For salaried professionals, pensioners, freelancers and startup employees across Noida, July is an important month for income-tax compliance.
The deadline for filing an Income Tax Return for Assessment Year 2026–27 is 31 July 2026 for most salaried and other non-business individual taxpayers whose accounts do not require an audit.
However, taxpayers earning income from a business or profession may have a different deadline. Non-audit business and professional taxpayers generally have until 31 August 2026, while tax-audit and transfer-pricing cases have later deadlines.
The return relates to income earned between 1 April 2025 and 31 March 2026, also known as Financial Year 2025–26.
ITR deadlines for AY 2026–27
The applicable deadline depends on the taxpayer’s income category and whether an audit is required.
| Taxpayer category | Applicable deadline |
|---|---|
| Most salaried employees, pensioners and non-business individuals | 31 July 2026 |
| Individuals with non-audit business or professional income | 31 August 2026 |
| Taxpayers whose accounts require an audit | 31 October 2026 |
| Taxpayers covered by transfer-pricing provisions | 30 November 2026 |
Freelancers, consultants, proprietors and professionals should not automatically assume that the 31 July deadline applies to them. Their applicable date may depend on whether they have business or professional income and whether an audit is required.
AY 2026–27 or Tax Year 2026–27?
Taxpayers may notice references to both “Assessment Year 2026–27” and “Tax Year 2026–27” this year.
The return being filed now covers income earned during FY 2025–26. It must be filed by selecting AY 2026–27 on the Income Tax Department’s e-filing portal and remains governed by the Income-tax Act, 1961.
Tax Year 2026–27 refers to income earned from 1 April 2026 onwards. The return for that period will become due in 2027.
Which ITR form should you use?
Selecting the correct return form is one of the most important parts of filing.
ITR-1, or Sahaj
ITR-1 may generally be used by eligible resident individuals with total income of up to ₹50 lakh from permitted sources such as:
- Salary or pension
- Income from up to two house properties
- Interest, family pension and other eligible sources
- Agricultural income of up to the prescribed limit
- Eligible long-term capital gains under Section 112A of up to ₹1.25 lakh
The ability to report income from up to two house properties is a new change for AY 2026–27. Previously, ITR-1 was generally limited to one house property.
ITR-1 cannot be used in several situations, including where the taxpayer has certain foreign assets or foreign income, short-term capital gains, unlisted equity shares, brought-forward losses, income exceeding ₹50 lakh or deferred tax on eligible startup ESOPs. Eligibility should therefore be checked carefully before selecting the form.
ITR-2
ITR-2 is generally relevant for individuals and Hindu Undivided Families who do not have income from a business or profession but are not eligible to file ITR-1.
This may include taxpayers with:
- Capital gains not permitted under ITR-1
- Foreign assets or foreign income
- Unlisted equity shares
- Income exceeding ₹50 lakh
- More complex house-property income
- Certain ESOP or investment-related disclosures
ITR-3
ITR-3 generally applies to individuals and HUFs earning income from a business or profession who are not eligible to file ITR-4.
Freelancers, consultants, independent professionals and people running side businesses may need to examine ITR-3 eligibility.
ITR-4, or Sugam
ITR-4 may be used by eligible resident taxpayers who declare qualifying business or professional income under the presumptive-taxation provisions.
Using presumptive taxation does not automatically make ITR-4 applicable. Income limits, residential status, business type and other eligibility conditions must also be checked.
What startup employees should check
Noida has a substantial technology, startup and corporate workforce. Employees receiving compensation beyond a regular monthly salary should pay particular attention to their Form 16 and Annual Information Statement.
Additional reporting may be required where a taxpayer has:
- Employee stock options or ESOPs
- Shares in a foreign parent company
- Capital gains from selling company shares
- Variable pay or performance bonuses
- Consulting or freelance income
- Income from content creation or online platforms
- Interest or dividends not fully reflected in Form 16
A taxpayer whose employer has deducted TDS must still report the corresponding income correctly. TDS deduction does not remove the taxpayer’s responsibility to disclose the income in the return.
Documents to collect before filing
Residents should gather and reconcile their records before starting the return.
Essential documents
- PAN and Aadhaar details
- Form 16 from the employer
- Annual Information Statement, or AIS
- Taxpayer Information Summary, or TIS
- Form 26AS
- Salary slips
- Bank-interest certificates
- Fixed-deposit interest details
- Dividend statements
- Capital-gains statements from brokers or mutual-fund platforms
- Home-loan interest certificate
- Rent and deduction documents, where applicable
- Details of freelance or professional receipts
- Advance-tax and self-assessment-tax payment records
Do not rely only on pre-filled information. Compare Form 16, Form 26AS, AIS and TIS, and investigate material mismatches before submitting the return.
Common ITR filing mistakes
Choosing the wrong form
Using ITR-1 despite having an ineligible income source can make the return defective and require correction.
Missing interest or dividend income
Savings-account interest, fixed-deposit interest and dividends may appear in AIS even when they are not included in Form 16.
Ignoring capital gains
Profits from shares, mutual funds, property or other capital assets may require ITR-2 or ITR-3 and additional schedules.
Not reporting freelance income
Consulting, design, content, tutoring and other side income must be examined separately from salary income.
Entering incorrect bank information
Incorrect account details can delay a refund. Taxpayers should also ensure that the account selected for receiving the refund is eligible and correctly recorded on the portal.
Failing to e-verify the return
Uploading the return does not complete the filing process. The return must be e-verified, or a signed ITR-V must reach the Centralised Processing Centre, within 30 days of filing.
Where verification is completed after 30 days, the verification date may be treated as the filing date and late-filing consequences may follow. A return that remains unverified can be treated as invalid.
What happens if you miss the deadline?
A taxpayer who misses the applicable due date may generally file a belated return for AY 2026–27 until 31 December 2026, unless the assessment is completed earlier.
However, late filing can have financial and procedural consequences.
Late-filing fee
Under Section 234F, the applicable late-filing fee is generally:
- ₹1,000 where total income does not exceed ₹5 lakh
- ₹5,000 where total income exceeds ₹5 lakh
No late-filing fee is payable where a person was not legally required to file a return.
Interest on unpaid tax
Interest under Section 234A may apply at 1% per month or part of a month on unpaid tax, calculated from the applicable due date until the return is filed.
Restrictions on carrying forward losses
Certain losses may not be carried forward where the return is filed after the applicable due date. The exact treatment depends on the type of loss and the taxpayer’s circumstances.
Delay in receiving a refund
Late filing, incorrect bank details, mismatched income information or delayed verification may slow return processing and refund issuance.
The new tax regime is the default
The new tax regime is the default option for individual taxpayers.
Individuals filing ITR-1 or ITR-2 can generally select the option to move out of the new regime in the return itself, where eligible. Taxpayers with business or professional income face different procedural rules and may need to submit Form 10-IEA within the applicable time.
Residents should compare the available regimes before filing rather than assuming that the regime selected by an employer for TDS purposes is automatically the best final option.
A five-step filing checklist
- Collect Form 16, AIS, TIS, Form 26AS and all income statements.
- Reconcile salary, interest, dividends, capital gains and TDS.
- Select the correct ITR form and tax regime.
- Pay any remaining self-assessment tax before submitting the return.
- E-verify the return within 30 days and save the acknowledgement.
When should you seek professional advice?
Consider consulting a chartered accountant or qualified tax professional where you have:
- Foreign income or foreign assets
- Shares in an overseas company
- Complex ESOP taxation
- Capital gains from several asset classes
- Property-sale income
- Business or professional income
- Significant freelance receipts
- Brought-forward losses
- Income exceeding ₹50 lakh
- Uncertainty about the applicable return form or deadline
Tax forms and deadlines apply according to individual circumstances. A form that is appropriate for one salaried employee may not be suitable for another employee who also holds foreign shares, receives freelance income or has capital gains.
Before you submit
The Income Tax Department has enabled AY 2026–27 return filing and related utilities on the official e-filing portal.
Taxpayers should use the official portal, verify information carefully and avoid waiting until the final evening, when payment, verification or portal-related issues may become harder to resolve.
Disclaimer: This article provides general information and does not constitute personal tax, financial or legal advice. Taxpayers should check the official Income Tax Department guidance or consult a qualified professional for advice based on their individual circumstances.
