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CMA Final · Direct Tax Laws and International Taxation · Return of Income

Under section 263 of the Income-tax Act, 2025 (as amended w.e.f. 1-4-2026), Mehta Traders, a proprietary concern whose accounts are not required to be audited under any law, has business income for tax year 2026-27 and section 172 does not apply. By which date must its return be furnished?

The due date is 31st August of the succeeding financial year. The amended Table in section 263 gives this date to non-audit assessees with business or professional income when section 172 does not apply, while 31st July is reserved for any other assessee.

  1. A31st July of the succeeding financial year
  2. B31st August of the succeeding financial yearCorrect
  3. C31st October of the succeeding financial year
  4. D30th November of the succeeding financial year

Explanation

The amended Table gives 31st August to an assessee having business or profession income whose accounts are not required to be audited, where section 172 does not apply. 31st July applies only to any other assessee, such as a salaried individual. 31st October is for audited cases and companies.

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