New Delhi, August 31, 2026 (Yes Punjab News)
The deadline for taxpayers with business or professional income who are not required to get their accounts audited to file their Income Tax Returns (ITRs) for assessment year 2026-27 ends on Monday, August 31.
The Income Tax Department has urged taxpayers who have not yet filed their returns to complete the process and verify their filings without waiting until the last minute.
“Over 7 Crore ITRs have already been filed for AY 2026-27! August 31, 2026 is the due date for filing ITRs for AY 2026–27 for taxpayers with business or professional income who are not subject to audit,” the department said in a post on X.
Taxpayers filing ITR-3 or ITR-4 have been advised to select the appropriate form, accurately report their income and reconcile the information with their Annual Information Statement (AIS).
ITR-3 is generally applicable to individuals and Hindu Undivided Families (HUFs) earning income from business or profession who are not eligible to file ITR-1, ITR-2 or ITR-4.
ITR-4, also known as Sugam, is available to eligible resident individuals, HUFs and firms other than LLPs whose business or professional income falls under the presumptive taxation schemes covered by Sections 44AD, 44ADA or 44AE.
Missing the deadline can result in a late-filing fee, interest on unpaid tax, delays in refunds and the loss of certain tax benefits.
A belated return for AY 2026-27 can be filed until December 31, 2026, or before completion of assessment, whichever is earlier. However, late filing can affect the taxpayer’s ability to carry forward certain losses, including eligible business and capital losses.
Under Section 234F, a late-filing fee of Rs 5,000 may apply where total income exceeds Rs 5 lakh. Where total income does not exceed Rs 5 lakh, the fee is capped at Rs 1,000.
Taxpayers with outstanding tax liabilities may also have to pay interest under Section 234A at 1 per cent per month or part of a month on the unpaid amount.
Individuals and other eligible taxpayers with business or professional income who choose to opt out of the default new tax regime in favour of the old tax regime must also file their returns by the applicable due date.
FOLLOW NOW
