ITR FILING 2026 27 online Zero TAX BUT ITR MANDATORY

Last Updated on: May 15, 2026

ITR FILING 2026 27 Zero TAX BUT ITR MANDATORY | START DATE INCOME TAX LATEST UPDATE

[Video] ITR FILING 2026 27 online Zero TAX BUT ITR MANDATORY

Here is a point-wise summary of the important updates and rules for filing Income Tax Returns (ITR) for the Assessment Year (AY) 2026-27 covered in the video:

The Basic Income Rule

Exempt Limit: Under the new tax regime, you do not need to file an ITR if your annual income stays below ₹4 Lakhs [00:31].
Zero Tax but ITR Mandatory: Even though there is a tax rebate making income up to ₹12 Lakhs tax-free, you are still legally required to file an ITR if your gross income exceeds ₹4 Lakhs [00:37]. Failing to file can lead to late fees and penalties from the Income Tax Department [00:56].

When ITR is Mandatory Regardless of Income (Section 139(1))

Under the 7th proviso of Section 139(1), you must file an ITR if you meet any of the following criteria, even if your total income is below the taxable threshold or zero:

Electricity Bill: If the combined electricity bill (residential or commercial) paid under your name exceeds ₹1 Lakh in the financial year [01:14].
Foreign Travel: If you spend more than ₹2 Lakhs on foreign travel for yourself or family members [01:55].
Current Account Deposits: If you deposit ₹1 Crore or more in one or more current accounts [02:14].
Saving Bank Account Deposits: If the total aggregate cash deposits across all your savings accounts exceed ₹50 Lakhs (e.g., even if it is non-taxable agricultural income) [02:36].
TDS/TCS Credit: If your Total Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) is ₹25,000 or more [03:13]. For senior citizens (above 60 years), this mandatory threshold is lower at ₹50,000 [03:25].
Business Turnover: For business owners, if the total business turnover/gross receipt exceeds ₹60 Lakhs, even if the business incurred a loss [03:44].
Professional Gross Receipts: For professionals (like doctors, lawyers, CAs, engineers), if total gross receipts cross ₹10 Lakhs during the financial year [04:19].

ITR Filing Dates & Expected Timeline

- Current Status: As of now, the Income Tax portal has not enabled the online or offline utilities for filing AY 2026-27 returns [04:57].
- Expected Launch: It is anticipated that the ITR filing utilities will become active by May 30th [05:10].
- Deadlines: * ITR-1 and ITR-2: The general deadline to file is July 31st [05:16].
  - Non-Audit Cases (ITR-3/ITR-4): The expected filing timeline stretches up to August 31st [05:22].
  - Audit Cases: For accounts requiring a tax audit, the filing deadline is October 31st [05:22].