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Income Tax Filing Deadline Approaches: Old vs New Regime
The income tax department has made it easier to file your taxes by providing excel utilities for various ITR forms.
You can file your returns online by the deadline of 31 July 2026.
There are two tax regimes to choose from: the old regime, which offers more deductions but higher tax rates, and the new regime, which has lower tax rates but fewer deductions.
You need to decide which regime suits you better based on your income and deductions.
After filing, you must e-verify your return within 30 days to avoid delays in refunds.
Filing late can result in fees and penalties, so it's best to file on time.
The income tax department has enabled excel utilities for ITR forms ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, and ITR-7.
Taxpayers can file their returns online by 31 July 2026.
The old tax regime offers more deductions but higher tax rates, while the new regime has lower tax rates but fewer deductions.
Taxpayers must e-verify their returns within 30 days of filing to avoid delays in refunds.
Filing late can result in fees and penalties, so it's best to file on time.
- Who
- Indian taxpayers
- What
- Filing income tax returns (ITR) for the financial year 2026 (assessment year 2027)
- Where
- Online via the official e-filing portal
- When
- By 31 July 2026
- Why
- To comply with tax laws and avoid penalties
Old Tax Regime
New Tax Regime
Deductions and Exemptions
Old Tax Regime
Offers standard deduction of ₹50,000, rebate of ₹12,500 for income up to ₹5 lakh, and various deductions like Section 80C, HRA, home loan, NPS, etc.
New Tax Regime
Limited deductions and exemptions, but higher tax-free income. Rebate of ₹60,000 for income up to ₹12 lakh.
Tax Slabs
Old Tax Regime
Higher tax slab rates: Nil up to ₹2.5 lakh, 5% from ₹2.5 lakh to ₹5 lakh, 20% from ₹5 lakh to ₹10 lakh, and 30% above ₹10 lakh.
New Tax Regime
Lower tax slab rates: Nil up to ₹4 lakh, 5% from ₹4 lakh to ₹8 lakh, 10% from ₹8 lakh to ₹12 lakh, 15% from ₹12 lakh to ₹16 lakh, 20% from ₹16 lakh to ₹20 lakh, 25% from ₹20 lakh to ₹24 lakh, and 30% above ₹24 lakh.
Key facts
- ITR Forms Available
- ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-7
- Filing Deadline
- 31 July 2026
- Self-Assessment Tax Payment Deadline
- 31 July 2026
- E-Verification Deadline
- Within 30 days of filing
- Late Filing Fee
- Up to ₹5,000 (₹1,000 if income ≤ ₹5 lakh)
- Delayed Revised Return Fee
- ₹1,000 or ₹5,000, depending on income
- Under-Reporting Penalty
- 50% to 200% of the tax payable
- Cash Transaction Penalty
- Equal to the amount received (for ₹2 lakh or more)
Sources
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