As the financial year 2025-26 has ended, taxpayers are preparing for the income tax return (ITR) filing season. Tax experts said filing for the assessment year 2026-27, related to income earned in FY2025-26,
has not started yet. Taxpayers may be able to begin filing from May, when the income tax department is expected to activate the Excel utility, online filing interface, or schema.
When Should You File ITR?
According to chartered accountant Suresh Surana, taxpayers can start filing ITR only after the income tax department enables the relevant return forms on its e-filing portal. This may happen through the online filing mode, schema utility or Excel utility.
He said that based on previous years, utilities are usually enabled around May after the close of the relevant financial year. This means taxpayers may need to wait until the department activates the forms for AY 2026-27.
“For the assessment year 2026-27 (financial year 2025-26), filing of ITR is expected to begin upon such enablement, which in prior years has been typically occurred around the month of May subsequent to the relevant FY,” Surana added.
If the forms for your category are not yet activated on the portal, filing cannot begin. Once enabled, salaried individuals, professionals, businesses and other taxpayers can submit returns according to the applicable form.
Another Delhi-based CA advised taxpayers to first collect all documents such as Form 16, TDS certificates, bank interest statements, capital gains statements and deduction proofs before filing ITR.
Expected ITR Due Dates For AY 2026-27
The current ITR due dates are:
- For individuals and other taxpayers not requiring audit: July 31, 2026
- For taxpayers with business or professional income not subject to audit, including partners of firms: August 31, 2026
- For taxpayers subject to tax audit, including partners of firms: October 31, 2026
- For taxpayers covered under transfer pricing provisions, including partners of firms: November 30, 2026
Who Needs To File Income Tax Return?
ITR filing is generally mandatory if taxable income exceeds the basic exemption limit under the chosen tax regime. However, return filing may also be compulsory in several specified cases such as high-value transactions, foreign assets, high electricity bill, higher TDS situations or other conditions notified under tax rules.
Even if income is below the basic exemption limit of Rs 2.5 lakh (old tax regime) and Rs 4 lakh (new tax regime), many taxpayers still choose to file voluntarily.
Why Filing ITR Is Beneficial Even If Not Mandatory
Suresh Surana said filing ITR can still be useful even where income does not exceed the exemption threshold.
It acts as recognised proof of income and is often required during loan applications, visa processing, credit assessments, and tenders and financial documentation.
“It is also important to note that even where total income does not exceed the basic exemption limit, filing an ITR may still be beneficial. It serves as a recognised proof of income, often required for loan applications, visa processing, and other financial transactions. Additionally, it enables taxpayers to claim refunds of excess tax deducted at source (TDS) and carry forward eligible losses (including capital losses). Accordingly, while the obligation to file may not arise in all cases, voluntary filing of ITR is generally a prudent compliance measure, offering both immediate and long-term benefits,” Surana said.
What Happens If You Miss The Deadline?
Missing the ITR due date can lead to multiple consequences, including late filing fee under Section 234F, interest on pending tax dues, delayed refund, no carry forward of certain losses, and repeated notices for non-compliance.
What Should Taxpayers Do Now?
Taxpayers should start preparing in advance by checking PAN-Aadhaar linkage status, downloading AIS/TIS data, reconciling TDS entries and gathering investment proofs. Early preparation usually helps avoid last-minute mistakes.
