Who Must File an Income Tax Return and Due Dates (Tax Year 2026-27)
CA Meet Dhrangadhariya 
June 15, 2026
CA Meet Dhrangadhariya June 15, 2026
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Last updated: 05 September 2026 · Written and reviewed by CA Meet Dhrangadhariya, CSM & Co LLP
Quick summary
Whether you must file a return depends on who you are, how much you earned and, since the law now has several non-income triggers, what you did during the year. This post follows section 263 of the Income-tax Act, 2025 and Rules 163 and 164 of the Income-tax Rules, 2026, which apply to tax year 2026-27 (income of FY 2026-27, filed in 2027).
| Category | Must file a return |
|---|---|
| Company | Always, whether there is income or loss |
| Firm (including LLP) | Always |
| A university, college or other institution of the kind in section 45(3)(a) | Always |
| Business trust and investment fund | Always |
| A resident (other than a not ordinarily resident) with foreign assets | Always, if at any time in the tax year he holds any asset (including a financial interest in an entity) located outside India, has signing authority in an account abroad, or is a beneficiary of such an asset |
| Any other person (individual, HUF, AOP, BOI and so on) | If total income, before the deductions and exemptions named in section 263(1)(a)(iii), exceeds the basic exemption limit |
| A specified entity (such as a trust) | If its total income without applying section 11 exceeds the basic exemption limit |
| Anyone with a loss | If he has a loss under “Profits and gains of business or profession” or “Capital gains” and wants to carry it forward |
| Persons meeting a prescribed condition | See Rule 163 below |
The persons in the first five rows and the foreign asset category must file on or before the due date regardless of income or loss (section 263(1)(b)).
The limit is tested on total income before Chapter VIII deductions (such as section 123) and certain capital gains exemptions. A salary of ₹6 lakh with a ₹1.5 lakh section 123 deduction therefore still crosses the limit, and a return is compulsory.
| Taxpayer | Limit |
|---|---|
| New regime (section 202) | ₹4,00,000 |
| Old regime, below 60 | ₹2,50,000 |
| Old regime, resident aged 60 to under 80 | ₹3,00,000 |
| Old regime, resident aged 80 or more | ₹5,00,000 |
For a person other than a company or a firm, a return is also required if, in the tax year, he:
Section 263(1)(c), as amended by the Finance Act, 2026:
| Who | Due date |
|---|---|
| An assessee, including a partner of a firm or the partner’s spouse (where section 10 applies), who must furnish a transfer pricing report under section 172 | 30 November 2027 |
| A company; any person other than a company whose accounts are required to be audited; a partner of a firm whose accounts are audited, or the spouse of such a partner (not requiring a section 172 report) | 31 October 2027 |
| A person with business or professional income whose accounts are not required to be audited, and a partner of a non-audited firm or the spouse of such a partner | 31 August 2027 |
| Any other assessee, including salaried individuals | 31 July 2027 |
The 31 August date for non-audited business and professional income was introduced by the Finance Act, 2026 and applies to returns of income of FY 2025-26 as well (due 31/08/2026). A person whose income is mainly from salary, interest and house property still files by 31 July.
You may want to file voluntarily to:
See our post on late, revised and updated returns for the time limits and the fee and interest rules.
The form depends on your income:
This is a summary of Rule 164. Check the form notified for your year before filing.
A company or a firm in every case; any other person whose total income, before specified deductions and exemptions, exceeds the basic exemption limit; anyone who has a business or capital gains loss to carry forward; a resident (other than not ordinarily resident) with an asset or signing authority outside India; and anyone who meets a condition in Rule 163 (section 263(1)).
Under the new regime ₹4,00,000. Under the old regime ₹2,50,000, or ₹3,00,000 for a resident aged 60 to under 80, or ₹5,00,000 for a resident aged 80 or more.
Not necessarily, but you must if any Rule 163 condition applies: deposits of more than ₹1 crore in current accounts, foreign travel spending above ₹2 lakh, electricity bills above ₹1 lakh, business turnover above ₹60 lakh, professional receipts above ₹10 lakh, TDS and TCS of ₹25,000 or more (₹50,000 for a resident senior citizen), or savings account deposits of ₹50 lakh or more.
31 July after the end of the tax year for most individuals; 31 August for a business owner whose accounts are not audited; 31 October for a company or a person whose accounts are audited; 30 November where a transfer pricing report is required (section 263(1)(c)).
Yes. A resident who is not a not ordinarily resident and who held any asset, including a financial interest in an entity, located outside India, or has signing authority in a foreign account, at any time in the tax year, must file whatever the income or loss.
Yes, within nine months from the end of the tax year, or before the assessment is completed if earlier (section 263(4)), with a fee under section 428 and interest under section 423.
This article is for general informational purposes only and should not be considered professional advice. Please consult a qualified expert for advice tailored to your specific situation. The author and website owner are not liable for any errors or actions based on this content.
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