The Central Board of Direct Taxes (CBDT) has actually extended the due date of both the tax audit and ITR declare Assessment Year (AY) 2026-27.
CBDT has, vide Circular No. 07/2026 outdated September 28, 2026, extended the return filing due date for the pertinent cases from October 31, 2026, to November 21, 2026. The due date for providing the tax audit report in such cases has actually likewise been extended from September 30, 2026, to October 21, 2026.
After the due date extensions, tax filers under these classifications have numerous days to submit their return. They need to be mindful while submitting their return as an incorrect return might welcome an earnings tax notification. Here we take you through the crucial checks tax filers ought to make before submitting ITR to prevent mistakes and notifications.
What are the essential checks taxpayers should make before submitting their ITR to prevent mistakes or notifications?
Richa Sawhney, Partner & & National Tax Office Leader, Grant Thornton Bharat, stated, “With tax authorities increasingly leveraging data analytics and information from multiple sources, companies should focus not only on timely filing but also on ensuring that the information reported in the return is duly reconciled with records available on the income-tax portal, financial statements and other relevant regulatory filings.”
Sawhney said that companies should also ensure that any additional compliance requirements, certifications, audit reports or prescribed forms required to support specific claims, deductions or tax positions are duly complied with, within the prescribed timelines.
“This can help minimise mismatches and reporting gaps, reduce the risk of scrutiny, and place taxpayers in a stronger position to substantiate their tax positions and respond to queries during assessments.”
Examine TDS/TCS, advance tax and self-assessment tax credits
Companies ought to ensure that they are utilizing the appropriate ITR type before submitting the return. Business that do not declare exemption under Section 11 undergo Form ITR-6.
Sawhney states, “Companies must likewise fix up earnings and tax information reported in the return with their books of account, audited monetary declarations, Form 26AS, Annual Information Statement (AIS) and other pertinent records. In specific, TDS/TCS, advance tax and self-assessment tax credits ought to be looked for consistency, and any inequality ought to preferably be fixed up before submitting the return.”
Report various kinds of earnings properly
Including even more, Sawhney describes business must guarantee that all gross income is properly reported, consisting of service earnings, capital gains, earnings from home home, earnings from other sources and foreign-source earnings, anywhere relevant. Reductions and exemptions must be declared just where the proposed conditions are satisfied and the required supporting records are offered.
Business tax routine, foreign earnings and tax audit requirements
The suitable business tax program need to likewise be examined thoroughly. Where a domestic business looks for to work out the concessional tax choice under Section 115BAA, the recommended choice is worked out through Form 10-IC within the stated timeline. Business currently covered by the concessional routine under Section 115BAB must likewise guarantee ongoing compliance with the conditions recommended under that area, specifies Sawhney.
Unique attention for business having foreign properties
Unique attention is needed where a resident business has foreign possessions or foreign source earnings, or is declaring foreign tax credit. Business must likewise inspect whether any tax audit, transfer-pricing report, accounting professional’s report or other proposed kind applies based upon their deals or reductions declared. A resident business declaring foreign tax credit is needed to provide Form 67 along with the recommended supporting proof.
Who is needed to submit Form 3CD, and when does it use?
Type 3CD is the recommended declaration of details for a business that is needed to go through tax audit under Section 44AB of the Income-tax Act, 1961.
When does a business require to go through a tax audit?
Broadly, a business continuing service is needed to go through a tax audit where its overall sales, turnover or gross invoices go beyond Rs 1 crore. The limit increases to Rs 10 crore where money invoices and money payments do not surpass 5% of the particular aggregate invoices and payments.
For business accountable to tax audit under Section 44AB, the report is provided in Form 3CA in addition to the declaration of details in Form 3CD, given that their accounts are currently based on statutory audit under the Companies Act, 2013. For AY 2026-27, Form 3CD continues to use under the Income-tax Act, 1961 structure. Under area 44AB, the tax audit report is needed to be provided by the “given date”, which is one month before the suitable due date for submitting the return under area 139( 1 ).
Exist any other crucial kinds, reports or disclosures that taxpayers should understand based upon their earnings or nature of business/profession?
Yes. The compliance requirement relies on the business’s deals, tax routine and reductions declared. Type 3CEB is needed under Section 92E where a business has actually gotten in into a worldwide deal or a defined domestic deal.
For domestic business selecting the concessional business tax program under Section 115BAA, Form 10-IC is needed to be provided within the recommended timeline. A resident business declaring foreign tax credit is needed to provide Form 67 in accordance with Rule 128, together with the recommended supporting proof. Business to which the Minimum Alternate Tax arrangements of area 115JB use are needed to acquire the recommended accounting professional’s report in Form 29B.
Specific reductions and deals likewise bring different reporting requirements. Kind 10DA is recommended where reduction under Section 80JJAA is declared, while Form 3CEA is needed in case of a downturn sale under Section 50B.
Apart from different types, business need to not ignore the disclosures needed within the ITR itself. Depending upon the realities, these might consist of disclosures associating with foreign possessions, foreign-source earnings and foreign tax relief, capital gains and other defined deals.