Freelancers face 31 August ITR deadline for AY 2026-27

The Story in Brief

Freelancers who do not require an accounts audit must file their income tax returns by 31 August for assessment year 2026-27, Livemint reports. The deadline is 31 October for cases requiring a tax audit, unless the government extends it.

Freelancers generally use ITR-3 when maintaining regular books, or ITR-4 when eligible for presumptive taxation under Section 44ADA. Income is reported as profits from business or profession. Receipts should be matched with invoices, bank statements, Form 26AS, the Annual Information Statement and TDS certificates. Eligible professional expenses can be deducted under regular taxation, while foreign earnings may qualify for Double Taxation Avoidance Agreement relief if tax was paid overseas.

The Indian Opinion

The lazy claim that freelancers can simply declare a fixed share of receipts ignores the choice between presumptive and regular taxation. The opposite claim, that every expense can reduce tax, is also wrong: personal costs do not qualify. Foreign income needs records, not guesswork. The practical test is whether invoices, bank entries and AIS figures reconcile before filing, and whether the chosen method matches actual costs.

Source: livemint.com

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