income-tax Act, 1961 from 1 April 2026. The tax rates and most rules carried over, but the vocabulary, form numbers and some dates changed. Here's what matters for your calendar.
"Tax year" replaces AY and PY
Under the old Act you earned income in a previous year (say FY 2025-26) and filed in the assessment year (AY 2026-27). Under the new Act there is one tax year - 1 April 2026 to 31 March 2027 is tax year 2026-27, and the return for it is filed in 2027.
Returns for FY 2025-26 and earlier (filed in 2026) still follow the old Act - including its belated and revised return deadline of 31 December 2026.
ITR due dates from tax year 2026-27
| Who | Due date |
|---|---|
| Salaried and others without business income (ITR-1, ITR-2) | 31 July |
| Business or profession, no audit (ITR-3, ITR-4) | 31 August |
| Tax audit cases | 31 October |
| Transfer pricing cases | 30 November |
| Tax audit report | 30 September |
| Belated return | 31 December |
| Revised return | 31 March - 12 months from the end of the tax year (earlier, 9 months) |
So for tax year 2026-27: 31 July 2027 for most salaried people, 31 August 2027 for small businesses and professionals not under audit.
Late filing: late fee up to ₹5,000 (₹1,000 if total income is up to ₹5 lakh), plus interest at 1% a month or part on tax still unpaid.
Advance tax 2026-27
| By | Cumulative |
|---|---|
| 15 June 2026 | 15% |
| 15 September 2026 | 45% |
| 15 December 2026 | 75% |
| 15 March 2027 | 100% |
Presumptive taxpayers (small businesses and professionals on the presumptive scheme) pay the whole amount by 15 March. Advance tax applies when the tax for the year is ₹10,000 or more; resident senior citizens without business income are exempt. A shortfall costs 1% a month.
New names for TDS forms
| Old (1961 Act) | New (2025 Act) |
|---|---|
| Form 24Q (salary TDS return) | Form 138 |
| Form 26Q (non-salary TDS return) | Form 140 |
| Form 27EQ (TCS return) | Form 143 |
| Form 16 (salary certificate) | Form 130 |
| Form 16A (non-salary certificate) | Form 131 |
| Form 27D (TCS certificate) | Form 133 |
| Form 26AS | Form 168 |
Due dates for TDS deposits and returns are explained in the TDS due dates guide.
Tax rates (new regime, tax year 2026-27)
Nil up to ₹4 lakh; 5% ₹4-8 lakh; 10% ₹8-12 lakh; 15% ₹12-16 lakh; 20% ₹16-20 lakh; 25% ₹20-24 lakh; 30% above ₹24 lakh. The rebate makes income up to ₹12 lakh (₹12.75 lakh for salaried people with the standard deduction) effectively tax-free.
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