What changed
The Finance Act, 2026 (assented to on 30 March 2026) substitutes Explanation 2 to Section 139(1) of the Income-tax Act, 1961 with a table of due dates: 30 November where Section 92E (transfer pricing) applies; 31 October for companies, other assessees whose accounts are audited and partners of audited firms; 31 August for assessees with business or professional income whose accounts are not audited, and partners of such firms; and 31 July for everyone else.
Section 139(5) now allows a revised return at any time before the end of the relevant assessment year, or before the assessment is completed, whichever is earlier. Earlier the limit was 31 December. New Section 234-I charges a fee for a revision filed in the extra three months: ₹1,000 where total income does not exceed ₹5 lakh, and ₹5,000 in other cases. A revision filed by 31 December carries no fee under this section.
The belated return date is unchanged at 31 December of the assessment year. For AY 2026-27, the 31 October date for audit cases was later extended to 21 November 2026 by CBDT Circular 07/2026.
Who is affected
Taxpayers with business or professional income not liable to audit, partners of such firms, and anyone revising a return.
Effective dates
| Item | Date or period |
|---|---|
| Finance Act, 2026 assented | 30 March 2026 |
| AY 2026-27 return: non-audit business or profession | 31 August 2026 |
| AY 2026-27 return: other non-audit taxpayers | 31 July 2026 |
| Belated return for AY 2026-27 | 31 December 2026 |
| Revised return without Section 234-I fee | Up to 31 December 2026 |
| Revised return with Section 234-I fee | 1 January to 31 March 2027 |
What to do now
- Check which row of the due-date table applies, based on whether the accounts are audited.
- Review the return filed for AY 2026-27 and, if a revision is needed, file it by 31 December 2026 to avoid the fee.
- Keep in mind that a revision is not possible once the assessment is completed.
Penalty or consequence if missed
A return filed after the due date attracts a fee under Section 234F of ₹5,000, or ₹1,000 where total income does not exceed ₹5 lakh, and interest under Section 234A on unpaid tax. Business losses and capital losses of the year cannot be carried forward from a belated return. A revision filed between 1 January and 31 March attracts the Section 234-I fee of ₹1,000 or ₹5,000.
Official source
Effective: Finance Act 2026 · Note published · Last reviewed
Related on this site
- Income tax due dates
- Income Tax Act 2025 section finder
- Income tax return filing
- Income tax tools
- Compliance calendar
This note summarises a public notification for general information. It is not professional advice and does not cover every condition or exception, and the rule can change again by a later notification. Read the notification itself before acting on it, or consult a qualified professional on your own facts.