Answer

1. F

   Facts

   For AY 2026-27, the due date is 31 August 2026 for business or profession not needing audit, under Sec 139(1) as amended by Finance Act 2026. Audit cases have until 21 November 2026 after the CBDT extension.

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 80, Income-tax Act 1961 (now Sec 121, Income-tax Act 2025)Losses can be carried forward only if the loss return was filed by the due date
3. A

   Analysis

   If you are not an audit case and missed 31 August, file a belated return by 31 December 2026, with the late fee and without loss carry forward. Example: a consultant keeping books, not needing audit, who files on 5 November 2026 pays ₹5,000 under Sec 234F (now Sec 428) and cannot carry forward a business loss. Audit cases filing by 21 November keep all benefits.

4. C

   Conclusion

   1. 1Check if you need a tax audit
   2. 2Note your due date: 31 August or 21 November 2026
   3. 3If missed, file belated by 31 December 2026
   4. 4E-verify within 30 days

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