The deadline for filing Income Tax Returns (ITR) for the assessment year 2026-27 is approaching, with different dates set for various categories of taxpayers. Understanding these deadlines is crucial to avoid penalties and ensure compliance with tax regulations.
For most salaried individuals and taxpayers without business income, the due date for filing ITR-1 and ITR-2 forms is July 31, 2026. This deadline applies to those whose total income does not exceed ₹50 lakh and who earn income from salary, one house property, other sources (like interest), and agricultural income up to ₹5,000.
Taxpayers with business or professional income who are not subject to a tax audit must file ITR-3 or ITR-4 forms by August 31, 2026. This extension from previous years aims to ease compliance for small businesses and professionals.
For those whose accounts require a tax audit, the filing deadline is October 31, 2026. This category includes businesses with a turnover exceeding ₹1 crore or ₹10 crore, depending on specific conditions.
It's important to note that missing the original filing deadline can lead to penalties. A belated return can be filed until December 31, 2026, with a fee of up to ₹5,000, depending on the taxpayer's income. After this date, only an updated return (ITR-U) can be filed, which may attract additional taxes.
As of July 10, 2026, over 1.5 crore ITRs for AY 2026-27 had been filed, with more than 1.44 crore verified. This indicates a steady pace of compliance among taxpayers.
Taxpayers are advised to file their returns well before the deadlines to avoid last-minute issues and ensure timely compliance with tax obligations.