ITR filing 2026:
Government releases ITR forms for AY 2026–27; check details of ITR-U and ITR-V

Mar 31, 2026

Synopsis
New Income Tax Return forms are now available for Assessment Year 2026-27. The updated ITR-U form allows taxpayers to correct past filings. This updated return can be filed for up to four years. Penalties apply based on the filing timeline. The ITR-V form serves as verification for filed returns.

The Income Tax (I-T) Department has notified new Income Tax Return (ITR) forms along with the updated ITR-U (updated ITR) form and the ITR-V (ITR verification) form for the assessment year 2026–27.

The ITR-V form will come into effect on March 31, 2026, and will apply in respect of returns filed for the Assessment Year 2026-27.

What is ITR U?

The ITR-U provision was introduced in 2022 to give taxpayers a structured way to fix errors. It allows you to file if you miss filing the original return, add income you forgot to report or correct wrong details in a filed ITR.

CA Abhishek Soni, CEO & Co-Founder, Tax2win says, "The government has now notified both ITR-V and ITR-U forms, which means the tax filing process for the new assessment year has officially begun. ITR-V remains important for verifying returns filed without Aadhaar OTP or digital signature. At the same time, ITR-U continues to give taxpayers a chance to correct mistakes or missed income by filing an updated return. One key update is that taxpayers now get a longer time window to file ITR-U, but with higher additional tax if delayed. Overall, the focus is on giving more flexibility while encouraging timely and accurate compliance."

What is new in the ITR-U Form?

As per CA Ashish Niraj, partner, ASN & Company, Chartered Accountants: “ITR-U for persons to update income/reduce loss within 48 months from the end of the relevant assessment year has also been notified. In the new ITR-U form in PART B ATI Computation, Column 10 “Additional income-tax liability on updated income where return is filed in response to notice issued u/s 148 [35% or 60% or 70% or 80% of (9-7)]” has also been incorporated which was not there in the earlier form.

Deadline to file ITR-U

The time limit to file an updated income tax return under Section 139 (8A) is extended to four years from two years starting April 2025 (as announced in Budget 2025) from the end of the relevant assessment year. Hence, the updated income tax return of FY 2020-21 (AY 2021-22) can be filed till March 31, 2026.

Penalty applicable on filing ITR-U

A penalty applies to filing an updated return using ITR-U, depending on when you file the updated ITR. The additional tax payable on updated returns are 25%, 50%, 60%, and 70% applicable in the first, second, third, and fourth years, respectively.

When you can file ITR-U

Reasons for updating your income:

Return previously not filed
Income not reported correctly
Loss not reported correctly (In case of reduction of loss)
Wrong heads of income chosen
Reduction of carried forward loss
Reduction of unabsorbed depreciation
Reduction of tax credit u/s 115JB/115JC
Wrong rate of tax
Return in response to notice u/s 148
If filed, in response to a notice u/s 148
Document Identification Number (DIN) and the date of such notice.

What is ITR-V?

ITR-V is an acknowledgement form which stands for Income Tax Return Verification. It acts as a proof that the return has been filed with the Income Tax Department. The time limit for the e-verification or the submission of ITR-V shall be 30 days from the date of filing the return of income.

If the return of income is uploaded and ITR-V is submitted within 30 days of uploading, then in such cases, the date of uploading the return of income shall be considered as the date of furnishing the return of income.

[The Economic Times]