Taxpayers face varying deadlines and risks for annual returns

Taxpayers in different regions are approaching various deadlines for annual income tax filings, with specific rules regarding penalties and accuracy.

In India, for Assessment Year 2026-27, the final deadline for filing a belated return is 31 December 2026. This applies to salaried individuals, non-audit business cases, audit cases, and transfer pricing cases. Under section 234F, a flat late fee applies to those filing after the original due date: ₹1,000 for total income up to ₹5,00,000 and ₹5,000 for income exceeding that amount. This fee applies even if tax liabilities are fully covered by TDS.

In Australia, the deadline for lodging 2025–26 tax returns is 2 November. Experts warn that rushing the process to avoid Australian Taxation Office (ATO) penalties can lead to costly errors, such as missed deductions, incorrect claims, or forgotten income. While the ATO provides pre-filled information from employers and banks, taxpayers remain responsible for ensuring all income and deductions are accurately reported.