ITR FILING START DATE AND KEY UPDATE AY 2026-27! INCOME TAX LATEST UPDATE
Summary
This video provides a critical update for Assessment Year (AY) 2026-27 regarding the commencement of Income Tax Return (ITR) filing. It highlights that the Income Tax Department has not yet released the offline utilities (Excel/JSON) or enabled online filing on the portal, with expectations set for after May 30th. Key updates include:
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Correct ITR Selection: Freelancers and professionals must be cautious; those with TDS deducted under Section 194J should ideally use ITR-4 (Section 44ADA) to avoid notices.
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Capital Gains: New tax rates for Long Term Capital Gains (LTCG) are explained—12.5% without indexation and 20% with indexation.
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ITR Forms Overview: A brief guide on which form to use (ITR-1 to ITR-7) based on income sources like salary, business, capital gains, and foreign assets.
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