Answer

1. F

   Facts

   For AY 2026-27, Finance Act 2026 set 31 August 2026 as the due date for business and professional income not needing audit. After that, the return is belated under Sec 139(4) (now Sec 263(4)) and must be filed by 31 December 2026.

2. P

   Provisions and law

   • Sec 139(1), Income-tax Act 1961 (now Sec 263(1), Income-tax Act 2025)Return due date: 31 July for most individuals, 31 August for non-audit business or profession, 31 October for audit cases
   • Sec 139(4), Income-tax Act 1961 (now Sec 263(4), Income-tax Act 2025)Belated return can be filed after the due date, by 31 December of the assessment year or before assessment, whichever is earlier
   • Sec 234F, Income-tax Act 1961 (now Sec 428, Income-tax Act 2025)Late filing fee ₹1,000 if total income is up to ₹5 lakh, else ₹5,000
3. A

   Analysis

   Three things change after the due date: the Sec 234F (now Sec 428) fee, Sec 234A interest on unpaid tax, and loss of the old regime option because Form 10-IEA had to be filed by the due date. Example: a designer with ₹18 lakh receipts under Sec 44ADA declares ₹9 lakh income; under the new regime the 87A rebate makes tax nil, but the ₹5,000 fee still applies because income exceeds ₹5 lakh.

4. C

   Conclusion

   1. 1Compute income under the presumptive scheme or books
   2. 2Pay the fee and any tax with interest
   3. 3File ITR-4 or ITR-3 choosing section 139(4)
   4. 4E-verify
   5. 5Set a reminder for 31 August next year

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.