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Income Tax Return Filing Deadline: The process for filing Income Tax Returns (ITR) for the financial year 2025-26 has commenced. The Income Tax Department has set specific deadlines for various categories of taxpayers for the assessment year (AY) 2026-27. The deadline for filing the return depends on the source of income and whether an audit of accounts is mandatory.

Filing the ITR on time is crucial. Delays can result in penalties and interest charges. Additionally, one might miss out on various tax benefits. Therefore, taxpayers should be well-informed about the correct form and deadline applicable to their category to avoid last-minute hassles.

What is the deadline for salaried individuals and investors?
Most individuals earning income from sources such as salary, pension, rental income from a single house, bank interest, or capital gains are required to file ITR-1 or ITR-2 forms. The deadline for filing returns for such taxpayers is set for July 31, 2026.

ITR-1 is intended for individuals with an annual income of up to ₹50 lakh and limited sources of income. Meanwhile, ITR-2 is suitable for those who own more than one house, have significant capital gains, or possess other additional sources of income but do not run a business. The necessary facilities and utilities for these forms have already been made available.

Different rules for businesses and professionals

The deadline for filing returns differs for individuals earning income from a business or profession. Taxpayers whose accounts do not require an audit can file their returns using ITR-3 or ITR-4 forms by August 31, 2026.

ITR-4 is designed for small business owners and professionals who avail themselves of the presumptive taxation scheme and whose income falls within the prescribed limits. However, certain categories of taxpayers—such as company directors or individuals with foreign income—cannot use this form. For business entities whose accounts require an audit, the deadline is set for October 31, 2026.

Other Key Deadlines
For cases requiring the filing of a transfer pricing report, the deadline for filing the Income Tax Return (ITR) is November 30, 2026. However, if this deadline is missed, taxpayers can file a belated return until December 31, 2026.

If any errors remain in the filed return, they can be rectified until March 31, 2027. Additionally, the facility to file an updated return (ITR-U) is available, allowing taxpayers to update their returns until March 31, 2031, subject to specific conditions.

Experts advise taxpayers to keep documents such as Form-16, bank statements, investment-related papers, and other necessary records ready in advance. Filing returns on time not only helps avoid penalties but also offers various tax-related benefits. Every taxpayer should select the appropriate ITR form based on their income and file the return within the prescribed deadline.

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