Income Tax Department: 1 return for 2025-26 under 1961 Act
Business
If you were worried about filing two tax returns this year because of the new Income-tax Act, 2025: good news!
The Income Tax Department says you only need to file one return for income earned in fiscal year 2025-26, and it'll still be under the old rules (Income-tax Act, 1961).
They wanted to make things simple so people aren't stressed about double paperwork.
ITR-1 through ITR-7 on e-filing portal
You'll use the same ITR-1 through ITR-7, which will show up on the e-filing portal ahead of the July 31, 2026 deadline.
Late fees from the old law still apply during this transition.
The return for income earned from April 2026 (Tax Year 2026-27) will be due in 2027 and will be governed by the new Income-tax Act, 2025 — it will not be 'business as usual' under the old Act.