Income Tax Return (ITR)
Filing: Important Due Dates for Financial Year 2025–26
CA R
Jegadeesh, Founder Partner, Jegadeesh & Jefferson chartered Accountants
Filing an
Income Tax Return (ITR) within the prescribed due date is an important
responsibility for every taxpayer. Salaried employees, pensioners, business
owners, and professionals should be aware of the deadline applicable to them
and file their returns on time. Missing the due date may result in late filing
fees, interest on unpaid taxes, and the loss of certain tax benefits.
Important Due Dates for FY 2025–26
|
Category of Taxpayer |
Due Date |
|
Salaried
employees, pensioners, and individuals not requiring tax audit |
31 July
2026 |
|
Businesses
and professionals not required to get their accounts audited |
31
August 2026 |
|
Taxpayers
required to file a Tax Audit Report |
30
September 2026 |
|
Companies
and other taxpayers whose accounts are subject to tax audit – Income Tax
Return filing |
31
October 2026 |
|
Last
date for filing a Belated Income Tax Return |
31
December 2026 |
|
Last
date for filing a Revised Income Tax Return (subject to applicable
conditions) |
31
March 2027 |
Why Should You File Within the Due Date?
Many
people believe that if they do not have any tax liability, they are not
required to file an Income Tax Return. However, this is not true in every case.
Those who are legally required to file an ITR must do so within the prescribed
due date.
Timely
filing also ensures faster processing of income tax refunds, if any. Moreover,
ITRs serve as important financial documents while applying for home loans,
education loans, business loans, visas, and other financial services.
What Happens if You File Late?
If the
return is filed after the due date, you may have to pay a late filing fee. In
addition, interest may be charged if any tax remains unpaid. Certain benefits,
such as carrying forward specific types of capital losses to future years, may
also be lost. Therefore, it is always advisable to file your return well before
the deadline.
Documents to Keep Ready Before Filing
Before
filing your Income Tax Return, make sure you have the following documents
ready:
|
Document |
Purpose |
|
Annual
salary statement |
To
verify salary income |
|
Tax
Deducted at Source (TDS) details |
To
verify taxes already deducted |
|
Bank
interest statements |
To
report interest income |
|
Investment
proofs |
To
claim eligible tax deductions |
|
Home
loan interest certificate |
To
claim applicable deductions |
|
Bank
account details |
To
receive income tax refund |
Who Should Exercise Extra Care?
Taxpayers
who have income from multiple sources—such as salary, bank interest, rental
income, capital gains, foreign income, or business/professional income—should
ensure that all income is accurately reported in the return. Incorrect or
incomplete information may result in notices or requests for clarification from
the Income Tax Department.
For Tax Refund Claimants
Many
salaried taxpayers may have excess tax deducted from their salary during the
financial year. Such taxpayers can receive a refund only after filing their
Income Tax Return. Therefore, even if there is no additional tax payable,
filing the return is essential to claim the refund.
Important Points to Remember
- Avoid waiting until the last
day, as the Income Tax e-filing portal may experience heavy traffic.
- Ensure that your bank
account details, PAN, and Aadhaar information are accurate and up to date.
- Complete the e-verification
process within the prescribed time after filing the return. Without
e-verification, the return will not be considered valid.
- Carefully review your
income, TDS details, deductions, and investments before submitting the
final return.
Conclusion
Filing an
Income Tax Return is not merely a statutory obligation; it is also an important
indicator of an individual's financial discipline. Filing the return accurately
and within the due date helps taxpayers avoid penalties and interest while
ensuring quicker refunds. It also creates a credible financial record that can
prove valuable when applying for loans, visas, or other financial requirements
in the future.
CA R Jegadeesh, Founder Partner,
Jegadeesh & Jefferson chartered Accountants
Read articles written by Mr. CA R Jegadeesh in
Nanayam Vikatan, a leading personal finance magazine https://bit.ly/4r4S9kY
Phone: 04546 254234, 04546 254254, +91 94433 84627
Email: caranajegadeesh@gmail.com
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