Quick Answer
13 min read|Updated: Apr 1, 2026|Income-tax
Quick Answer
For AY 2026-27 (FY 2025-26), the ITR filing due date is 31 July 2026 for individuals and non-audit cases, 31 October 2026 for audit cases, and 30 November 2026 for transfer pricing cases. Belated/revised returns can be filed until 31 December 2026.
- Aadhaar OTP: Most popular method. An OTP is sent to the mobile number linked with your Aadhaar. Enter the OTP to verify instantly. Requires Aadhaar linked to PAN.
- Digital Signature Certificate (DSC): Upload your registered DSC to verify. Mandatory for companies filing ITR-6.
- Electronic Verification Code (EVC): Generated via net banking (pre-validated bank account), demat account, or bank ATM. Valid for limited time.
- Physical ITR-V: Print the ITR-V (acknowledgment), sign it, and send to CPC Bengaluru by speed post within 30 days. Least preferred method.
Documents Checklist for ITR Filing
| Category | Documents Required |
|---|---|
| Identity & basics | PAN card, Aadhaar card, bank account details (IFSC, account number) |
| Salary income | Form 16 (Part A & B), salary slips, rent receipts (HRA exemption) |
| TDS & tax credits | Form 26AS, AIS, TIS, Form 16A (non-salary TDS), advance tax challans |
| House property | Rent agreement, home loan interest certificate (Form 12BB), municipal tax receipts |
| Capital gains | Broker P&L statement, property sale deed, purchase cost proof, indexation data |
| Business / profession | Books of account, P&L statement, balance sheet, tax audit report (Form 3CA/3CB/3CD) |
| Deductions | 80C proofs (PPF, ELSS, LIC, tuition fees), 80D (health insurance premium), 80E (education loan interest), 80G (donation receipts), NPS contribution proof |
| Other sources | Bank interest certificates, FD interest statements, dividend statements |
| Foreign assets / income | Foreign bank statements, overseas property details, foreign tax credit proof (Form 67) |
| Carry-forward losses | Previous year’s ITR with loss schedules, acknowledgment of timely filing |
AIS & TIS Reconciliation
The Annual Information Statement (AIS) is a comprehensive record of all financial transactions reported to the Income Tax Department by third parties — banks, mutual funds, stock exchanges, property registrars, companies, and employers. The Taxpayer Information Summary (TIS) presents the processed/derived values from AIS data.
Why reconciliation is critical: The Income Tax Department’s risk management system automatically compares your ITR data with AIS. Any mismatch — unreported interest, undisclosed property transactions, unreported securities trading — can trigger automated scrutiny notices. Before filing, download your AIS/TIS from the e-filing portal and verify every entry against your actual income.
If AIS shows incorrect data, you can submit feedback on the AIS portal explaining the discrepancy (e.g., duplicate entries, incorrect PAN mapping, transactions already accounted for). The feedback does not automatically correct AIS but is considered during assessment.
Belated, Revised & Updated Returns
Belated return: If you miss the due date, you can file a belated return under Section 139(4) by 31 December 2026 for AY 2026-27. Consequences: late fee of ₹5,000 (₹1,000 if income below ₹5 lakh), interest under Section 234A, and loss of right to carry forward losses (except house property loss and unabsorbed depreciation).
Revised return: Under Section 139(5), you can revise your original or belated return to correct errors, by 31 December 2026. The revised return completely replaces the earlier return. No limit on the number of revisions. No penalty for filing a revised return.
Updated return: Under the Section 139(8A) equivalent of the Income Tax Act 2025, an updated return can be filed within 24 months from the end of the assessment year. This is for declaring additional income or correcting under-reporting. Additional tax payable: 25% of tax and interest if filed within 12 months, 50% if filed between 12-24 months. Cannot be used to declare a loss, reduce tax liability, or claim refund.
Defective Return — Section 139(9)
A return may be treated as defective if it is incomplete or inconsistent. Common defects include:
- Wrong ITR form selected for the income type.
- Missing mandatory schedules (e.g., Schedule CG for capital gains, Schedule FA for foreign assets).
- Self-assessment tax not paid before filing.
- Tax audit report not uploaded when required.
- Mismatch between income and TDS claimed.
- Return not signed / not verified.
CPC issues a notice under Section 139(9) with a 15-day window to rectify. If not rectified, the return is treated as invalid — as if never filed. Always check the e-filing portal for deficiency notices after filing.
Consequences of Late Filing
| Consequence | Details |
|---|---|
| Late filing fee — Section 234F | ₹5,000 (₹1,000 if total income ≤ ₹5 lakh) |
| Interest — Section 234A | 1% per month (simple) on unpaid tax from due date until filing date |
| Loss of carry-forward | Business loss, capital loss, speculative loss cannot be carried forward (house property loss and unabsorbed depreciation still allowed) |
| Higher TDS/TCS rates | Non-filers face double TDS (Section 206AB) and double TCS (Section 206CCA) in subsequent years |
| Penalty for under-reporting — Section 270A | 50% of tax on under-reported income (200% if misreporting) |
| Prosecution — Section 276CC | Imprisonment 3 months to 7 years (if tax evaded > ₹25 lakh) |
For a complete overview, see our penalties and interest guide.
Refund Processing & Tracking
If your tax payments (TDS + TCS + advance tax + self-assessment tax) exceed your final tax liability, the excess is refunded:
- Processing time: Typically 30-60 days from e-verification, provided no discrepancies.
- Refund method: Direct credit to pre-validated bank account linked to PAN. Ensure correct account details on the e-filing portal.
- Interest on refund: Section 244A provides interest at 0.5% per month from 1 April of the assessment year to the refund date.
- Tracking: Check status on the e-filing portal under “View Filed Returns” or on the NSDL/TIN website using PAN and AY.
- Refund reissue: If refund fails due to incorrect bank details, you can request reissue after updating bank account details.
Changes from Income Tax Act 1961
- Simplified form structure: While the 7 ITR forms (ITR-1 through ITR-7) continue, the Income Tax Act 2025 mandates enhanced pre-filling based on AIS data, reducing manual data entry significantly.
- Updated return codification: The updated return provision (introduced as Section 139(8A) in the 1961 Act by Finance Act 2022) is now a permanent feature of the 2025 Act with the same 24-month window and 25%/50% additional tax.
- Faceless processing reinforced: The 2025 Act strengthens the faceless assessment framework for return processing.
- Schedule VDA mandatory: Crypto/VDA income now has a dedicated schedule in all applicable ITR forms.
- Due dates unchanged: The 31 July / 31 October / 30 November deadlines remain the same.
- Section re-numbering: References within the Act have been updated per the 2025 Act transition.
Expert Tip — CA V. Viswanathan
Always download and reconcile your AIS/TIS before filing. The most common reason for scrutiny notices in recent years has been mismatch between AIS data and ITR declarations — unreported FD interest, mutual fund capital gains, or property transactions showing in AIS but missing from ITR. Also verify your Form 26AS for TDS credits. If you find errors in AIS, submit feedback immediately; do not simply ignore the discrepancy. For TDS credit reconciliation, use our guide.
Key Takeaways
- File by 31 July 2026 (non-audit) or 31 October 2026 (audit) to avoid late fees and preserve loss carry-forward.
- Choose the correct ITR form: ITR-1 for simple salary income, ITR-2 for capital gains/NRI/foreign assets, ITR-3 for business, ITR-4 for presumptive.
- Verify your return within 30 days — Aadhaar OTP is the fastest method.
- Reconcile AIS/TIS data before filing to avoid scrutiny notices.
- Late filing costs ₹5,000 in fees plus 1% interest per month on unpaid tax.
- Updated returns available within 24 months — additional tax of 25% or 50%.
- Refunds typically processed within 30-60 days of verification.
For professional ITR filing assistance, visit our income tax return filing services page or contact Virtual Auditor. For appeals against assessment orders, see our income tax appeal services.
Frequently Asked Questions
Who must file an income tax return for AY 2026-27?
Filing is mandatory if gross total income exceeds the basic exemption limit (₹3 lakh old regime / ₹4 lakh new regime), or if you meet specified conditions: bank deposits above ₹1 crore, foreign travel above ₹2 lakh, electricity bill above ₹1 lakh, business turnover above ₹60 lakh, TDS/TCS above ₹25,000 (₹50,000 for seniors), foreign assets, or if you want to claim a refund.
What is the last date to file ITR for AY 2026-27?
31 July 2026 for individuals and non-audit cases. 31 October 2026 for audit cases (business turnover above ₹1 crore or professional receipts above ₹50 lakh) and companies. 30 November 2026 for transfer pricing cases. Belated returns can be filed until 31 December 2026 with a late fee. Updated returns can be filed within 24 months from the end of the assessment year.
Which ITR form should a salaried person with mutual fund capital gains file?
A salaried person with capital gains from mutual funds (STCG or LTCG) must file ITR-2. ITR-1 does not support capital gains reporting. If the person also has business income, ITR-3 is required. ITR-4 does not support capital gains either. Always check the form eligibility matrix to select the correct form.
What is the penalty for late filing of ITR?
Late filing fee under Section 234F is ₹5,000 (reduced to ₹1,000 if total income does not exceed ₹5 lakh). Additionally, interest at 1% per month under Section 234A applies on unpaid tax from the due date until filing. You also lose the right to carry forward business, capital, and speculative losses. Non-filers face higher TDS/TCS rates in subsequent years.
What is an updated return and when can I file one?
An updated return allows you to declare additional income or correct errors within 24 months from the end of the assessment year. Additional tax of 25% of aggregate tax and interest is payable if filed within 12 months, and 50% if filed between 12-24 months. It cannot be used to declare a loss, reduce tax liability, or claim a refund. It is useful for taxpayers who missed filing or under-reported income.
How do I verify my ITR after e-filing?
The ITR must be verified within 30 days of filing. Options: Aadhaar OTP (instant, most popular), Digital Signature Certificate (DSC), Electronic Verification Code (EVC) via net banking or bank account, or sending a signed physical ITR-V to CPC Bengaluru by speed post. If not verified within 30 days, the return is treated as not filed.
What documents are needed for filing ITR?
Key documents include: PAN, Aadhaar, Form 16 (salary), Form 16A (non-salary TDS), Form 26AS, AIS/TIS, bank interest certificates, capital gains statements from brokers, home loan interest certificate, rent receipts (for HRA), investment proofs for 80C/80D deductions, property transaction documents, and previous year’s ITR if carrying forward losses.
What is AIS and why should I check it before filing?
The Annual Information Statement (AIS) shows all financial transactions reported to the Income Tax Department — salary, interest, dividends, securities trading, property purchases, high-value transactions. The department cross-checks your ITR against AIS data. Any mismatch triggers automated notices. Always download AIS from the e-filing portal and reconcile before filing your ITR.
Can I file a revised return for AY 2026-27?
Yes. Under Section 139(5), you can revise your original or belated return before 31 December 2026 to correct errors or omissions. The revised return replaces the original completely. No additional fee or penalty applies. You can revise multiple times before the deadline. This is useful for correcting wrong form selection, omitted income, incorrect deduction claims, or bank account details.
What is a defective return and what should I do if I get a Section 139(9) notice?
A defective return is one that is incomplete, uses the wrong form, has missing schedules, or has inconsistencies. CPC issues a notice under Section 139(9) with a 15-day deadline to rectify. Log into the e-filing portal, go to the compliance section, and respond to the notice by correcting the identified defects. If not rectified within 15 days, the return is treated as invalid.
How long does it take to get a refund after filing ITR?
Refunds are typically processed within 30 to 60 days of e-verification, provided there are no discrepancies. The refund is credited directly to your pre-validated bank account. Interest at 0.5% per month is paid from 1 April of the assessment year. Track your refund status on the e-filing portal. If the refund fails due to incorrect bank details, update your account and request reissue.
What happens if I do not file my ITR at all?
Non-filing when mandatory attracts: late fee up to ₹5,000, interest at 1% per month on unpaid tax, loss of carry-forward rights, penalty up to 200% of tax on under-reported income, prosecution with imprisonment up to 7 years (if tax evaded exceeds ₹25 lakh), and higher TDS/TCS rates in subsequent years. You also cannot claim refunds for excess TDS/advance tax paid.
