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US 401k holders face new ITR rules as ITR 1 and 4 vanish for filing
Economy
Published on 24 April 2026
Your old ITR options are gone this season
India’s new Income Tax Return forms have removed ITR-1 and ITR-4, forcing US 401(k) and other overseas pension account holders to file ITR-2 or ITR-3 instead. The update is meant to streamline reporting of foreign assets and income, consistent with existing disclosure expectations. A tax deferment option remains available through Form 10-EE.
- ITR-1 and ITR-4 are no longer available under the new I-T Act
- US 401(k) and overseas pension holders must choose ITR-2 or ITR-3
- Change is designed to streamline foreign asset and income reporting
- Tax liability can still be deferred using Form 10-EE
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times