For Assessment Year 2026-27, the Income Tax Return filing calendar has been restructured with different due dates for different taxpayer categories. According to reports from The Economic Times, eligible non-audit business and professional taxpayers filing ITR-3 or ITR-4 now have a due date of August 31, 2026 instead of the traditional July 31 deadline. Salaried taxpayers filing ITR-1 or ITR-2 continue to have the July 31, 2026 deadline. As reported by The Economic Times, Finance Minister Sitharaman announced these changes while presenting the Union Budget 2026 on February 1, stating that individuals filing ITR 1 and ITR 2 shall continue to file by July 31, while non-audit business cases or trusts have August 31 as the due date.
The revised ITR filing schedule for AY 2026-27 includes multiple categories with specific deadlines. According to The Economic Times, ITR-1 and ITR-2 filers (salary income and capital gains) have the July 31, 2026 deadline. ITR-3 and ITR-4 filers for non-audit business cases have the August 31, 2026 deadline. For business income cases requiring audit, the deadline extends to October 31, 2026. Belated returns for late filing have a December 31, 2026 deadline, while revised returns for correcting earlier filed returns have a March 31, 2027 deadline. Updated returns (ITR-U) for filings within 4 years from the end of relevant AY have a March 31, 2031 deadline. The updated filing calendar removes the earlier date-based split that caused confusion last year, replacing it with clear due dates based on ITR form categories.
Missing the correct ITR filing deadline can result in significant financial penalties under Section 234F of the Income Tax Act. As reported by The Economic Times, taxpayers with income up to ₹5 lakh face a maximum late filing fee of ₹1,000, while those with income above ₹5 lakh may have to pay up to ₹5,000. The fee structure applies when ITR is filed after the prescribed due date under Section 139(1). No fee applies if the ITR is filed by the due date, but filing after the due date may attract fees along with applicable interest under Sections 234A, 234B, and 234C. Filing a belated return after December 31, 2026 also results in losing the option to choose the old tax regime, forcing taxpayers to be taxed under the new regime by default.
Taxpayers face additional compliance challenges as the Central Board of Direct Taxes (CBDT) has issued new guidelines for scrutiny proceedings. According to tax experts, cases related to specific information regarding tax evasion, where inputs are received from investigation wings, law enforcement agencies, regulatory authorities, or other credible information sources pointing to possible tax evasion, may result in scrutiny notices. Taxpayers whose ITR was filed in financial year 2025-26 should expect scrutiny notices by June 30, 2026. As reported by tax experts, selection of ITR for scrutiny does not imply any wrongdoing but indicates the Income-tax Department seeks clarification or verification of specific transactions. Taxpayers should carefully review notices, identify issues under examination, and submit complete supporting documentation within prescribed timelines. The law also provides mechanisms to voluntarily correct genuine mistakes, with taxpayers able to file updated returns with payment of 25% of incremental taxes and interest liability.
