The income tax returns (ITR) filing for the financial year 2025-26 (or the assessment year 2026-27) is going on. Though salaried individuals can file ITR up to July 31, those with business or professional
income have an extra month this year, up to August 31. These deadlines are for non-audit cases.
Key ITR Due Dates for FY 2025-26
Taxpayers must adhere to specific deadlines depending on their category. For salaried individuals and those filing ITR-1 or ITR-2, the due date is July 31, 2026. Those with business or professional income who fall under non-audit cases (ITR-3 and ITR-4) get an additional month, with a deadline of August 31, 2026.
Taxpayers whose accounts require auditing must file their returns by October 31, 2026. Businesses involved in international or specified domestic transactions that require transfer pricing reports have time until November 30, 2026.
For those who miss the original deadlines, a belated return can be filed by December 31, 2026, while a revised return can be submitted until March 31, 2027. Updated returns can be filed much later, up to March 31, 2031, which is four years from the end of the relevant assessment year.
Why Timely Filing Matters
Filing within the due date is crucial not just to avoid penalties but also to ensure faster processing of refunds and smoother compliance. Delays can attract late filing fees under Section 234F and may also impact the ability to carry forward certain losses.
Additionally, timely filing has increasingly become important for financial activities such as loan approvals, visa processing and investment documentation.
Who Is Required To Get Their Accounts Audited?
A tax audit under Section 44AB is mandatory for certain businesses and professionals before filing their ITR. For FY 2025-26 (AY 2026-27), businesses must get their accounts audited if their total sales, turnover or gross receipts exceed Rs 1 crore. However, this threshold increases to Rs 10 crore if both cash receipts and cash payments do not exceed 5% of the total receipts and payments during the financial year, effectively covering businesses where at least 95% of transactions are through banking channels.
For specified professionals such as doctors, lawyers, architects, chartered accountants and consultants, a tax audit is required if gross receipts exceed Rs 50 lakh. Tax audit may also be mandatory in certain cases where taxpayers opt for or exit the presumptive taxation schemes under Sections 44AD or 44ADA and declare income below the prescribed limits while their total income exceeds the basic exemption limit.
