ITR deadline August 31: late filing penalties and extended dates

The August 31, 2026 deadline for filing income tax returns applies to taxpayers with business or professional income using ITR-3, ITR-4, ITR-5, or ITR-7 who are not required to get accounts audited. Missing this date allows filing a belated return until December 31, but incurs penalties: up to Rs 5,000 for income above Rs 5 lakh, and up to Rs 1,000 for income up to Rs 5 lakh. Interest at 1% per month on unpaid tax also applies under Section 234A.

Certain taxpayers get more time. Those under presumptive taxation liable for audit have an October 31 deadline. Transfer pricing cases have until November 30. Audit cases under section 44AB must file by October 31. Taxpayers can also file a revised return under Section 139(5) by December 31, 2026, or by March 31, 2027 with a late fee.

Livemint reports that taxpayers should check forms like ITR-3 (for business income not eligible for presumptive taxation) and ITR-4 (for presumptive taxation income up to Rs 50 lakh). Supporting documents include Form 16A (TDS on non-salary income), Form 26AS and Annual Information Statement for transaction details, and audit reports Form 3CB-CD for audit cases. Forms 15G/15H can be used to claim nil or lower TDS on interest income.