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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), for a tax year 2026-27, what is the due date for furnishing the return of income by a non-corporate assessee carrying on business whose accounts are not required to be audited under the Act or any other law, where the transfer pricing report provisions (section 172) do not apply?

The due date is 31st August of the succeeding financial year. The amended Table in section 263 gives this date to non-audited business or profession assessees and non-audited firm partners where section 172 does not apply. 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

Table Sl. No. 3 gives 31st August for 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 person, so that option is wrong.

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