Important news for taxpayers. The process of filing Income Tax Return (ITR) for the financial year 2025-26 has started. The Income Tax Department has fixed different deadlines for different categories of taxpayers for the assessment year 2026-27. These deadlines are determined based on your source of income and whether your accounts need to be audited or not. It is very important to file ITR within the deadline. If you delay in doing so, you may have to pay a hefty penalty and interest. Apart from this, there is a risk of missing out on many types of tax benefits. So, to avoid last-minute hassles, know the correct form and deadline according to your category.
When is the last date for job seekers and investors?
Individuals earning income through salary, pension, rental income from a house, bank interest or capital gains are generally required to fill ITR-1 or ITR-2 form. The last date for filing ITR for such taxpayers has been fixed as 31st July 2026.
ITR-1: Those who have an annual income of up to Rs 50 lakh and have limited sources of income will use this form.
ITR-2: This form is for those who have more than one house, have high capital gains or other additional income but do not have any business. The necessary utility facilities have been made available for all these forms.
Different rules for businessmen and professionals:
There are different deadlines for those who are earning income through business or any profession. Taxpayers whose accounts are not required to be audited can file their returns by 31st August 2026 using ITR-3 or ITR-4 form.
Who is ITR-4 for?
It is meant for small traders and professionals who are availing the benefits of presumptive taxation scheme. However, directors of companies or those earning income from abroad cannot use this form. For traders or firms whose accounts are required to be audited, the last date is 31st October 2026.
Some other important deadlines:
30th November 2026: This is the last date for filing transfer pricing reports.
31st December 2026: If someone fails to file the return within the stipulated time, they can file a late return with penalty.
31 March 2027: If there are any errors in the return you have filed, then you can correct it by this date.
31 March 2031: Taxpayers will also get the facility of filing updated return (ITR-U), in which the return can be updated till 31 March 2031 as per the prescribed conditions.
Expert Advice:
According to financial experts, all taxpayers should prepare their Form-16, bank statements, investment related documents and other necessary papers in advance. Filing ITR ahead of time not only saves you from penalties, but also provides many tax-related benefits on time.
