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Income Tax · New ActIncome-tax return filing under the 2025 Act: tax year, due dates and forms
The first return under the Income-tax Act, 2025 – for Tax Year 2026-27 – will be filed in 2027. Section 263 replaces Section 139. Here are the due dates, the revised and belated return windows after Budget 2026, ITR-U, fees and verification.
Filing the return is the one compliance almost every taxpayer meets. Under the Income-tax Act, 2025 the main provision is Section 263 (old Section 139). The first returns under it are for Tax Year 2026-27, filed in 2027. Returns being filed in 2026 – for FY 2025-26 – are still under the 1961 Act.
Due dates for Tax Year 2026-27
| Category | Due date (2027) |
|---|---|
| Individuals and HUFs without business income (salary, pension, house property, capital gains, other sources) | 31 July 2027 |
| Business/professional cases not requiring audit, and trusts as notified | 31 August 2027 |
| Audit cases (tax audit, companies, partners of audited firms) | 31 October 2027 |
| Transfer pricing cases (international or specified domestic transactions) | 30 November 2027 |
The 31 August date for non-audit business cases was introduced by Budget 2026. The CBDT can extend dates; for AY 2026-27 it extended audit-case returns to 21 November 2026 by Circular 07/2026.
Belated, revised and updated returns
| Return | Section (2025 Act / 1961 Act) | Time limit | Cost |
|---|---|---|---|
| Belated | 263(4) / 139(4) | 31 December after the tax year | Fee ₹5,000 (₹1,000 if income ≤ ₹5 lakh); interest; loss carry-forward lost |
| Revised | 263(5) / 139(5) | 31 March after the tax year | Free up to 31 Dec; fee after that (Budget 2026) |
| Updated (ITR-U) | 263(6) / 139(8A) | 48 months from end of tax year | Additional tax 25%–70% of tax and interest |
| Defective – response | 263(7) / 139(9) | 15 days from notice | — |
Budget 2026 also allowed an updated return to be filed even after reassessment proceedings begin, with an extra 10% additional tax, as reported – useful for voluntary correction.
Who must file
- Anyone whose total income before deductions exceeds the basic exemption limit (₹4 lakh in the new regime; ₹2.5–5 lakh in the old regime by age).
- Companies and firms, regardless of income.
- Residents with foreign assets or foreign income.
- Persons meeting prescribed triggers (for example high deposits in a current account, foreign travel or electricity expenditure above notified limits, TDS/TCS above notified limits).
- Anyone wishing to claim a refund or carry forward a loss.
Worked example: a missed deadline
Example: Ankit, a freelancer in Prashant Vihar with income of ₹9,00,000 (non-audit, presumptive under Section 58), misses the 31 August 2027 due date for Tax Year 2026-27 and files on 20 November 2027 with tax payable of ₹18,000 after TDS.
| Item | Amount |
|---|---|
| Late fee (income above ₹5 lakh) | ₹5,000 |
| Interest for late filing – 1% per month on ₹18,000 for 3 months (Sep, Oct, Nov) | ₹540 |
| Interest for advance tax default (if applicable) | As computed |
| Option of old regime | Lost if opt-out form was not filed in time |
Had his income been under ₹5 lakh, the fee would be ₹1,000. Filing on time also preserves the right to carry forward losses.
Verification
A return is complete only after verification – Aadhaar OTP, net banking, bank/demat EVC or digital signature – within 30 days of upload. A return not verified in time is treated as never filed. See ITR verification deadlines and remedies.
Choosing the right form
Forms for Tax Year 2026-27 will be notified under the 2026 Rules. For FY 2025-26, use our ITR form selector and ITR form guide.
Checklist before filing
- Download AIS, TIS and Form 26AS; reconcile with Form 130/16 and bank statements.
- Report all bank accounts (at least one for refund, pre-validated).
- Report exempt income, foreign assets and capital gains schedules accurately.
- Pay self-assessment tax and enter challan details.
- Verify immediately after filing.
Key takeaway
The calendar is familiar – 31 July, 31 August, 31 October, 30 November – but the law and section numbers are new from Tax Year 2026-27. File on time to keep regime choice and loss carry-forward. Our ITR filing service handles salaried, business and NRI returns.
Official references
Provisions discussed (summaries in our Law Library):
- Income-tax Act, 2025 – Section 263(1) (corresponds to 139(1)): Return of income – due dates
- Income-tax Act, 1961 – Section 139(1) (corresponds to 263(1)): Return of income – due dates
- Income-tax Act, 2025 – Section 263(6) (corresponds to 139(8A)): Updated return (ITR-U)
- Income-tax Act, 1961 – Section 139(8A) (corresponds to 263(6)): Updated return (ITR-U)
Official sources to verify the current text, notifications and circulars:
Frequently asked questions
When is the first return under the new Act due?
For Tax Year 2026-27, returns are due in 2027 – 31 July 2027 for most individuals, 31 August 2027 for non-audit business cases, 31 October 2027 for audit cases and 30 November 2027 for transfer pricing cases, unless extended.
How long can a revised return be filed now?
Up to 31 March following the end of the tax year (Budget 2026). A fee applies for revisions after 31 December – ₹1,000 where income is up to ₹5 lakh and ₹5,000 otherwise, as reported.
What is the time limit for an updated return?
An updated return (ITR-U) can be filed within 48 months from the end of the relevant year, with additional tax of 25% to 70% depending on the delay.
Is the late fee still ₹5,000?
Yes. The fee for a late return is ₹5,000, reduced to ₹1,000 where total income does not exceed ₹5 lakh (old Section 234F, new Section 428).
Who must file a return even below the taxable limit?
Those meeting specified conditions – for example foreign assets, high electricity bills, foreign travel or large bank deposits as prescribed – must file even if income is below the exemption limit.
Can I revise a return after 31 December now?
Yes. Following Budget 2026, a revised return can be filed up to 31 March after the end of the year, with a fee for revisions made after 31 December – ₹1,000 where income is up to ₹5 lakh and ₹5,000 otherwise, as reported.
Is a return required if all tax has been deducted at source?
Yes, if your income exceeds the basic exemption limit or any prescribed condition applies. TDS does not replace the obligation to file.
Can losses be carried forward with an updated return?
No. An updated return cannot be used to declare or increase a loss, or to claim a refund. It is meant to report additional income.
This article is general information on the law as on 10 November 2026, written for educational purposes. It is not professional advice for your case. Section numbers under the Income-tax Act, 2025 should be confirmed with the official section mapping on the Income Tax Department website before use in filings.
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