Question 1

What is the last date to file ITR for AY 2026-27?

Accepted Answer

For FY 2025-26 (Assessment Year 2026-27), the due date is 31 July 2026 for salaried individuals filing ITR-1 or ITR-2 without audit. Freelancers and professionals filing ITR-3 or ITR-4 without audit get an extra month, until 31 August 2026. Businesses requiring a tax audit must file by 31 October 2026, and those needing a transfer pricing report have until 30 November 2026. These are standard dates - always check the income tax portal in case of an official extension.

Question 2

Can I file my ITR after the due date? What is a belated return?

Accepted Answer

Yes. If you miss the original deadline, you can file a belated return under Section 139(4) any time up to 31 December 2026 for AY 2026-27. You'll pay a late fee under Section 234F - ₹1,000 if your total income is up to ₹5 lakh, and ₹5,000 otherwise - plus 1% monthly interest on any unpaid tax under Section 234A.

Question 3

I made a mistake in my filed ITR. Can I correct it?

Accepted Answer

Yes, you can file a revised return to fix errors like a missed deduction or wrong bank detail. For AY 2026-27, the window to revise your return closes on 31 March 2027.

Question 4

What is ITR-U and when can I use it?

Accepted Answer

ITR-U (Updated Return) lets you voluntarily disclose income you missed earlier, even after the belated and revised return windows close. For AY 2026-27, ITR-U can generally be filed up to 48 months (4 years) from the end of the assessment year, subject to additional tax on the disclosed income.

Question 5

What are the new tax regime slab rates for FY 2025-26?

Accepted Answer

Under the new tax regime for FY 2025-26 (AY 2026-27): income up to ₹4 lakh is nil, ₹4-8 lakh is taxed at 5%, ₹8-12 lakh at 10%, ₹12-16 lakh at 15%, ₹16-20 lakh at 20%, ₹20-24 lakh at 25%, and above ₹24 lakh at 30%. The new regime is now the default option unless you actively opt for the old regime.

Question 6

Up to what income is tax-free under the new regime in 2026?

Accepted Answer

Thanks to the enhanced Section 87A rebate (up to ₹60,000), taxable income up to ₹12 lakh is effectively tax-free under the new regime for FY 2025-26. Salaried employees get an additional ₹75,000 standard deduction, so salary income up to about ₹12.75 lakh can be tax-free. Note that NRIs cannot claim this rebate, and it doesn't apply to capital gains or other special-rate income.

Question 7

Should I choose the old or new tax regime in 2026?

Accepted Answer

It depends on how much you claim in deductions. If your eligible deductions (HRA, Section 80C investments, home loan interest, medical insurance, etc.) exceed roughly ₹5-7 lakh a year, the old regime often works out cheaper. If you have few deductions, the new regime's lower slab rates and higher rebate usually save more tax. A consultant can run both calculations on your actual numbers before you decide.

Question 8

What are the GST return due dates in 2026?

Accepted Answer

GSTR-1 (monthly filers) is due by the 11th of the following month; quarterly filers under QRMP file by the 13th after the quarter. GSTR-3B is due by the 20th of the following month for monthly filers, or the 22nd/24th (depending on state) for quarterly filers. GSTR-9, the annual return, is due by 31 December following the financial year - so for FY 2025-26, that's 31 December 2026.

Question 9

What happens if I miss the GSTR-9 deadline for FY 2025-26?

Accepted Answer

From FY 2025-26 onwards, missing the 31 December 2026 GSTR-9 deadline doesn't just attract a late fee - it can block your GSTR-3B filings for January 2027 onward until the annual return is filed. That means you can't pay output tax, claim input tax credit, or generate e-way bills normally, so this deadline should be treated as a hard one.

Question 10

How long does GST registration take in Hyderabad?

Accepted Answer

Once documents (PAN, address proof, bank details, business proof) are submitted correctly, GST registration typically takes 7-15 working days depending on department queries. A consultant handling document preparation and responding to any jurisdictional officer queries can help avoid delays.

Question 11

When are TDS returns due?

Accepted Answer

TDS returns (Form 24Q for salaries, 26Q for other payments, 27Q for payments to non-residents) are filed quarterly, generally by the last day of the month following the quarter - for example, the April-June quarter is typically due by 31 July. Form 16/16A must be issued to deductees after filing. Always confirm the current quarter's exact date, as due dates can shift.

Question 12

How much does it cost to register a company in Hyderabad, and how long does it take?

Accepted Answer

Private Limited or LLP incorporation in Hyderabad, including government fees, PAN/TAN, and MSME/Udyam registration, typically costs upwards of ₹20,000 depending on the structure, and takes roughly 7-15 working days once documents (ID proof, address proof, registered office proof) are ready.

Question 13

What documents do I need to file my ITR?

Accepted Answer

Commonly needed: Form 16 (for salaried individuals), Form 26AS and AIS/TIS (to verify TDS and other reported income), bank statements, capital gains statements if you traded stocks/mutual funds, home loan interest certificate, and proof of deductions (80C investments, insurance premiums, donations) if opting for the old regime.

Question 14

When is the PF and ESI return due each month?

Accepted Answer

The EPF Electronic Challan cum Return (ECR) and ESI contribution are generally due by the 15th of the following month. Late payment attracts interest and damages under the EPF Act, so most businesses process this alongside monthly payroll.

Question 15

What is the penalty for filing ITR late in 2026?

Accepted Answer

A late filing fee under Section 234F applies: ₹1,000 if total income is up to ₹5 lakh, ₹5,000 otherwise. On top of that, 1% monthly interest under Section 234A applies to any unpaid tax from the original due date. You may also lose the ability to carry forward certain losses to future years.

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