ITR filing deadline August 31: Who gets more time and what happens if you miss it?

Don’t wait for the last-minute rush to file your income tax return (ITR). If you have income from a business or profession and are not required to get your accounts audited, your ITR filing deadline for AY 2026-27 is August 31, 2026.

The August 31 deadline applies to eligible taxpayers filing ITR-3, ITR-4, ITR-5 or ITR-7 whose income is from business or profession and who are not subject to tax audit under the Income-tax Act, 1961.

If you earn income from a business or profession and are not required to get your accounts audited, August 31, 2026 is an important date on your tax calendar.

What happens if you miss the August 31 deadline?

If August 31 is your applicable due date and you fail to file your return on time, you can generally file a belated return subject to the applicable provisions.

For AY 2026-27, the belated return can generally be filed up to December 31, 2026, or before completion of the assessment, whichever is earlier. But waiting until December could cost you late filing fee. Under Section 234F, the late filing fee is:

• ₹1,000 if your total income does not exceed ₹5 lakh

• ₹5,000 in other cases

• Interest may also apply where tax remains payable.

There can also be consequences for taxpayers who want to carry forward certain eligible losses. For business owners and traders, timely filing can therefore be particularly important.

For AY 2026-27, December 31, 2026 is generally the last date for filing a belated return, while a revised return can generally be filed until March 31, 2027, subject to the applicable conditions and the additional Section 234-I fee after December 31.