Income Tax Return Calendar Revised: Key Filing Deadlines and What They Mean for Taxpayers

The Income Tax Return (ITR) filing deadlines for the Assessment Year (AY) 2026-27 have been revised. While the filing deadline for salaried individuals and other taxpayers using ITR-1 and ITR-2 remains the same, taxpayers who file under ITR-3 and ITR-4 are the ones to be affected by these changes. People filing under these forms have been given more time to complete their process. The updated schedule provides a wider window to file returns.

Under the updates, taxpayers who are filing ITR-1 and ITR-2 must submit their returns by July 31, 2026. This category includes salaried individuals, pensioners, and taxpayers. However, taxpayers filing under ITR-3 and ITR4, who are not required to undergo a tax audit, can now file their returns until August 31, 2026. This revision extends their deadline by one month as compared to the earlier schedule.

Another significant change is related to the timeline for revising an already filed return. Under the revision proposed, the deadline for the same has been extended to March 31, 2027. Earlier, this deadline used to be December 31, 2026. This extension of three months provides taxpayers with more time to correct their errors in the form, claim deductions that may have been missed, or highlight discrepancies in the information.

As per a report by LiveMint, the complete filing schedule for AY 2026-27 now stands as follows;

• Completion of ITR-1 and ITR-2: July 31, 2026

• ITR-3 and ITR-4 for business and professional income: August 31, 2026

• ITR-3 and ITR-4 (Tax Audit Cases): October 31, 2026

• Belated Returns: December 31, 2026

• Revised Return: March 31, 2027

As per the revised schedule, several categories of taxpayers are expected to benefit from these changes. Small businesses and professionals filing ITR-3 and ITR-4 without audit requirements are receiving additional time to prepare and submit their returns. Individuals who have scattered financial records are expected to benefit from the extra time, as their records are mostly scattered. Investors who are reporting capital gains may benefit from the extra time if they receive revised statements from brokers.

Despite the revisions, filing after the original due date can result in late fees. Taxpayers who are submitting belated returns may be liable to pay a late fee under Section 234F of the Income Tax Act, 1961. Late filing may incur additional charges for the individual. Additionally, if any tax is left unpaid, interest under the same Section is charged at 1 per cent per month until the outstanding tax is cleared.