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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 with effect from 1 April 2026), a resident individual has business income and his accounts are not required to be audited under any law. Section 172 does not apply to him. By which date must he furnish the return for a tax year?

The due date is 31st August of the financial year following the tax year. An assessee with business or professional income whose accounts need no audit falls in Sl. No. 3 of the table, so the 31st July date for other assessees does not apply.

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

Explanation

Table Sl. No. 3 gives 31st August for an assessee with business or professional income whose accounts are not required to be audited, where section 172 does not apply. 31st July applies only to 'any other assessee', which this individual is not. 31st October is for audit cases.

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