Now Reading: Freelancers Face 31 August ITR Deadline for AY 2026-27
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Freelancers Face 31 August ITR Deadline for AY 2026-27
Freelancers and other taxpayers with business or professional income must file their income tax returns by 31 August for assessment year 2026-27 if their accounts do not require audit, Livemint reports. The…
The Story in Brief
Freelancers and other taxpayers with business or professional income must file their income tax returns by 31 August for assessment year 2026-27 if their accounts do not require audit, Livemint reports. The deadline is 31 October where an audit applies. Freelancers generally use ITR-3 when maintaining regular books, or ITR-4 when eligible for presumptive taxation under Section 44ADA.
Income should be reconciled with invoices, bank statements, Form 26AS, the Annual Information Statement and TDS certificates. Eligible expenses can include office rent, software, internet and work-related travel, but not personal costs. Foreign receipts require contracts and remittance records. Belated returns can be filed until 31 December, with a Rs. 1,000 or Rs. 5,000 late fee, depending on income, plus possible interest.
The Indian Opinion
The lazy narrative is that freelancers can simply declare a percentage of receipts and avoid paperwork. That is true only for eligible taxpayers using Section 44ADA. The opposite exaggeration, that every freelancer needs full accounts, is also wrong. The practical test is simple: match receipts with AIS, bank records and invoices before filing. For late taxpayers, the bill will turn on income below or above Rs. 5 lakh and unpaid tax.
Sources (2): livemint.com, livemint.com (2)
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
