Now Reading: ITR-3 vs ITR-4: Who should file which form by August 31
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ITR-3 vs ITR-4: Who should file which form by August 31
The deadline for non-audit taxpayers with business or professional income, including freelancers, to file income tax returns is August 31, 2026. Those filing must choose between ITR-3 and ITR-4 (Sugam), depending on…
The deadline for non-audit taxpayers with business or professional income, including freelancers, to file income tax returns is August 31, 2026. Those filing must choose between ITR-3 and ITR-4 (Sugam), depending on their income type and whether they opt for presumptive taxation.
ITR-3 is for individuals and HUFs who do not opt for presumptive taxation, maintain regular books, or have total income above Rs 50 lakh. It also applies to those engaged in futures and options (F&O) trading. ITR-4 is for individuals, HUFs and firms opting for presumptive taxation, with total income generally up to Rs 50 lakh. ITR-4 allows simpler filing but excludes those with foreign assets, unlisted equity shares, short-term capital gains, or losses to be carried forward.
Taxpayers can file via the Income Tax Department's e-filing portal and must verify after submission. Audit cases have a later deadline of October 31, 2026. Businesstoday.in and Livemint both advise keeping documents like Form 26AS, AIS, TIS, Form 16, bank statements and GST returns ready.
Indian Opinion Analysis
Both businesstoday.in and livemint.com provide neutral, instructional coverage comparing ITR-3 and ITR-4, with no partisan slant. Businesstoday.in leads with a detailed side-by-side table covering eligibility, income limits, and excluded categories, while livemint.com emphasises the approaching deadline and provides a checklist. Neither outlet criticises the tax department nor advocates for any group. The uniform straight reporting means the key takeaway is the clear eligibility distinction: freelancers and small traders with income under Rs 50 lakh who want simpler compliance should use ITR-4, while those with higher income, F&O trading, or foreign assets must use ITR-3. The August 31 deadline applies to non-audit cases.
Coverage: 2 sources, 2 neutral
Sources (2): businesstoday.in (neutral report), livemint.com (neutral report)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry.
Updated: this story now draws on 2 sources.
