ITR Filing: Who needs to file an income tax return by August 31? Know the deadlines and rules for ITR-3 and ITR-4..

Income Tax Return Filing Deadline 2026: The income tax return filing season is currently underway; however, it is crucial for taxpayers to note that the deadline for filing returns is not the same for everyone this year. While the deadline for salaried employees to file their ITR was July 31, 2026, the government has granted an extension until August 31, 2026, to certain specific categories of taxpayers.

If you have not yet filed your tax return, let us understand who this August 31 deadline applies to and the potential consequences of failing to file the ITR on time.

Who must file the ITR by August 31?

According to the timeline for Assessment Year 2026-27, the August 31, 2026 deadline applies to taxpayers who earned income from a business or profession during the Financial Year 2025-26 and whose accounts do not require a tax audit. Primarily, the following individuals can file their returns by August 31:

Proprietors: Individual business owners or professionals who file ITR-3 and do not fall under the purview of a tax audit.

Taxpayers under the Presumptive Taxation Scheme: Small business owners and professionals who opt for the presumptive taxation scheme and file ITR-4, provided they are exempt from tax audits.

What are the deadlines for different categories?

Under income tax regulations, taxpayers are assigned different deadlines based on their sources of income and audit requirements:

July 31, 2026: This deadline generally applied to salaried employees, pensioners, students, and individuals who file ITR-1 or ITR-2 and do not run a business. According to data from the e-filing portal, over 6.04 crore ITRs have already been filed in this category. 31 October 2026: If a tax audit is mandatory for your business or professional accounts, the deadline for filing your ITR is 31 October.

When is a tax audit mandatory?

A tax audit is required if a business's annual turnover exceeds ₹1 crore (or ₹10 crore in certain cases involving digital transactions) or if a professional's gross receipts exceed ₹75 lakh.

What are the consequences of missing the deadline?

If you fail to file your ITR by the applicable deadline, you may face significant repercussions:

Late fees: You will have to file a 'belated return,' which may attract a late fee of up to ₹5,000, depending on your total income.

Loss of carry-forward benefits: Filing a belated return means you lose the right to carry forward certain business losses or capital losses to future years.

Interest payments: If there is an outstanding tax liability, you may also be liable to pay additional interest under Section 234A.

Advice for taxpayers

If you fall under the ITR-3 or ITR-4 category and are exempt from the audit requirement, do not wait until the 31 August deadline. Visit the e-filing portal, select the correct form, reconcile your data with the AIS (Annual Information Statement) and Form 26AS, and file your return on time to avoid penalties.

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