Blog · Income year 1 July 2025 to 30 June 2026
IT01 deadline 2026, and the penalties if you send the return after it
For the income year to 30 June 2026, the last date is 15 October 2026. You send the IT01 return and pay the tax by this date.
The last date
The Income Tax Act sets the last date as 15 October after the income year. You send the return electronically and pay the tax on the same date.
Source: s.112(1).
The penalty if you send the return after the last date
- The penalty is Rs 2,000 for each month until you send the return.
- The maximum is Rs 20,000.
- For a small enterprise with a turnover of not more than Rs 10 million, the maximum is Rs 5,000.
- For a person who is not in business, the maximum is also Rs 5,000.
The penalty and interest if you pay after the last date
- The penalty is 2.5% of the tax that you pay after the last date.
- For a small enterprise with a turnover of not more than Rs 10 million, the penalty is 1%.
- For a person who is not in business, the penalty is also 1%.
- Interest is 0.25% of the unpaid tax for each month after the last date. A part of a month counts as a month.
Source: the authority's notes for the return, Note 24.
If you are not sure about an item
You can send the return with your own interpretation of the law. Write the item and your interpretation in the space for it. Then the more tax from that item has no penalty for late payment.
Source: Note 1(c).
If the date is near
Do the work in this sequence. First, collect your bank statements and your statement of emoluments. Then find your income and your costs. Then claim your reliefs, and type the values into the return.
Questions people ask
When is the IT01 deadline for 2026?
15 October 2026, for the income year from 1 July 2025 to 30 June 2026. You send the return and pay the tax by that date.
How much is the penalty if the IT01 return is late?
Rs 2,000 for each month, up to Rs 20,000. For a small enterprise or a person who is not in business, the maximum is Rs 5,000.
Is there interest on tax that you pay after the last date?
Yes. Interest is 0.25% of the unpaid tax for each month after the last date. A part of a month counts as a month.
Let IT01 AI do these steps
IT01 AI is an app for Mac, Windows and Linux. It reads your bank statements and your statement of emoluments on your computer, sorts each payment, and calculates the tax with each figure linked to the Act. One payment of Rs 4,990, and the licence has no end date.
This article explains the law as it stands on 3 October 2026. It is not tax advice.