Official Source
CBDT / Income Tax Department
The Central Board of Direct Taxes (CBDT) has notified the Income Tax Return (ITR) filing due dates for Assessment Year 2027-28 (Financial Year 2026-27). Taxpayers should note their applicable deadline based on their category and comply accordingly to avoid interest and penalties.
Due Dates for AY 2027-28
July 31, 2026:
October 31, 2026:
November 30, 2026:
- ▸Individual, HUF, AOP, BOI not requiring tax audit
- ▸Salaried employees, pensioners, and persons with income from house property
- ▸Small businesses with no audit requirement
- ▸Businesses and professionals requiring tax audit under Section 44AB
- ▸Companies (other than those requiring transfer pricing report)
- ▸Partners of firms requiring tax audit
- ▸Persons with international transactions requiring transfer pricing report
New ITR Forms for AY 2027-28
CBDT has notified revised ITR forms with several improvements:
- ▸ITR-1 (SAHAJ): For resident individuals with total income up to ₹50 lakh
- ▸ITR-2: For individuals/HUFs not having business/professional income
- ▸ITR-3: For individuals/HUFs having business/professional income
- ▸ITR-4 (SUGAM): For presumptive income from business/profession
- ▸ITR-5: For firms, LLPs, and other entities
- ▸ITR-6: For companies other than those claiming exemption under Section 11
New Regime vs Old Regime
For AY 2027-28, taxpayers have the option to choose:
New Tax Regime (Default from FY 2023-24):
Old Tax Regime:
- ▸Lower tax rates with fewer deductions
- ▸Standard deduction of ₹75,000 for salaried persons
- ▸Section 87A rebate: Full tax rebate for income up to ₹7 lakh (net taxable)
- ▸Higher deductions (80C, 80D, HRA, LTA, etc.)
- ▸Must explicitly opt-in before filing ITR
- ▸More beneficial for those with high investments and deductions
Key Deductions and Limits for 2026-27
- ▸Section 80C: Up to ₹1.5 lakh (LIC, PPF, ELSS, NSC, school fees)
- ▸Section 80D: ₹25,000 for self (₹50,000 for senior citizens) for health insurance
- ▸Section 80CCD(1B): Additional ₹50,000 for NPS contribution
- ▸HRA Exemption: Available under old regime only
- ▸Home Loan Interest: Up to ₹2 lakh under Section 24(b)
Consequences of Late Filing
- ▸Late filing fee under Section 234F: ₹5,000 (₹1,000 for income below ₹5 lakh)
- ▸Interest under Section 234A: 1% per month on tax due
- ▸Revised return can be filed up to December 31, 2026 for AY 2027-28
- ▸Belated return can be filed up to December 31, 2026 (post due date)
Need help with compliance? Biswa Corporate Solutions offers expert guidance on GST, Income Tax, PF, ESIC, FSSAI, and more. Contact our experts →