If a taxpayer fails to file ITR-1 or ITR-2 by first due date on July 31, can he file ITR-3 by the next deadline on August 31?

With different ITR forms carrying different filing deadlines this year, some taxpayers are wondering whether missing the July 31 deadline for ITR-1 or ITR-2 means they can instead file ITR-3 by its later due date of August 31.

"You cannot choose ITR-3 just because it has a later due date. The ITR form depends on the type of income you have, not on the filing deadline. If you are eligible to file ITR-1 or ITR-2, you should file the same form as a belated return after the due date, if allowed under the Income-tax Act. You should file ITR-3 only if you actually have business or professional income or otherwise meet the eligibility conditions for ITR-3. Using the wrong ITR form may make your return defective," said CA Abhishek Soni, CEO & Co-founder, Tax2win.

Whether you can file ITR3 (instead of ITR1/2) has everything to do with the source of your income, not the date you file it.

"If your income is from a salary, pension, capital gains, interest, or just one house property, then your applicable return is ITR1 (Sahaj) or ITR2. You must use ITR-3 only if you have income from business or profession. If your income falls under the former, even if you miss the July 31 deadline, you cannot use the ITR-3 and its later due date to your advantage," said CA Gaurav Singh Parmar, Associate Director, Fincorpit Consulting.

You would have to file a belated return (under section 139(4)) for the ITR-1 or ITR-2 you should have filed and by December 31, 2026. But beware: you would have to pay a late fee (of up to ₹5,000; ₹1,000 if income is below Rs 5 lakh), besides interest on any unpaid tax and a loss of some carryforward benefits.

"Don't think the ITR-3 deadline is your ticket to delayed filing, it's only for legitimate business income," said CA Gaurav Singh Parmar.