Summary of this article
Section 44AD simplifies tax filing through presumptive business income calculation
Bank deposits cannot automatically be treated as taxable business turnover
Other income like interest, rent and capital gains must be reported
Taxpayers should keep records for loans, gifts and major bank credits
The income-tax return (ITR) filing calendar for assessment year 2026-27 has separate deadlines depending on the type of taxpayer and return form.
While most salaried individuals and others using ITR-1 or ITR-2 had to file by July 31, certain taxpayers with business or professional income have time until August 31, provided their accounts are not required to be audited.
Who Gets The August 31 Deadline?
The August 31 deadline is mainly relevant for taxpayers filing ITR-3 or ITR-4 in non-audit cases.
1 August 2026
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ITR-3 is generally used by individuals and Hindu Undivided Families (HUFs) who have income from business or profession and are not eligible to file ITR-1, ITR-2 or ITR-4. It can also include income from salary or pension, house property, capital gains and other sources, according to a recent report by CNBC.
A proprietor or professional whose income cannot be reported under the presumptive taxation scheme may need to use ITR-3. The August 31 deadline applies where the taxpayer is not required to get the accounts audited.
ITR-4, or Sugam, is a simpler form for eligible resident individuals, HUFs and resident firms other than LLPs opting for presumptive taxation under Sections 44AD, 44ADA or 44AE.
For AY 2026-27, ITR-4 is generally available where total income does not exceed Rs 50 lakh, subject to other eligibility conditions. The Income Tax Department has specified August 31, 2026, as its filing due date.
Who Should Not Wait Until August 31?
Taxpayers should first identify the correct return form rather than assume the later deadline applies to everyone.
ITR-1 is for eligible resident individuals with total income up to Rs 50 lakh from specified sources such as salary or pension, house property and other income, subject to conditions. ITR-2 is generally used by individuals and HUFs who do not have business or professional income but cannot use ITR-1.
For these categories, the regular filing deadline was July 31, 2026.
Taxpayers whose accounts require a tax audit generally have until October 31, 2026, to file their return. Those covered by specified transfer-pricing reporting requirements have a later deadline.
What If You Miss The Due Date?
A taxpayer who misses the applicable original deadline can generally file a belated return up to December 31, 2026, unless the assessment is completed earlier.
Late filing can attract a fee under Section 234F. The fee is Rs 1,000 where total income does not exceed Rs 5 lakh and Rs 5,000 in other cases. Interest may also apply where tax remains payable, while late filing can affect the ability to carry forward certain losses.
The key is to determine the correct ITR form and the deadline linked to it rather than treating August 31 as a blanket extension.
FAQs
Who has the August 31, 2026 ITR filing deadline?
The deadline mainly applies to eligible non-audit taxpayers filing ITR-3 or ITR-4, including certain individuals with business or professional income.
Is August 31 the deadline for all taxpayers?
No. Most eligible ITR-1 and ITR-2 filers had a July 31 deadline, while taxpayers requiring an audit generally have until October 31.
What happens if the ITR filing deadline is missed?
A belated return can generally be filed until December 31, 2026. Late filing may attract a fee, interest on unpaid tax and restrictions on carrying forward certain losses.
