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Who Must File Income-Tax Returns by 31 October?

ITR deadline: Who must file returns by 31 October, what is the penalty for missed deadline? Key points to know · livemint.com

Some taxpayers have to submit their income-tax returns by 31 October 2026.

This mainly includes companies and people whose accounts must be checked through a tax audit.

Certain taxpayers with international or specified domestic transactions get until 30 November.

A tax audit may be required when a business has high turnover or when a professional has high receipts.

Missing the deadline can lead to a late fee, interest on unpaid tax, and difficulty carrying forward some losses.

A late return can usually still be filed by 31 December 2026.

The fee is ₹1,000 for people whose total income is up to ₹5 lakh and ₹5,000 for others.

Taxpayers can submit returns through the official e-filing portal and must complete e-verification.

Key facts

Returns filed: More than 7.8 crore ITRs had been filed for FY26/AY27 by 31 August, according to the tax department.
31 October deadline: Applies generally to companies and taxpayers whose accounts are required to be audited, including partners of audited firms.
Transfer-pricing deadline: Taxpayers covered by Section 92E have until 30 November 2026.
Business audit threshold: Businesses generally require audit when sales, turnover, or gross receipts exceed ₹1 crore.
Higher business threshold: The threshold rises to ₹10 crore when cash receipts and cash payments do not exceed 5% of their respective totals.
Professional audit threshold: Professionals generally face an audit threshold of gross receipts exceeding ₹50 lakh, subject to other tax-law conditions.
Belated-return fee: The fee is ₹1,000 when total income does not exceed ₹5 lakh and ₹5,000 in other cases.

livemint.com · 1 day ago