Income Tax Return (ITR) Filing in Raipur

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Practice Index (8 Sections)

Practice Overview & Verification

Income Tax Return (ITR) Filing in Raipur — Statutory Scope

Chartered Accountancy advisory and audit services in Raipur, Chhattisgarh & Kalahandi, Odisha. Direct partner supervision ensuring full compliance with ICAI standards and applicable statutes.

Filing an income tax return is straightforward when income comes from a single salary source. It becomes complex the moment an individual or entity has business income, capital gains from property or stock sales, foreign assets, partnership profits, or deductions across multiple tax regimes. The return is the foundational legal document examined by the Income Tax Department, banks for loan underwriting, and visa authorities.

Under the Income-tax Act, 1961, selecting the correct ITR form (ITR-1 through ITR-7), reconciling data against the Annual Information Statement (AIS) and Form 26AS, computing advance tax liability, and choosing between the Old and New Tax Regimes on actual numbers are crucial to avoid defective return notices under Section 139(9) and penalty demands.

At Rabi Agrawal & Associates, we prepare, reconcile, and file income tax returns for salaried executives, doctors, lawyers, traders, steel manufacturers, contractors, LLPs, companies, and trusts across Raipur, Chhattisgarh and Kalahandi (Odisha).

Statutory Due Dates for Assessment Year 2026-27

The statutory filing deadlines for AY 2026-27 (Financial Year 2025-26) under Section 139(1) of the Income-tax Act, 1961 are categorized by taxpayer profile:

Statutory ITR Filing Deadlines & Return Categories for AY 2026-27

Taxpayer Filing Category	Applicable ITR Forms	Statutory Due Date	Audit Requirement	Consequence of Delayed Filing
Salaried Individuals & HUFs (Non-Audit)	ITR-1 (Sahaj) / ITR-2	31st July 2026	No Audit	Late fee up to ₹5,000 (Sec 234F); loss of Old Regime option
Proprietors, Businesses & Professionals (Non-Audit)	ITR-3 / ITR-4 (Sugam)	31st August 2026	No Audit (Presumptive or Turnover below 44AB)	Late fee (Sec 234F); interest under Sec 234A; loss of carry-forward losses
Corporate Assessees & Tax Audit Cases	ITR-6 (Companies) / ITR-5 (Firms/LLPs) / ITR-3	31st October 2026	Tax Audit Report in Form 3CA/3CB-3CD due 30th Sept	Section 271B penalty (up to ₹1.5L); interest on unpaid tax
Transfer Pricing / International Transaction Cases	ITR-6 / ITR-5 / ITR-3	30th November 2026	Form 3CEB Accountant Report due 31st Oct	Penalty under Section 271AA / 271G; interest under Sec 234A
Belated Return (Late Filing)	ITR-1 to ITR-7	31st December 2026	Subject to applicable audit rules	Mandatory fee ₹5,000 (₹1,000 if income <= ₹5L); no loss carry-forward
Revised Return (Error Correction)	ITR-1 to ITR-7	31st March 2027	Permitted for returns filed within due date or belatedly	Replaces original filed return completely
Updated Return (ITR-U)	ITR-U under Section 139(8A)	Within 48 months from end of AY	Voluntary disclosure of omitted income	Additional tax of 25% (within 12 mo) or 50% (within 24-48 mo)

Taxpayer Filing Category: Salaried Individuals & HUFs (Non-Audit)

Applicable ITR Forms: ITR-1 (Sahaj) / ITR-2

Statutory Due Date: 31st July 2026

Audit Requirement: No Audit

Consequence of Delayed Filing: Late fee up to ₹5,000 (Sec 234F); loss of Old Regime option

Taxpayer Filing Category: Proprietors, Businesses & Professionals (Non-Audit)

Applicable ITR Forms: ITR-3 / ITR-4 (Sugam)

Statutory Due Date: 31st August 2026

Audit Requirement: No Audit (Presumptive or Turnover below 44AB)

Consequence of Delayed Filing: Late fee (Sec 234F); interest under Sec 234A; loss of carry-forward losses

Taxpayer Filing Category: Corporate Assessees & Tax Audit Cases

Applicable ITR Forms: ITR-6 (Companies) / ITR-5 (Firms/LLPs) / ITR-3

Statutory Due Date: 31st October 2026

Audit Requirement: Tax Audit Report in Form 3CA/3CB-3CD due 30th Sept

Consequence of Delayed Filing: Section 271B penalty (up to ₹1.5L); interest on unpaid tax

Taxpayer Filing Category: Transfer Pricing / International Transaction Cases

Applicable ITR Forms: ITR-6 / ITR-5 / ITR-3

Statutory Due Date: 30th November 2026

Audit Requirement: Form 3CEB Accountant Report due 31st Oct

Consequence of Delayed Filing: Penalty under Section 271AA / 271G; interest under Sec 234A

Taxpayer Filing Category: Belated Return (Late Filing)

Applicable ITR Forms: ITR-1 to ITR-7

Statutory Due Date: 31st December 2026

Audit Requirement: Subject to applicable audit rules

Consequence of Delayed Filing: Mandatory fee ₹5,000 (₹1,000 if income <= ₹5L); no loss carry-forward

Taxpayer Filing Category: Revised Return (Error Correction)

Applicable ITR Forms: ITR-1 to ITR-7

Statutory Due Date: 31st March 2027

Audit Requirement: Permitted for returns filed within due date or belatedly

Consequence of Delayed Filing: Replaces original filed return completely

Taxpayer Filing Category: Updated Return (ITR-U)

Applicable ITR Forms: ITR-U under Section 139(8A)

Statutory Due Date: Within 48 months from end of AY

Audit Requirement: Voluntary disclosure of omitted income

Consequence of Delayed Filing: Additional tax of 25% (within 12 mo) or 50% (within 24-48 mo)

📋 Document Checklist & Verification

ITR Form Applicability Guide (ITR-1 to ITR-7)

Selecting the correct ITR form is essential, as filing on an inappropriate form invalidates the return:

✓ITR-1 (Sahaj): For resident individuals having total income up to ₹50 Lakhs from salary, one house property, and other sources (interest, dividends). Not for directors or unlisted equity holders.
✓ITR-2: For individuals and HUFs having capital gains (stocks, mutual funds, real estate), more than one house property, foreign assets/income, or agricultural income exceeding ₹5,000.
✓ITR-3: For individuals and HUFs having income from a proprietary business or profession, partners in partnership firms, or active share/F&O derivative traders.
✓ITR-4 (Sugam): For resident individuals, HUFs, and partnership firms opting for presumptive taxation under Section 44AD (business), Section 44ADA (professionals), or Section 44AE (transporters).
✓ITR-5: For Partnership Firms, LLPs, Association of Persons (AOPs), and Body of Individuals (BOIs).
✓ITR-6: For all Companies (Private Limited, Public Limited, OPCs) other than Section 8 charitable companies.
✓ITR-7: For Charitable Trusts, Societies, Political Parties, and Section 8 NGOs claiming exemptions under Section 11, 12, 13, and 10.

⚙️ Step-by-Step Procedure & Workflow

Old vs New Tax Regime Comparative Analysis

Under Section 115BAC of the Income-tax Act, 1961, the New Tax Regime is the default tax regime with reduced slab rates and standard deduction. However, taxpayers can opt for the Old Tax Regime if their eligible deductions yield a lower tax liability:

01
Evaluating Deductions under Old Regime: Aggregating Chapter VI-A deductions: Section 80C (PPF, EPF, ELSS, LIC up to ₹1.5L), Section 80D (Health Insurance up to ₹1L for senior parents), Section 24(b) (Home Loan Interest up to ₹2L), Section 80CCD(1B) (NPS up to ₹50k), and HRA exemption under Section 10(13A).
02
Evaluating New Regime Slabs: Applying streamlined tax slabs with zero tax liability up to ₹7.00 Lakhs / ₹7.75 Lakhs taxable income (due to Section 87A rebate and ₹75,000 standard deduction).
03
Form 10-IEA for Business / Profession: For taxpayers with business/professional income, opting for the Old Regime requires filing Form 10-IEA on or before the due date under Section 139(1). If missed, the return is compulsorily processed under the New Regime.
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Loss of Old Regime on Delayed Filing: If an individual with salary files after the 31st July deadline, the right to opt for the Old Tax Regime is automatically forfeited for that assessment year.

⚠️ Statutory Penalty & Risk Advisory

Pre-Filing Reconciliations: AIS, TIS, 26AS & Books

Before uploading any return, our firm conducts a mandatory 4-way data reconciliation:

1. Annual Information Statement (AIS) & Taxpayer Information Summary (TIS): Reconciling high-value transactions reported by banks, mutual funds, registrar offices (property purchases/sales), and stock brokers.

2. Form 26AS: Verifying TDS credits deducted by employers, clients, banks, and property buyers.

3. GST Turnover Reconciliation: Matching gross sales reported in GSTR-1 and GSTR-3B with turnover declared in ITR-3/ITR-5/ITR-6.

4. Capital Gains Statements: Computing indexed cost of acquisition and fair market value as of 01.04.2001 for real estate and stock sales.

Scope of Practice Services by CA Rabi Agrawal & Associates

We provide end-to-end ITR preparation and filing: determining optimal regime, computing capital gains on Raipur property sales, reconciling AIS/26AS differences, handling Section 44AD/44ADA presumptive calculations, coordinating tax audit filings under Section 44AB, and e-verifying returns with DSC or Aadhaar OTP.

📍 Pandri, Raipur Practice Headquarters

Consult CA in Raipur for Income Tax Return (ITR) Filing in Raipur

Visit our Head Office at GF-28, Shyam Plaza, Pandri, Raipur or connect directly with our Chartered Accountant partners for end-to-end advisory and statutory compliance.

🏛️ CA in Raipur Hub →📞 +91 86978 14116

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

For non-audit salaried individuals, the due date is 31st July 2026. For non-audit business and professional filers (ITR-3/ITR-4), the due date is 31st August 2026. For tax audit cases and companies, the due date is 31st October 2026.

Can I choose between the Old and New Tax Regimes?

Yes. The New Regime is default. Salaried taxpayers can choose either regime while filing ITR by 31st July. Business and professional taxpayers must file Form 10-IEA before the due date to exercise the Old Regime option.

What is the penalty for late ITR filing after the due date?

Under Section 234F, late filing fee is ₹5,000 (reduced to ₹1,000 if total taxable income is up to ₹5 Lakhs). Additionally, interest @ 1% per month under Section 234A applies on unpaid tax, and business/capital losses cannot be carried forward.

What is an Updated Return (ITR-U) under Section 139(8A)?

ITR-U allows taxpayers to report previously omitted income within 48 months from the end of the relevant assessment year upon payment of additional tax (25% extra tax within 12 months, 50% extra tax within 24-48 months).

⚡ Tax Planning UtilityTY 2026–27