Are you an individual taxpayer or do you run a company or business? Then this change in the Finance Act, 2026 is important for you.
Section 52B of the Income Tax Act has been amended to introduce clear statutory timelines for annual self-assessment returns. The timelines differ depending on whether you are an individual or a non-individual taxpayer.
For Individual Taxpayers
From 1 January 2027, every individual chargeable to tax will be required to file their annual income tax return by the last day of the 4th month following the end of the year of income.
For a taxpayer whose year ends on 31 December, the return deadline will be 30 April of the following year. The return must include a self-assessment of tax from all sources of income.
For Companies and Other Non-Individuals
Companies and other persons who are not individuals will continue to have a longer filing period. The return must be filed by the last day of the 6th month following the end of the accounting period.
For a company whose accounting period ends on 31 December, the return deadline will be 30 June of the following year.
What About Nil Returns?
There was a proposal in the Finance Bill to introduce a one-month deadline for filing nil returns.
The Finance Act, 2026 did not retain that proposal. The final Act removed the proposed one-month deadline for nil returns.
When Does This Start?
The new Section 52B filing timelines come into operation on 1 January 2027.
Taxpayers have time to prepare for the change, but should not wait until the deadline to organise their records.
What Should You Do Now?
- Keep your accounting records updated.
- Reconcile income and expenses regularly.
- Keep proper supporting documents.
- Do not wait until April or June to start preparing your return.
- Update your tax compliance calendar for 2027.
Filing a return is not just about meeting a deadline. It is about accurately declaring your income and tax position.
Tax compliance starts with proper records.
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