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Missed August 31 ITR Deadline? Fees, Interest and Extensions
Some people who earn money from a business or profession must file their tax return by August 31, 2026.
This deadline does not apply to everyone.
People whose accounts need a tax audit usually get until October 31.
The article also gives a later deadline for transfer-pricing cases, but it says November 31, a date that does not exist on the calendar.
If August 31 is your deadline and you miss it, you can usually still file a late return by December 31, 2026, or before the tax assessment is completed.
A late return may bring a fee of up to ₹5,000, or ₹1,000 for people earning up to ₹5 lakh.
Interest can also be charged on unpaid tax.
Late filing may make it harder to carry some losses into future years.
Filed returns can be corrected under Section 139(5).
The August 31, 2026 deadline applies to certain taxpayers with business or professional income who file ITR-3, ITR-4, ITR-5 or ITR-7 without mandatory tax audits.
Taxpayers whose accounts require an audit generally get until October 31, 2026 to file their returns.
The article states that transfer-pricing cases have until November 31, 2026, although November has no 31st calendar day.
Eligible taxpayers missing August 31 can generally file a belated return by December 31, 2026, or before assessment is completed, whichever is earlier.
Late filing may result in fees of up to ₹5,000 or ₹1,000, plus 1% monthly interest on unpaid tax and possible loss of loss-carry-forward benefits.
- Who
- Taxpayers with income from business or profession, including those filing ITR-3, ITR-4, ITR-5 or ITR-7.
- What
- The article explains the August 31, 2026 ITR deadline, later deadlines for some taxpayers, and the consequences of filing late.
- Where
- When
- The main deadline is August 31, 2026; belated returns can generally be filed until December 31, 2026, or completion of assessment, whichever is earlier.
- Why
- To avoid late-filing fees, interest on unpaid tax, and possible restrictions on carrying forward eligible losses.
Key facts
- Main deadline
- August 31, 2026, for specified taxpayers with business or professional income whose accounts do not require a tax audit.
- Applicable forms
- ITR-3, ITR-4, ITR-5 and ITR-7.
- Audit-case deadline
- October 31, 2026, for taxpayers whose accounts are required to be audited.
- Transfer-pricing deadline
- The article states November 31, 2026; November has no 31st day.
- Belated-return deadline
- Generally December 31, 2026, or before assessment is completed, whichever is earlier.
- Late fee
- Up to ₹5,000 when income exceeds ₹5 lakh; up to ₹1,000 when income is up to ₹5 lakh.
- Interest
- 1% per month or part of a month on unpaid tax under Section 234A, where applicable.
- Correction provision
- Section 139(5) allows taxpayers to correct details or omissions in a filed return.
Sources
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