ITR Filing Deadline: August 31 – Know Which Form to File

Income Tax Return: The Income Tax Department has reminded eligible taxpayers who are required to file ITR-3, ITR-4, ITR-5, and ITR-7 for the financial year 2025-26 to submit their returns by August 31, 2026.

ITR Filing 2026: The Income Tax Department has reminded taxpayers that certain categories must file their income tax returns for the financial year 2025-26 by August 31, 2026. This deadline applies to taxpayers filing ITR-3, ITR-4, ITR-5, or ITR-7 forms who derive income from a business or profession and whose accounts are not subject to a mandatory audit under income tax laws.

The August 31 deadline primarily applies to individuals and entities earning income from a business or profession that is not subject to a tax audit. This may include certain individuals, Hindu Undivided Families (HUFs), firms, and other entities. The specific ITR form to be filed depends on the taxpayer's category, the nature of their earnings, and the sources of their income.

Which ITR Form for Whom?

ITR-3: This form is generally intended for individuals and HUFs with income from a business or profession. It may also include income from salary, capital gains, house property, or other sources.

ITR-4: This form is for resident individuals, HUFs, and certain firms that meet specific criteria and file their ITR under the presumptive taxation scheme. LLPs are not eligible to use this form.

ITR-5: This form is used by firms, LLPs, AOPs, BOIs, and certain other entities. Compliance with applicable rules and conditions is mandatory for filing this form.

ITR-7: This form is intended for certain trusts and institutions, as well as other entities required to file an ITR under specific provisions of the Income Tax Act.

What should be done before filing the ITR?

Filing the ITR on time helps avoid interest charges and other legal complications associated with late filing. Before filing the return, taxpayers should review details regarding their income, deductions, and tax credits. Consulting Form 26AS, AIS, and TIS is essential for this purpose.

Taxpayers should select the correct ITR form and keep all necessary documents ready. After verifying the information on the income tax portal, the return should be submitted, followed by the mandatory e-verification process. The department has urged taxpayers to file their ITRs well in advance to avoid the last-minute rush.