ITR Filing 2026: The financial year 2025-26 has concluded. Taxpayers are now gearing up to submit their income tax returns (ITR). However, the filing process has not yet commenced. Experts indicate that ITR filing for the assessment year 2026-27 may kick off in May 2026, when the Income Tax Department activates the necessary forms and online systems on its e-filing portal.
When will ITR filing commence?
Chartered accountant Suresh Surana states that taxpayers can only file their ITR once the relevant forms are accessible on the portal. This feature generally becomes available around May each year. Returns cannot be submitted until the form for your specific category is activated. He also said that based on previous years, these utilities are usually activated around May, after the end of the relevant financial year. This means taxpayers may have to wait until the department activates the forms for AY 2026-27.
Make sure to have these documents ready first
It’s advisable to collect all the required documents prior to filing. These include Form 16, TDS certificates, bank statements, interest statements, capital gains statements, and proof of investments. This preparation will help minimize the likelihood of errors during your return filing.
Last Dates to Submit ITR (AY 2026-27)
For those who do not require an audit – July 31, 2026
For those in business/profession (without audit) – August 31, 2026
For those who are subject to tax audit – October 31, 2026
Transfer Pricing Case – November 30, 2026
Who is obligated to file ITR?
If your income surpasses the income tax threshold, filing an ITR is compulsory. This threshold is Rs 2.5 lakh under the old tax regime and Rs 4 lakh under the new tax regime. Filing an ITR is also required in certain specific situations, such as large transactions, foreign assets, high electricity bills, or significant TDS deductions.
Why should you file ITR even if your income is low?
Even if your income falls below the tax threshold, filing an ITR remains advantageous. It offers an official record of your income, which can be beneficial when securing a loan, applying for a visa, or engaging in any other financial activities. Additionally, if you have experienced excessive TDS deductions, filing an ITR is crucial for obtaining a refund. Moreover, you can carry forward losses, such as stock market losses, to future years.
What happens if you miss the deadline?
If you don’t file your ITR on time, you could be subject to late fees under Section 234F. Interest may also accrue on the tax, refunds may be delayed, and you may lose the opportunity to carry forward some losses.
