Today marks the beginning of the new financial year FY2026-27, which also means that the new Income-tax Act, 2025 has kicked in and replaced the decades-old Act rolled out in 1962. Meanwhile, the government has also notified all income tax return (ITR) forms for Assessment Year (AY) 2026-27, setting the stage for the upcoming filing season. The Central Board of Direct Taxes (CBDT) has released ITR-1 to ITR-7, along with ITR-U and ITR-V, under the Income-tax Rules, 1962. These forms will be used to file returns for income earned in FY 2025-26.