ITR-3 availbale for AY 2026-27: Now Taxpayers Can File ITR-1, 2, 3, 4

The Income Tax Department has released the ITR-3 utility for AY 2026-27, allowing taxpayers with business and professional income to file their returns online or offline. Earlier, only ITR-1, ITR-2, and ITR-4 were available. With this update, proprietors, freelancers, traders, and professionals can now complete their return filing process. Taxpayers are advised to carefully verify AIS, TIS, and Form 26AS before filing and complete mandatory e-verification after submission to ensure the return is valid.

Income Tax Department Enables Online Challan Correction Facility

The Income Tax Department has launched an Online Challan Correction Request facility on the e-Filing portal, allowing taxpayers to correct common mistakes in tax payments such as wrong Assessment Year, Tax Year, Major Head, or Minor Head. The facility is available for eligible unconsumed challans from AY 2020-21 onwards and must be used within specified timelines. It helps reduce errors in tax records, prevents issues in Form 26AS and AIS, and simplifies income tax compliance through a fully digital process.