Excel utility has been enabled by the income-tax department for ITR-1 (Sahaj), ITR-2 and ITR-4 (Sugam) online forms for assessment year 2026-27 i.e. financial year 2025-26. Further, all ITR forms for AY27 / FY26 have also been notified on the official e-filing portal.
For the current tax year, the deadline for individual taxpayers filing ITR is 31 July 2026. For those using ITR forms 3 and 4, the deadline is 31 August 2026. However, taxpayers who miss the July deadline can still file delayed returns by 31 December, with applicable penalties.
To file your returns, you must register on the portal (you will need Aadhaar, PAN and other details) or log into the website here — https://www.incometax.gov.in/ with your User ID and password.
Offsetting capital losses in ITR
Here’s a look at the correct ways to offset capital losses in your ITR. Mint asked Chartered Accountant (CA) Chandni Anandan, Tax Expert at ClearTax for answers:
Can taxpayers offset equity losses against non-equity gains?
Anandan: Equity losses cannot be freely set off against all non-equity gains. The tax treatment depends on the nature of the loss. A short-term capital loss from equity can be set off against both short-term and long-term capital gains. However, a long-term capital loss from equity can be set off only against long-term capital gains. So, the answer is not a blanket “yes” or “no”; it depends on whether the loss is short-term or long-term and whether the gain is capital gain or some other type of income.
Can taxpayers offset capital losses from one asset against capital gains from other assets?
Anandan: Yes, in many cases. Capital losses can generally be adjusted only against capital gains, not against salary, house property income, or business income. Short-term capital loss can be set off against both short-term and long-term capital gains. Long-term capital loss can be set off only against long-term capital gains. If the loss cannot be fully adjusted in the same year, it can usually be carried forward for future years, subject to conditions.
Does this apply across all taxpayer categories, such as salaried individuals, freelancers, entrepreneurs, HUFs, and corporations?
Anandan: Yes. These capital loss set-off rules apply broadly to taxpayers who are subject to the Income-tax Act, including salaried individuals, freelancers, entrepreneurs, HUFs, and companies, as long as the income and loss are reported under the correct head. The key factor is not the taxpayer category alone, but the nature of the income or loss and whether the return is filed on time. Carry-forward benefits also depend on compliance with filing requirements. A point to be noted is that while set off of losses is allowed even on belated return, carry forward of losses is allowed only when the return is filed on time.
Under which ITA sections can taxpayers claim these benefits?
Anandan: The main provisions are Section 70 and Section 74 of the Income-tax Act. Section 70 deals with set-off of loss under the same head of income. Section 74 deals with carry-forward and set-off of capital losses in future years when they cannot be fully absorbed in the current year. These sections work together to determine how much loss can be adjusted immediately and how much can be carried forward for later use. So, for practical tax planning, these are the key sections taxpayers should keep in mind.
Filing ITR? Here’s a practical checklist before you start
Before you click submit, look through the below checklist to eliminate a majority of refund delays and tax notices faced by individual taxpayers.
- Check latest updates to Annual Information Statement (AIS) and Form 26AS.
- Match all tax deducted source (TDS) with Form 16 (from employer) / Form 16A (banks, financial institutions).
- Keep supporting documents for deductions claimed.
- Report all bank interest and dividends.
- Confirm you have selected the correct ITR form.
- Verify capital gains reporting, if any.
- Ensure your refund bank account is pre-validated.
- Complete e-verification immediately after filing.
Should you wait till 15 June to file returns?
It is advisable for salaried taxpayers to wait till 15 June to file returns to ensure that all details on your TDS statements (Form 16 and 16A) and Form 26AS / AIS match.
This is because banks, employers and other reporting entities (AMCs, mutual fund houses, brokers) have time till 31 May to update information in these forms, and it takes at least seven to 10 days after this, for the updated information to be included in your Form 26AS / AIS.
Thus, filing your returns before the documents are fully updated can lead to a situation where your returns show a mismatch in forms and could trigger a notice from the tax department. Mismatch could also hinder your refund process.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.