The season for filing Income Tax Returns (ITR) on income for the financial year 2025-26 (assessment year 2026-27) has started. From an employee to a businessman, it is important for everyone to file their returns within the stipulated time. If you miss the deadline, you may not only have to pay a hefty late fee of up to Rs 5,000, but your tax refund will also be delayed. This time the tax department has also made an important change in the rules, which has provided relief to some taxpayers.
The Income Tax Department has set different deadlines for different categories of taxpayers. For ordinary salaried people and Hindu Undivided Families (HUF), who have to file ITR-1 or ITR-2, the last date is 31 July 2026. At the same time, a big change has been seen this year. Taxpayers associated with business profession who file ITR-3 or ITR-4 (for which audit is not required), have now been given time till August 31, 2026. Earlier this date also used to be July.
Apart from this, the accounts which are mandatory to be audited have got extension till October 31, 2026. The deadline for taxpayers covered under transfer pricing rules is 30 November 2026. If for some reason you are not able to file your return by the due date, you can file 'Belated Return' till December 31, 2026. To correct any mistake in the return, the last date for filing 'Revised Return' has been fixed as 31 March 2027.
Even after the last date has passed, you get the option to file your tax return till December 31, 2026, but its financial losses directly impact your pocket. The biggest setback is the late filing fee charged under section 234F. If your annual income is more than Rs 5 lakh, you will have to pay a fine of up to Rs 5,000. At the same time, a maximum penalty of Rs 1,000 is imposed on those with income up to Rs 5 lakh.
Keep in mind, this fee has to be paid even if the belated return is filed within the stipulated time. Additionally, if you have any tax outstanding, interest will also be added separately. You will not be able to 'carry forward' the losses incurred in the stock market or business to the next years. Due to this, delay in getting tax refund can also become a big problem.
Filing your ITR on time is not just a government favor, it creates a strong financial record for you. If any tax has been deducted from your account, then by filing on time, its refund comes to your bank account very soon. ITR is considered a very important document for future financial needs such as home loan, personal loan or any kind of credit facility.
Banks first assess your ability to repay the loan on this basis. Apart from this, if you are planning to go abroad, then the copy of ITR plays an important role in the visa process. Most importantly, by filing returns on time, you remain completely free from the stress of tax department notices or any kind of penalty.
In a hurry to file your return, sometimes small mistakes become the cause of big notices. First of all, ensure that you have chosen the correct ITR form as per your source of income. After this, carefully match your Form 26AS and Annual Information Statement (AIS) available on the Income Tax Portal. Cross-check the pre-filled data coming on the portal with your bank statement.
Provide correct information about all your sources of income. Claim only those tax exemptions or deductions for which you have valid documents. Submit the final only after reading the complete information carefully. One most important thing is that after filing the return, do not forget to e-verify it, because without this your return will be considered completely invalid.
Read this also- Stop waiting for Form 16! Know with which papers you can easily fill ITR
