Tax Payers: Usually, during the rush to file income tax returns, some mistakes may not only result in your refund being rejected but also lead to the possibility of notices and penalties. If you miss the deadline, you will have to pay late filing charge under Section 234F of the Income Tax Act.

Depending on the income of the taxpayer and delay in filing, this fine can be up to Rs 5000. If the total income is less than Rs 5 lakh, the maximum penalty for late filing is Rs 1000, and if the total income is more than Rs 5 lakh, the maximum penalty is Rs 5000.

Will penalty be imposed despite zero tax liability?

The most important thing is that if a salaried person has to file ITR by July 31, 2026 and he misses the deadline, he can still file ‘billed return’ till December 31, 2026. However, they may have to pay late filing fees. This rule applies even if their tax liability is zero due to exemption or rebate given by the tax department.

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In such a situation, only those people are not required to file ITR whose income is less than the exemption limit. In the old tax system this basic limit is Rs 2.5 lakh, whereas in the new system it is Rs 4 lakh.

For example, a taxpayer earned Rs 9 lakh in the financial year 2025-26 and was required to file returns by July 31, 2026. If he files returns in November 2026, he can still do so, but he will have to pay a late filing fee of Rs 5,000. Apart from the penalty, if any tax remains outstanding after the due date, the taxpayer may also have to pay interest on it.

ITR deadline for FY26

Actually, the Income Tax Department has set different deadlines according to the taxpayer. Salaried people and those filing ITR-1 or ITR-2 will have to file their returns by July 31. Taxpayers who do not require tax audit and file ITR-3 or ITR-4 have time till August 31. Those whose accounts are required to be tax audited will have to file returns by October 31.

The deadline for taxpayers falling under transfer pricing rules has been fixed as 30th November. If a taxpayer is not able to file the return by the prescribed deadline, he can still file a ‘belated return’ till December 31. Generally, the return can also be improved through ‘Revised Return’ till March 31, 2027.

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