Applicable Income Tax Returns
For Assessment Year 2026-27, individuals and HUFs having income under the heads of Salary/Pension, House Property, Profits or Gains of Business or Profession, Capital Gains, or Income from Other Sources use ITR-3 if they are not eligible for ITR-1, ITR-2, or ITR-4.
ITR-4 (SUGAM) is a simplified return applicable for resident individuals, HUFs, or resident firms (other than LLPs) with total income up to ₹ 50 lakh and business or profession income computed on a presumptive basis under Section 44AD, 44ADA, or 44AE of the Income Tax Act, 1961.
Tax Regimes and Form 10-IEA
The new tax regime under Section 115BAC is the default tax regime. Eligible taxpayers having income from business and profession who want to opt out of the default tax regime must furnish Form-10-IEA on or before the due date under Section 139(1). Withdrawal of such an option to re-enter the new tax regime must also be done via Form No. 10-IEA in a subsequent assessment year, and is allowed only once in a lifetime for taxpayers with business or profession income.