Every financial year brings a fresh set of income tax deadlines, and missing them can mean late fees, interest on unpaid tax, or the loss of certain benefits like carrying forward losses. For Financial Year 2025-26 (Assessment Year 2026-27), the Income Tax Department has laid out a clear compliance calendar. Here is what individuals and businesses in Dehradun need to keep in mind.
A belated return can still be filed up to 31 December 2026, though it attracts a late fee under Section 234F and interest on any outstanding tax. If you need to correct an error in a return already filed, a revised return can generally be submitted up to 31 March 2027, subject to the prevailing provisions for that assessment year. It is worth remembering that a belated return also strips away certain rights — for instance, you generally cannot carry forward business losses or capital losses (other than loss from house property) if the original return itself was filed late.
Beyond avoiding penalties, timely filing keeps you eligible to carry forward capital losses and business losses to future years, speeds up any refund due, and is often required as proof of income for loan applications, visa processing, and tenders. Banks and financial institutions routinely ask for the last two to three years of ITR acknowledgements before approving a home loan, car loan, or even a credit card with a higher limit, so a consistent filing history is an asset in itself, not just a compliance formality.
Even taxpayers who start early sometimes run into avoidable trouble. A few patterns show up year after year: mismatches between the income reported in AIS/26AS and what is actually declared in the return, forgetting to report interest income from savings accounts and fixed deposits, selecting the wrong ITR form for the nature of income earned, and leaving bank account pre-validation for refund credit until the very last day. Each of these can either delay processing of your return or trigger a notice asking for clarification, so it pays to reconcile your documents carefully before you file rather than rushing at the deadline.
Do I need to file an ITR if my income is below the taxable limit?
Not always, but it is advisable if you want to claim a refund of TDS deducted, if you hold foreign assets, or if you need the return as income proof for a loan or visa application.
Can I change my choice of tax regime after filing?
Salaried individuals can generally choose a different regime each year at the time of filing, but those with business or professional income face restrictions on how often they can switch, so it is worth planning this in advance with your CA.
Tax rules and forms are updated frequently, and the right filing approach depends on your specific income sources and financial goals. Our team at RNS Global helps individuals, professionals, and businesses in Dehradun plan ahead, choose the most beneficial tax regime, and file accurately and on time. Reach out to us well before the deadline to avoid the last-minute rush.
This article is intended as general guidance. Deadlines and provisions are subject to notifications from the Central Board of Direct Taxes and may change; please consult our team for advice specific to your situation.