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Two Acts, Two Timelines—What's New This Year: The existing Income Tax Act 1961 framework will still apply to returns submitted on July 31, 2026, which pertain to AY 2026-27. The new provisions will only come into play for income earned in Tax Year 2026-27, with filings due in 2027.

Complete Deadline Table for FY 2025-26 (AY 2026-27):

Key Change—Extended Deadline for Businesses: Non-audit business and professional taxpayers, along with partners of such firms, will now have time until August 31 to file returns instead of the earlier July 31 deadline. This change aims to ease compliance pressure, particularly for small businesses and professionals. Revised Return Window Extended: Another major relief announced in Budget 2026 is extra time to revise ITRs. Earlier, revisions were allowed only till December 31. Now, taxpayers can revise their returns up to March 31 by paying a small fee. 

Portal Warning — Pick the Right Tab: This year's income tax portal has two separate tabs: one for FY 2025-26 (governed by the Income Tax Act 1961) and one for Tax Year 2026-27 (governed by the new Income Tax Act 2025). Choosing the wrong tab will invalidate your filing. 

Late Filing Penalties: Section 428 of the Income Tax Act, 2025, prescribes a fee of ₹1,000 if total income does not exceed ₹5 lakhs and ₹5,000 in all other cases for delayed filing.