Every year the same rush happens in July. Taxpayers realise their Form 16 has been sitting in their inbox since May, the portal is slower after lunch on the 31st, and the first time they see the words "AIS mismatch" is the night before the deadline. The way out is not last-minute energy; it is a clear calendar.
The four dates that matter
For assessment year 2026-27, which covers income earned between 1 April 2025 and 31 March 2026, the dates you should already have in a reminder app are:
- 31 July 2026 — original return due for individuals and HUFs not subject to tax audit. This covers most salaried taxpayers and small businesses electing presumptive taxation.
- 31 October 2026 — original return due for assessees subject to tax audit under section 44AB. Tax audit report (3CA/3CB-3CD) is due one month earlier, on 30 September 2026.
- 30 November 2026 — original return due for assessees required to file a transfer-pricing report under section 92E.
- 31 December 2026 — last day to file a belated return under section 139(4) or revise a previously filed return under section 139(5) for AY 2026-27.
What "belated" really costs
A belated return means you miss some of the benefits available to on-time filers:
- A late filing fee under section 234F — ₹1,000 if total income is up to ₹5 lakh, ₹5,000 otherwise.
- Interest under 234A on unpaid tax, at 1% per month or part of a month.
- You cannot carry forward business losses (other than house property) to set off against future income. This is often the most expensive consequence for traders and freelancers.
Advance tax dates you should not miss along the way
For FY 2026-27, advance tax instalments are due on 15 June, 15 September, 15 December and 15 March. Presumptive taxpayers under 44AD and 44ADA can pay the entire advance tax by 15 March. Missing instalments attracts interest under 234B and 234C — small but avoidable amounts.
How we run the calendar internally
At Paise Ki Pathshala we start the ITR season on 1 May, not on 1 July. By 15 May every salaried client has a short checklist on WhatsApp — Form 16, AIS extract, bank interest statement, broker tax P&L, rent receipts if claiming HRA, and home-loan certificate if applicable. By 15 June we have a draft computation. By 15 July everything is filed. The last two weeks of July we use to follow up on e-verification, not to type new returns.
Quick FAQ
Does the deadline get extended every year? Sometimes. Do not rely on it. File as if the extension will not happen — because in the years it does not, the penalty is real.
What if I have already filed and now want to change something? You can file a revised return up to 31 December 2026 for AY 2026-27. No limit on how many times you revise, but every revision replaces the previous one.
What if I missed even 31 December? You can now file an updated return under section 139(8A) up to 48 months from the end of the relevant AY, with an additional tax on the extra income. It is a relief mechanism, not a second filing window — it should be the exception.