With the financial year 2025–26 now over, taxpayers are getting ready for the next big task—filing their Income Tax Return (ITR).
However, filing for the assessment year 2026–27 hasn’t started yet.
Experts say the process is likely to begin in May, once the Income Tax Department activates the filing system.
When Can You Start Filing ITR?
You can only file your ITR after the tax department enables the return forms on its e-filing portal.
This usually happens through online filing, Excel utilities, or schema-based tools.
Based on past trends, these tools are expected to go live around May.
Until then, even if you’re ready, you won’t be able to submit your return.
Once activated, different categories of taxpayers—salaried individuals, professionals, and businesses—can file using the relevant forms.
Get Ready Before Filing Begins
Instead of waiting, this is the perfect time to prepare your documents.
Make sure you collect:
Form 16
TDS certificates
Bank interest statements
Capital gains details
Investment and deduction proofs
Having everything ready early can save you from last-minute stress and errors.
Important ITR Deadlines You Should Know
Here are the expected due dates for AY 2026–27:
Individuals (no audit required): July 31, 2026
Businesses/professionals (no audit): August 31, 2026
Tax audit cases: October 31, 2026
Transfer pricing cases: November 30, 2026
Missing these deadlines can lead to penalties and other issues.
Who Needs to File ITR?
Filing ITR is usually required if your income crosses the basic exemption limit.
Old tax regime: Rs 2.5 lakh
New tax regime: Rs 4 lakh
But even if your income is lower, you may still need to file in certain cases.
These include high-value transactions, foreign assets, or higher TDS deductions.
Why Filing ITR Is Still a Smart Move
Even if it’s not mandatory, filing your ITR can be very useful.
It works as official proof of income, which is often needed for loans, visa applications, and financial approvals.
It also helps you claim tax refunds and carry forward losses for future tax benefits.
What Happens If You Miss the Deadline?
Delaying your ITR filing can cause several problems.
You may have to pay a late fee, face interest on unpaid taxes, and experience delays in refunds.
In some cases, you may also lose the benefit of carrying forward certain losses.
What Should You Do Right Now?
Start preparing early to avoid last-minute hassles.
Check if your PAN is linked with Aadhaar, review your AIS/TIS data, and verify TDS details.
Taking these steps now will make the filing process smooth once it begins.
