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March 31 2026 is the final date for AY 2021 22 ITR U filing Form 67 for Foreign Tax Credit and clearing pending advance tax to avoid interest and penalties.
With the financial year 2025–26 drawing to a close, taxpayers have a narrow window left to complete crucial tax-related tasks before March 31.
March 31 Tax Deadline: Taxpayers have the last chance to complete their tax duties until March 31 before the new financial year 2026-27 kicks in. From filing an updated income tax return (ITR-U) to claiming foreign tax credit through Form 67 and settling any pending advance tax, several key deadlines converge on the same day.
Let’s have a look at the several deadlines falling on March 31 for taxpayers:
1. Last Date For Updated Tax Return (ITR-U)
The Updated Income Tax Return (ITR-U) is a provision under Section 139(8A) of the Income Tax Act that allows taxpayers to fix errors, report any previously undisclosed income, or update an already filed return.
It can be filed even if you missed the original deadline, the belated return window, or the chance to revise your return. In simple terms, ITR-U gives taxpayers a final opportunity to correct their filings and remain compliant.
Taxpayers can file the updated return for AY 2021-22 till March 31, 2026. It can help avoid higher penalties and potential legal compliances.
2. Foreign Tax Credit (Form 67)
The Foreign Tax Credit (FTC) allows taxpayers to claim relief on income that has already been taxed in a foreign country, helping avoid double taxation. To avail this benefit, taxpayers must submit Form 67 along with details of foreign income, taxes paid overseas, and supporting documents such as tax certificates or statements. This is particularly relevant for individuals earning through overseas employment, freelancing for foreign clients, or holding foreign investments.
The deadline to file Form 67 is March 31, 2026, and missing it can lead to the denial of the FTC claim. In simple terms, even if you have already paid tax abroad, you may not be able to offset it against your Indian tax liability if the form is not filed on time.
3. Advance Tax
Ensure 100% of your advance tax liability is paid. This is crucial for those earning through capital gains, F&O trading, freelancing, interest, or rental income. Taxpayers who missed the March 15 deadline can still pay advance tax up to March 31 to reduce their liability. However, delayed payment attracts 1% monthly interest under Sections 234B and 234C on the shortfall.
March 28, 2026, 09:50 IST
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