INCOME TAX5 Sept 2026
ITR deadline for businesses and professionals: Who gets time until October 31 to file their returns? | Mint
Still haven't filed your income tax return? If your business or profession needs a tax audit, you have extra time. The deadline is October 31, 2026, for assessment year 2026-27. Professionals must get audited if gross receipts cross ₹50 lakh; businesses if turnover exceeds ₹1 crore. File your audit report first, at least one month before the ITR due date.
Key Statutory Highlights
- Taxpayers whose accounts require audit have until October 31, 2026, to file their ITR for AY 2026-27.
- For professionals, audit is mandatory when gross receipts exceed ₹50 lakh; for businesses, when turnover exceeds ₹1 crore (or ₹10 crore if cash transactions are 5% or less).
- The tax audit report must be filed electronically using Form 3CA or 3CB at least one month before the return deadline.
Actionable Advice for Taxpayers / Founders:Start arranging your tax audit now if your gross receipts or turnover might cross the threshold, and ensure the audit report is filed before the return deadline, since it's due earlier.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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