ITR filing AY 2026-27, deadlines, forms, changes.

• Non-audit taxpayers (individuals, HUFs, firms not requiring audit): 31 July 2026 (filed by now; late-filing applies if not).
• Audit-requiring taxpayers (companies, firms above Section 44AB threshold): 31 October 2026 (approaching).
• Taxpayers with international transactions / transfer pricing: 30 November 2026.
• Belated return: up to 31 December 2026 with late-filing fee under Section 234F.
• Updated return (ITR-U): up to 2 years from the end of the relevant assessment year (ITR-U for AY 2026-27 remains open until 31 March 2029) with additional tax.

If you have not filed and the 31 July 2026 deadline has passed, file belated by 31 December 2026 with Section 234F late fee (INR 1,000 if income < INR 5 lakh; INR 5,000 otherwise) + Section 234A interest at 1% per month on unpaid tax.

Finance Act 2023 made the new tax regime (Section 115BAC(1A)) the default for individual taxpayers from AY 2024-25 onwards. For AY 2026-27:

New regime slabs (default):

• Up to INR 3,00,000: Nil
• INR 3,00,001 - INR 7,00,000: 5%
• INR 7,00,001 - INR 10,00,000: 10%
• INR 10,00,001 - INR 12,00,000: 15%
• INR 12,00,001 - INR 15,00,000: 20%
• Above INR 15,00,000: 30%

Plus surcharge (10% / 15% / 25% / 37% - with 37% effective only in old regime; new regime capped at 25%) and 4% cess.

Old regime remains available but requires explicit election each year via Form 10IEA (for salaried, filed before due date). Deductions under Chapter VI-A (80C, 80D, HRA, etc.) are available only under the old regime; the new regime allows only standard deduction (INR 75,000 salaried) and NPS employer contribution (14%).

Which regime wins: depends on total deductions you can claim under old regime. Rough rule: if your Section 80C + 80D + HRA + 24(b) home loan interest deductions sum to over INR 4-5 lakh, old regime typically wins for incomes above INR 10 lakh. Lower deductions = new regime wins. Model both before filing — our calculator at new-vs-old-tax-regime-calculator.html.

Tax audit under Section 44AB is required if:

• Business turnover exceeds INR 1 crore (threshold raised to INR 10 crore if cash receipts and cash payments together are ≤ 5% of turnover and payments).
• Professional receipts exceed INR 50 lakh (threshold raised to INR 75 lakh if cash receipts and cash payments together are ≤ 5%).
• Presumptive scheme taxpayers (Section 44AD / 44ADA) opting out below the deemed profit percentage, where income exceeds basic exemption.

Audit report (Form 3CA/3CB + 3CD) filed by 30 September 2026; ITR due by 31 October 2026.

Schedule FA (Foreign Assets) — mandatory for Resident and Ordinarily Resident (ROR) taxpayers to disclose:

• Foreign bank accounts (balance, interest earned).
• Foreign financial interests (shares, securities, mutual funds held abroad).
• Foreign real estate.
• Foreign bank-signatory authority.
• Foreign trusts.
• Any other foreign asset or signatory authority.

Schedule FSI (Foreign Source Income) — mandatory for ROR to disclose foreign income (dividend, interest, capital gains, business, salary) and claim FTC (Foreign Tax Credit) under India-DTAA.

Non-disclosure penalty under Black Money Act — up to INR 10 lakh per undisclosed foreign asset, plus potential prosecution. Non-disclosure is high-risk; make Schedule FA complete and accurate.

NRIs and RNORs: Schedule FA is NOT required (they are taxed on India-source only, not worldwide). But once ROR status attaches, Schedule FA is mandatory from year 1 of ROR.

• Choosing wrong regime without modelling. New regime is default; old regime requires explicit election via Form 10IEA. Many salaried taxpayers accidentally stay on new regime without comparing.
• Capital gains Schedule CG errors. Post-July-2024 LTCG at 12.5% without indexation. Common error: still applying old 20%-with-indexation rate for transfers after 23 July 2024.
• TCS on LRS not claimed as credit. Form 27D must be matched; TCS flows into Form 26AS; claim as advance tax credit. Common oversight for first-time LRS remitters.
• Schedule FA incomplete. Foreign brokerage accounts (US Fidelity / Schwab / Vanguard), foreign retirement accounts (401(k) / IRA), foreign bank accounts, UAE real estate — all must be disclosed year 1 of ROR status.
• Form 10F missed for DTAA treaty-rate withholding claims. If you received India-source payments with 25% TDS when treaty rate was 15%, the correct position is to have filed Form 10F in advance to the payer. Post-fact, refund via ITR with FTC/Section-199 claim.
• NRI not filing even with India-source income. NRO interest, Indian mutual fund LTCG, Indian property rent — all require ITR if above basic exemption or if TDS has been deducted (to claim refund).

Last updated: 2026-10-07.