AY 2026-27 deadlines: Taxpayer's guide for timely payment before last date — Key dates and penalties for late filing

Income tax returns (ITR) deadline for salaried taxpayers and pensioner is over but those who missed the 31 July deadline can still comply with the law but will have to pay a penalty. These taxpayers can file their return for Assessment Year 2026-27 (fiscal year 2025-26) via form ITR-1 or ITR-2 by filing a belated return.

Tax calendar for AY 2026-27: Due dates tracker for taxpayers

1. ITR-3 and ITR-4 deadline

• With no audit — 31 August
• With audit — 31 October

Meanwhile, taxpayers with business or professional income can file their return till 31 August. This deadline applies to business, profession, freelance work, or F&O trading, mainly individuals and Hindu Undivided Families (HUFs) who are not liable for a tax audit. They can file their return via form ITR-3 or ITR-4. This category not only includes small business owners whose incomes are below the audit threshold but also salaried individuals with freelance income.

An additional month was introduced this year specifically to allow non-audit business filers more time to close their books. Notably, the deadline is 31 October for businesses with a turnover above ₹1 crore (if cash receipts are >5%; else ₹10 crore turnover for audit) or salaried professionals with gross receipts above ₹50 lakh. It is important to note that businesses in this category under Section 44AB have to file the audit report by 30 September, a month before the due date. In case an individual is an owner of a partner firm, then ITR-3 deadline is decided by the firm's audit status.

2. Belated ITR for those who missed original filing date

• 31 December

This last date is applicable for ITR-1 and 2 taxpayers who missed 31 July deadline and ITR-3 and 4 taxpayers who would not be able to file until 31 August you. ITR's belated return extends the filing facility under Section 139(4) till 31 December 2026. However, it attracts a penalty of ₹1,000 under Section 234F if total income is less than ₹5 lakh and ₹5,000 if it's more. Over and above the late fee charge, the taxpayer will have to pay 1% interest a month on any unpaid tax from the original due date under Section 234A.

Moreover, late filing inhibits the taxpayer from carrying forward certain losses, such as capital or business losses, to future years. However, losses from house property can still be carried forward.

3. Revised return to make corrections

• 31 December: Revised return

Taxpayers who made any error while filing their return can make corrections and edit their application under Section 139(5). Errors such as missed deduction, wrong bank details or unreported income can be corrected by 31 December. The extended date for final return 31 March 2027 but beyond December deadline, taxpayers will have to pay a penalty of ₹1,000/ ₹5,000 — the same as a belated ITR.

Although correction doesn't attract a fee if done before 31 December, but if the revision increases tax liability, interest under Section 234B or 234C is applicable.

4. Updated ITR is the last option for voluntary disclosures

• 48 Months

Updated Income Tax Return or ITR-U, filed under Section 139(8A), are those returns that taxpayers want to voluntarily correct in an old tax return or file. This facility remains accessible even years after the usual deadlines have closed. This facility runs for 48 months from the end of the relevant assessment and covers the option to report additional income or to pay more tax. This year, the window covers AY23 through AY26.

Under this facility, taxpayers cannot claim a refund, increase a loss, disclose a missed field, like Schedule FA (foreign assets) or Schedule AL (assets and liabilities), or reduce tax already assessed. Higher penalties are levied under this category as an additional tax is charged on the tax and interest due.

• 25% if filed within 12 months of the assessment year's end
• 50% if filed within 24 months of the assessment year's end
• 60% if filed within 36 months of the assessment year's end
• 70% if filed within 48 months of the assessment year's end

It is important to note that once ITR is submitted, taxpayer must e-verify it within 30 days, else the ITR won’t be processed.