August 31 is the return filing deadline for taxpayers covered under the non-audit category for assessment year (AY) 2026-27. This includes eligible taxpayers with business or professional income who are required to file their returns by this date. For those who have not yet filed, today is the last opportunity to submit the return within the original due date.
But missing August 31 does not mean that taxpayers lose the opportunity to file their return altogether. The Income Tax Department allows taxpayers to file a belated return after the original due date, subject to the applicable provisions. However, late filing can have financial and tax consequences, including a late-filing fee and interest where applicable, while the timing of filing can also matter for carrying forward certain losses.
Who has to file ITR by August 31?
The August 31 deadline applies to non-audit cases for AY 2026-27. The Income Tax Department has separately specified August 31, 2026 as the due date for filing ITR-4 for eligible taxpayers.
ITR-3 is applicable to individuals and Hindu Undivided Families (HUFs) having income under the head “Profits or Gains of Business or Profession” who are not eligible to file ITR-1, ITR-2 or ITR-4.
, or Sugam, can be used by eligible resident individuals, HUFs and resident firms other than LLPs with total income up to ₹50 lakh where income from business or profession is computed on a presumptive basis under sections 44AD, 44ADA or 44AE, subject to the conditions prescribed by the department.
What happens if you miss the August 31 deadline?
Taxpayers who do not file their return by the original due date can still file a belated return under Section 139(4). For AY 2026-27, the Income Tax Department says a belated return can be furnished on or before December 31, 2026, or before completion of the assessment, whichever is earlier.
However, filing a belated return can attract a late-filing fee under Section 234F. The department states that the fee is ₹1,000 where total income does not exceed ₹5 lakh and ₹5,000 in all other cases.
The Income Tax Department also states that taxpayers filing after the due date may have to pay interest on their tax liability, if any.
So, missing August 31 does not close the window for filing the AY 2026-27 return. But the taxpayer moves from an original return to a belated return and may have to pay the applicable late-filing fee and .
There can also be an impact on the carry-forward of certain losses. The Income Tax Department states that a loss return has to be furnished within the prescribed due date under Section 139(1) for the relevant losses to be carried forward. Its guidance specifically states this requirement for capital losses and business losses.
For taxpayers covered by the August 31 deadline, therefore, filing by the due date avoids the consequences associated with filing a belated return.