Income-tax returns, June 11 -- The tax department has released and notified all ITR forms for financial year 2025-26 i.e. assessment year 2026-27 and enabled excel utility for the online ITR-1 (Sahaj), ITR-2 and ITR-4 (Sugam) forms for AY27 / FY26 on its e-filing portal.

Taxpayers can file their returns in the current tax year latest by 31 July 2026. In case you do miss the July deadline, you can still file delayed returns by 31 December, with applicable penalties.

Today, we take a look at the presumptive taxation scheme which simplifies I-T compliance for small businesses, professionals, and freelancers by allowing them to declare income as a fixed percentage of turnover without maintaining detailed books of accounts.

The presumptive ...