New Delhi, March 31 -- Old tax regime vs new tax regime: The new financial year FY26-27 is set to begin from 1 April (tomorrow), and there may be some confusion over whether changes to the Income-Tax Act and updates to deductions under the old tax regime will impact your income tax returns this year.

Mint deconstructs the key points to be considered before choosing the new or old income tax regimes for taxpayers.

No, these changes will not impact tax filings for FY26 (AY25) but will come into effect when filing income tax returns (ITR) next year, in June 2027 for FY27 (AY26).

Notably, Budget 2026 extended ITR due date for ITR-3 and ITR-4 for non-audit taxpayers to 31 August, while deadline for ITR-1 and ITR-2 remains 31 July of the rel...