Neutral impactEconomy
ITR deadline: Who must file returns by 31 October, what is the penalty for missed deadline? Key points to know
Mint 1 hr ago·1 Sept 2026, 4:35 pm
The deadline for filing Income Tax Returns (ITR) for the Financial Year 2025-26 and Assessment Year 2026-27 is 31 October. This date is critical for all taxpayers, including companies and individuals whose accounts require audit. Missing this date triggers immediate financial consequences, making it essential to understand the implications.
For those who miss the deadline, a late fee will be levied based on the income slab. The penalty increases with the delay, and interest is also charged on the unpaid tax amount. Filing a belated return is possible, but it comes with stricter penalties and a delay in receiving any tax refunds.
Investors should prioritize filing their returns on time to avoid unnecessary financial strain. Keeping track of the due dates ensures compliance and helps in planning finances better. It is advisable to consult a tax professional if there is any confusion regarding the filing process.
Excerpt from Mint
ITR deadline: Companies and taxpayers whose accounts are required to be audited, the due date for FY26 / AY27 is 31 October. Here's a look at the penalty for missed deadline and date for belated returns. ITR deadline: A record over 7.8 crore income-tax returns (ITR) have been filed for FY26 / AY27 till 31 August,…Read the original at Mint
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