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August 31 ITR Deadline: Belated Returns, Fees and Loss Rules
August 31 is the last regular filing day for many people who earn money from a business or profession.
This deadline is for cases where the accounts do not need a tax audit.
Depending on their situation, taxpayers may use forms such as ITR-3, ITR-4, ITR-5 or ITR-7.
People who miss the date can still submit a belated return.
For AY 2026-27, that generally can be done until December 31, 2026, or until the assessment is completed, whichever comes first.
Filing late may cost ₹1,000 or ₹5,000 and may also lead to interest on unpaid tax.
Some business and capital losses may not be carried forward if the return is late.
The return also needs to be verified after it is submitted.
Most salaried taxpayers using ITR-1 or ITR-2 had an earlier July 31 deadline.
August 31, 2026, is the filing deadline for non-audit taxpayers with business or professional income for AY 2026-27.
Eligible taxpayers may need ITR-3, ITR-4, ITR-5 or ITR-7, depending on their status and income.
Taxpayers missing the deadline can file a belated return under Section 139(4) by December 31, 2026, or before assessment completion, whichever is earlier.
Late filing may trigger a fee of ₹1,000 for income up to ₹5 lakh or ₹5,000 otherwise, plus applicable interest.
Late loss returns may prevent taxpayers from carrying forward certain capital or business losses, and submitted returns must be e-verified.
- Who
- Taxpayers with business or professional income whose accounts do not require an audit, including eligible individuals, HUFs, firms, freelancers, consultants and professionals.
- What
- They must file their AY 2026-27 income tax returns by the applicable deadline, while late filers may submit belated returns subject to fees and other consequences.
- Where
- Through the Income Tax Department’s e-filing portal, whose support lines were available around the clock until 11:59 p.m. on August 31, 2026.
- When
- August 31, 2026, is the non-audit deadline; audit reports are due September 30 and audit-case returns are generally due October 31, 2026.
- Why
- The deadline applies to returns for income earned during FY 2025-26 by taxpayers in the non-audit business or professional category.
Key facts
- Assessment year
- AY 2026-27
- Relevant financial year
- FY 2025-26
- Non-audit deadline
- August 31, 2026
- Belated return deadline
- December 31, 2026, or before completion of assessment, whichever is earlier
- Late-filing fee
- ₹1,000 when total income does not exceed ₹5 lakh; ₹5,000 in other cases
- Audit deadlines
- Tax-audit report by September 30, 2026; audit-case ITR generally by October 31, 2026
- Audit thresholds cited
- Business receipts exceeding ₹1 crore, potentially ₹10 crore where cash receipts and payments do not exceed 5%; professional receipts exceeding ₹50 lakh
- Filing figures
- More than 7 crore AY 2026-27 ITRs had been filed; over 5.9 crore ITR-1 and ITR-2 returns were filed by July 31
Sources
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