Income Tax Return Filing: Who Must File, Due Dates and ITR Forms (Income-tax Act, 2025)

Under the Income-tax Act, 2025, the duty to file a return of income sits in section 263. Companies, firms and certain other entities must file every year. Other persons must file if their income crosses the threshold, or if they meet one of the listed conditions such as carrying forward a loss or holding a foreign asset. For tax year 2026-27 the due date is 31 July 2027 for most people, and later for audit cases and companies.

This article explains who must file, the four due dates, how to fix a late or wrong return, the late fee, and which ITR form applies. A "tax year" is the 12 months ending 31 March (it replaces the "previous year / assessment year" pair of the old law). All examples use tax year 2026-27, under the Act as amended by the Finance Act, 2026.

Who must file an income tax return under the Income-tax Act, 2025?

Section 263(1)(a) lists ten categories of persons who must furnish a return for a tax year. Section 263(1)(b) adds that some of them must file whatever their income or loss.

Who (section 263(1)(a))	Must file even with nil income or a loss?
(i) A company	Yes
(ii) A firm	Yes
(iii) Any other person whose total income (before the adjustments described below) exceeds the maximum amount not chargeable to tax	No, only if over the limit
(iv) A specified entity, if its total income before section 11 exceeds the maximum amount not chargeable	No, only if over the limit
(v) A university, college or institution under section 45(3)(a)	Yes
(vi) A business trust	Yes
(vii) An investment fund under section 224	Yes
(viii) Anyone with a business or capital gains loss who wants to carry it forward	Needed to carry the loss forward
(ix) A resident (other than not ordinarily resident) holding a foreign asset, having signing authority over a foreign account, or a beneficiary of a foreign asset	Yes
(x) A person other than a company or firm who meets the prescribed conditions (rule 163)	Yes, once a condition is met

How is the income limit in clause (iii) tested?

The test uses total income without giving effect to Chapter XVII-B, Schedule VIII (Table Sl. No. 1), and the deductions under sections 82 to 88. In plain terms, deductions of those kinds do not bring you below the filing threshold. The nil slab in the default Table of section 202(1) ends at Rs 4,00,000. The exact "maximum amount not chargeable" can differ by regime and category, so confirm the figure that applies to the person before relying on Rs 4,00,000.

Which conditions in rule 163 force a return even below the limit?

Section 263(1)(a)(x) points to rule 163(1) of the Income-tax Rules, 2026. A person other than a company or firm must file if, during the tax year, any one of these is true:

Rule 163(1)	Condition
(a)	Deposits in current accounts exceed Rs 1 crore (total across accounts)
(b)	Expenditure on foreign travel (for self or anyone else) exceeds Rs 2,00,000
(c)	Electricity expenditure exceeds Rs 1,00,000
(d)	Business sales, turnover or gross receipts exceed Rs 60 lakh
(e)	Gross receipts from a profession exceed Rs 10 lakh
(f)	TDS plus TCS together is Rs 25,000 or more (Rs 50,000 or more for a resident individual aged 60 or above)
(g)	Savings account deposits total Rs 50 lakh or more

Under rule 163(2), "travel to a foreign country" excludes neighbouring countries and any pilgrimage places the Board notifies.

Is anyone exempt from filing?

Yes, two cases appear in section 263 itself. The Central Government may notify classes of persons who need not file (section 263(3)). And section 263(8)(b) says the section does not apply to a specified senior citizen in a year in which tax was deducted under section 393(1) [Table Sl. No. 8(iii)]. Under section 402(39) that is a resident aged 75 or more, whose only income is pension plus interest from the same specified bank that pays the pension, and who has given the bank the prescribed declaration.

What is the due date for filing an income tax return?

Section 263(1)(c), as substituted by the Finance Act, 2026 from 1 April 2026, gives four due dates. They fall in the financial year after the tax year, so for tax year 2026-27 they fall in 2027.

Who	Condition	Due date	For tax year 2026-27
Sl. No. 1: assessee (including partners of the firm, or the partner's spouse where section 10 applies)	Section 172 applies (international or specified domestic transaction, accountant's report)	30 November	30 November 2027
Sl. No. 2: company; any assessee (other than a company) whose accounts must be audited; partner of a firm whose accounts must be audited, or the partner's spouse (section 10)	Section 172 does not apply	31 October	31 October 2027
Sl. No. 3: assessee with business or profession income whose accounts are not required to be audited; partner of a firm whose accounts are not audited, or the partner's spouse (section 10)	Section 172 does not apply	31 August	31 August 2027
Sl. No. 4: any other assessee	None	31 July	31 July 2027

The 31 August date for non-audit business and profession cases is new from 1 April 2026. Before the Finance Act, 2026 amendment, the Table had no separate row for it.

What if I miss the due date or find a mistake?

Section 263 gives four routes after the original return. Dates below are for tax year 2026-27, which ends on 31 March 2027.

Route	Section	Time limit	Last date for 2026-27
Late return (you never filed in time)	263(4)	Within 9 months from the end of the tax year, or before assessment is completed, whichever is earlier	31 December 2027
Revised return (omission or wrong statement in a return already filed)	263(5), subject to 428(b)	Within 12 months from the end of the tax year, or before assessment is completed, whichever is earlier	31 March 2028
Updated return (ITR-UN)	263(6), rule 165	Within 48 months from the end of the financial year succeeding the tax year	31 March 2032

The revised-return window was nine months before 1 April 2026. The Finance Act, 2026 extended it to twelve months. Note that section 428(b) attaches a fee if a revised return is filed after nine months from the end of the tax year.

When can I not file an updated return?

Section 263(6)(c) and (d) block it in several cases. The main ones: the updated return is a return of loss (with a carve-out for a person who filed a loss return in time and the updated return is of income or reduces the loss); it reduces your tax or creates or increases a refund; you already filed one for that year; assessment, reassessment or revision is pending or complete; a search, requisition or survey has taken place; or the officer already holds specified information about you. Check the full list in section 263(6) before relying on this route.

What is the late filing fee under section 428?

Section 428(a) charges a fee when a person who must file under section 263 misses the due date. Section 428(b) charges the same fee for a revised return furnished after nine months from the end of the tax year.

Total income	Fee
Rs 5,00,000 or less	Rs 1,000
More than Rs 5,00,000	Rs 5,000

Missing the audit report brings a separate fee under section 428(c): Rs 75,000 for a delay up to one month, and Rs 1,50,000 after that. This article does not cover interest or other consequences of late filing, which sit in other provisions.

Is interest charged for filing late under the Income-tax Act, 2025?

Yes. Section 423(1) charges simple interest where the return is furnished after the due date or not furnished at all: I = 1% x A x T. Here A is the tax on the total income reduced by tax already paid (section 423(2), Table Sl. No. 1 and 2), and T is the number of months from the day after the section 263(1) due date to the date the return is furnished (or, if none is furnished, to completion of regular assessment). Section 423 does not spell out part-month treatment in the text, so check it before computing a real case. Details are in our interest on late filing article.

Illustration (assumed figures): Arjun files on 15 September 2027 against a 31 July 2027 due date, with Rs 40,000 of tax unpaid after TDS and advance tax. Taking T as 2 months, interest is 1% x 40,000 x 2 = Rs 800, in addition to the Rs 5,000 section 428(a) fee.

Which ITR form should I use for 2026-27?

Rule 164 of the Income-tax Rules, 2026 sets the forms for tax year 2026-27. Returns for tax year 2025-26 or earlier use the form that applied in that year (rule 164(14)).

Form	Who (rule 164)
SAHAJ (ITR-1)	Resident (not NOR) individual with salary or family pension, house property (not more than two properties, no losses), other sources (no lottery or race horse income, no loss) or long-term capital gains under section 198 up to Rs 1,25,000. Not eligible with total income above Rs 50 lakh, agricultural income above Rs 5,000, foreign assets or income, or if a company director, among other exclusions (rule 164(3)).
ITR-2	Individual or HUF with no business or profession income who cannot use ITR-1
ITR-3	Individual or HUF with business or profession income who cannot use ITR-4
SUGAM (ITR-4)	Resident individual, HUF or resident firm (not an LLP) whose business income is computed under the special provisions of section 58, with long-term capital gains under section 198 up to Rs 1,25,000. Same style of exclusions as ITR-1, plus any loss to carry forward (rule 164(6))
ITR-5	Persons other than individual, HUF, company, or ITR-7 filers
ITR-6	Companies, other than those filing ITR-7
ITR-7	Persons filing under section 349, Schedule VIII (Table Sl. No. 1D(f)), or section 263(1)(a)(iv) or (v)
ITR-UN	Updated return under section 263(6)

How is the return furnished and verified?

Under rule 164(12), a company files electronically under digital signature. A person whose accounts are audited under section 63 files under digital signature or with an electronic verification code. Anyone else may also verify by sending Form ITR-V after transmitting the data. An individual aged 80 or more filing ITR-1 or ITR-4 may also file on paper. Rule 164(11) says no computation statement, TDS proof, audit report or other attachments go with the return.

What makes a return defective?

Section 263(7) lets the Assessing Officer flag a defective return and give 15 days to fix it (more if you apply). If it is not fixed, the return is treated as invalid and the Act applies as if you never filed. If you fix it later but before assessment, the officer may condone the delay. Under rule 166(1), a return is defective if, for example, fields or schedules are left unfilled, or the audit report in an auditable case was not furnished before filing.

Worked example 1: does Ravi have to file?

Ravi, 62, is a resident individual. Assume his total income stays under the nil-slab limit even before any deduction. During 2026-27 the following tax was deducted or collected on payments to him (illustrative figures):

Item	Amount (Rs)
TDS on payments received	30,000
TCS on an overseas tour package	15,000
Total TDS plus TCS	45,000
Rule 163(1)(f) limit for a resident aged 60 or above	50,000

Rs 45,000 is below Rs 50,000, so this test alone does not force a return. Had TDS plus TCS been Rs 52,000, the condition would be met and Ravi would have to file by 31 July 2027, even with income under the limit. Ravi should still check the other rule 163 conditions: if the overseas tour cost more than Rs 2,00,000, that expenditure would by itself trigger the duty to file under rule 163(1)(b).

Worked example 2: late fee for Meena and Arjun

Both file their 2026-27 returns on 15 September 2027, after the 31 July 2027 due date but before 31 December 2027. Both are in the "any other assessee" row, so the 31 July due date applies.

Step	Meena	Arjun
Total income	Rs 4,80,000	Rs 12,00,000
Return filed within 9 months of 31 Mar 2027?	Yes (15 Sep 2027)	Yes (15 Sep 2027)
Section 428(a) fee	Rs 1,000 (income up to Rs 5,00,000)	Rs 5,000 (income above Rs 5,00,000)

The fee is under section 428(a) only. Other consequences of late filing are outside this article.

Real-life example 1: a freelancer who wants to carry a loss forward

Ravi runs a small consulting side business and made a business loss of Rs 1,20,000 in 2026-27. His income is below the limit and his accounts are not audited. Under section 263(1)(a)(viii) he must file to carry that loss forward, and as a non-audited business-income assessee his due date is 31 August 2027. The Act makes filing the first step for anyone who intends to carry a loss forward, so he files by the due date. The carry-forward rules themselves sit in other sections.

Real-life example 2: a salaried employee with a foreign account

Meena works for an Indian employer and, as a resident, also holds a brokerage account abroad. Her income is below the limit. Section 263(1)(a)(ix) requires her to file regardless of income because she holds a foreign asset. Section 263(1)(b) confirms that clause (ix) applies whatever the income or loss. She cannot use ITR-1 because rule 164(3) excludes anyone with assets outside India. Her return is due on 31 July 2027 on the form fitting her other income.

Common mistakes

• Assuming "income below the limit" means no return. Companies, firms, trusts, foreign-asset holders and persons meeting a rule 163 condition must file regardless.
• Using the old due-date rules for audit and non-audit business cases. From 1 April 2026 the Table has four rows: 31 July, 31 August, 31 October and 30 November.
• Filing ITR-1 or ITR-4 with a disqualifier. Foreign assets, directorship, unlisted shares and income above Rs 50 lakh rule these forms out.
• Treating a loss return as optional. Section 263(1)(a)(viii) requires a return from anyone who wants to carry a business or capital gains loss forward.
• Forgetting to verify. Rule 164(12) prescribes how each class of filer must verify the return, so complete that step along with transmission.
• Missing the revised-return fee trigger. A revised return after nine months from the end of the tax year attracts the section 428(b) fee.

Quick reference: limits and dates

Item	Rule
Normal due dates	31 Jul / 31 Aug / 31 Oct / 30 Nov of the next financial year
Late return window	9 months from end of tax year
Revised return window	12 months from end of tax year
Updated return window	48 months from end of the next financial year
Late fee	Rs 1,000 (income up to Rs 5,00,000) or Rs 5,000
Defect rectification time	15 days from the intimation

How can a CA firm track return deadlines for many clients?

A practice with a mix of salaried, audit, non-audit business and transfer-pricing clients has four different due dates to watch, plus the late, revised and updated windows. Finexo's practice management software can keep each client's category and due date in one place and remind you before it passes. It does not decide eligibility or file the return for you. For the TDS side of client workflows, see TDS on rent under the Income-tax Act, 2025.

Where this is in the Act

• Section 263(1)(a), (b): who must file
• Section 263(1)(c): due dates (Table Sl. No. 1 to 4)
• Section 263(4), (5), (6): late, revised and updated returns
• Section 263(7): defective returns; section 263(8)(b): specified senior citizen
• Section 402(39): specified senior citizen defined
• Section 428: late filing fee
• Rule 163: conditions for persons other than a company or firm
• Rule 164: ITR forms and manner of furnishing; rule 165: ITR-UN; rule 166: defective return

This article explains the Income-tax Act, 2025 (as amended by the Finance Act, 2026) and the Income-tax Rules, 2026. It is general information, not tax advice. Confirm the position for a specific case with a qualified chartered accountant.