By Admin 
ITR Filing 2026: If you are also going to file income tax return, then this news is very important for you. This time the last date for filing ITR has been fixed as 31st July. In such a situation, it is important that taxpayers plan their taxes well in time and remain aware of all the rules, so that they do not have to face any kind of problem.
Taxpayers will be able to prepare returns like this
- The Income Tax Department has released ITR forms for the financial year 2026-27.
- The department has made available forms from ITR-1 to ITR-5.
- Along with this, Excel utility for ITR-1, ITR-2, ITR-3 and ITR-4 has also been released.
- With this you can prepare your return offline first.
- After this you can upload it on the e-filing portal.
What is the exemption available under Section 87A?
The benefit received under section 87A is rebate. In such a situation, if a person chooses the old tax regime and his income is up to Rs 5 lakh, then he can get a maximum rebate of up to Rs 12,500. At the same time, in the new tax regime, if their income is up to Rs 12 lakh, then they can get the benefit of tax relief of up to Rs 60,000.
From Jio to Zepto: These big IPOs are coming to make investors rich in the second quarter of 2026.
- This is directly deducted from your total tax.
- This is quite different from normal exemption or tax deduction.
- The purpose of this rebate is to provide relief to low and middle income taxpayers.
Who can take claim under Section 87A?
- Only individual taxpayers can avail the benefit of section 87A.
- Companies, HUF and NRIs cannot take advantage of this.
- This rebate is not applicable on non-shareable LTCG and STCG.
- Income from lotteries, game shows or special taxes is also not exempted under Section 87A.
- To avail rebate, first calculate your taxable income by deducting exemptions and deductions from your total income.
Explained: ‘Brother, don’t give cold drink, give buttermilk…’, demand for desi beverages increased fourfold in summer, how did the market worth Rs 1.1 lakh crore change?