Income tax return filing: Why Nov 21 is an important date – valid for these ITR filers | Know details from CBDT

The Central Board of Direct Taxes (CBDT) has extended the income tax return filing deadline for taxpayers subject to audit requirements from October 31 to November 21, 2026, giving them additional time to do the needful.

The deadline for submitting tax audit reports for Assessment Year (AY) 2026-27 was also extended from September 30 to October 21, 2026.

The extensions came after chartered accountants and tax practitioners urged the government to provide more time for submitting tax audit reports, which are due a month before the return filing deadline.

The wave of demand, witnessed on social media, was driven partly by the heavy work overload in September, when tax professionals must also handle GST filings, company-related assignments and other statutory requirements.

Any taxpayer with income from business or professional services, who is also required to submit an audit report shall file their return by November 21 to avoid penalties and tax notices.

Those who have already submitted their audit reports should ensure they meet the extended ITR filing deadline.

For businesses, a tax audit is required if their total sales, annual turnover or gross receipts exceed ₹1 crore in a relevant financial year. However, this threshold is raised to ₹10 crore where the cash receipts and cash payments levels are less than 5% of total receipts and payments, respectively.

For professionals, on the other hand, the general threshold for requiring a tax audit is ₹50 lakh in gross receipts.

This provision also applies to taxpayers opting out of presumptive taxation schemes such as Sections 44AD, 44ADA, 44AE, 44BB, and 44BBB, or those declaring lower income than prescribed under these schemes, subject to conditions including exceeding the maximum exemption limit.

Companies whose accounts are audited under company law must also file their audit reports. The requirement also applies to firms, LLPs and other entities covered under the applicable audit provisions.

If you miss the November 21 deadline, then you would still have the option to file a belated return under Section 139(4) of the Income-tax Act.

For AY 2026-27, the income tax department says a belated return can be furnished on or before December 31, 2026, or before completion of the assessment, whichever is earlier.

However, filing a belated return can attract a late-filing fee under Section 234F. The department states that the fee is ₹1,000 where total income does not exceed ₹5 lakh and ₹5,000 in all other cases.

However, taxpayers who failed to submit their tax audit reports by the extended deadline of October 21 also have to face extra penalties for that delay, as required under Section 44AB of the Income-tax Act.

In such cases, the income tax assessing officer may impose a penalty of 0.5% of the taxpayer’s total sales, turnover or gross receipts from business or profession, or ₹1.5 lakh, whichever is lower, according to information available on the tax department's portal.

Eshita Gain is a digital journalist at Mint, where she joined in May 2025. She writes on corporate developments, personal finance, markets, and business trends, with a focus on delivering timely and relevant stories to a broad audience. <br><br> While her core beat lies in business and finance, she is not confined to a single niche and frequently explores stories across domains, including international relations and policy developments. <br><br> She holds a postgraduate diploma in business and financial journalism by Bloomberg from the Asian College of Journalism (ACJ), Chennai. During her time there, she received rigorous training in tracking financial data, interpreting corporate filings, and reporting on business developments. She has pursued her graduation from St. Joseph’s University, Bengaluru in a multi-disciplinary course. Her majors included Journalism, International Relations, peace and conflict studies. <br><br> Eshita has previously worked in digital marketing, which enables her to write SEO friendly copies that are clear and engaging. <br><br> Her primary interest lies in breaking down complex subjects and writing clear, accessible copies that inform readers. She aims to bridge the gap between technical financial language and everyday understanding. Outside the newsroom, Eshita enjoys reading non-fiction, and exploring new places, constantly seeking fresh perspectives and stories beyond headlines.

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