The Income Tax Return (ITR) deadline for salaried taxpayers and pensioners has passed, with the original 31 July 2026 deadline now closed. However, taxpayers who missed this deadline can still comply with the law by filing a belated return. According to reports from Mint, taxpayers can file their return for Assessment Year 2026-27 (fiscal year 2025-26) via form ITR-1 or ITR-2 by submitting a belated return. For taxpayers with business or professional income, the deadline is 31 August 2026 for those without audit requirements, while businesses with turnover above ₹1 crore or salaried professionals with gross receipts above ₹50 lakh have until 31 October 2026. The October 31 deadline applies to taxpayers whose accounts are subject to tax audit, and November 30, 2026 is the deadline for taxpayers covered under transfer-pricing provisions.
The belated ITR deadline is 31 December 2026, applicable for ITR-1 and 2 taxpayers who missed the original 31 July deadline and ITR-3 and 4 taxpayers unable to file until 31 August. As reported by Mint, the belated return extends the filing facility under Section 139(4) till 31 December 2026, but attracts a penalty of ₹1,000 under Section 234F if total income is less than ₹5 lakh and ₹5,000 if it's more. Additionally, taxpayers must pay 1% interest per month on any unpaid tax from the original due date under Section 234A. Late filing also prevents taxpayers from carrying forward certain losses, such as capital or business losses, to future years, though house property losses can still be carried forward.
Taxpayers who made errors while filing their return can make corrections and edit their application under Section 139(5) by 31 December 2026. According to Mint, errors such as missed deductions, wrong bank details, or unreported income can be corrected during this period. The extended date for final return is 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. While corrections don't attract a fee if done before 31 December, interest under Section 234B or 234C is applicable if the revision increases tax liability.
The Updated Income Tax Return (ITR-U) facility remains accessible for 48 months from the end of the relevant assessment, covering AY23 through AY26 this year. As reported by Mint, this facility allows taxpayers to voluntarily correct old tax returns or file additional income. The penalty structure for voluntary disclosures is 25% if filed within 12 months, 50% if filed within 24 months, 60% if filed within 36 months, and 70% if filed within 48 months of the assessment year's end. Under this facility, taxpayers cannot claim refunds, increase losses, or reduce already assessed tax, and higher penalties are levied as additional tax is charged on the tax and interest due.
