ITR 2026: The Income Tax Department has released a significant notice for all taxpayers across the nation who earn income from business or profession and whose accounts do not require auditing. In an official message on the social media platform ‘X’, the department reminded everyone that the deadline for filing income tax returns for the assessment year (AY) 2026-27 is August 31, 2026. They have urged taxpayers to file their returns today to prevent any last-minute technical issues and heavy traffic on the e-filing portal.
As per the latest filing statistics, a remarkable total of over 65 million Income Tax Returns (ITRs) have been submitted on the e-filing portal as of August 20, 2026. Among these, more than 20 million returns are categorized as ITR-3 and ITR-4, mainly for small businesses and professionals. Earlier, over 59 million ITR-1 and ITR-2 forms were successfully processed by the July 31 deadline for salaried individuals.
Select the appropriate ITR form based on your income:
ITR-3: This form is designated for individuals and Hindu Undivided Families (HUFs) who earn profits from a proprietorship business or independent profession (like freelancers, doctors, architects, or traders).
ITR-4 (Sugam): This is intended for small and medium taxpayers who report their income under the government’s presumptive tax scheme.
ITR-5: This form is compulsory for partnership firms, limited liability partnerships (LLPs), and cooperative societies.
ITR-7: This is utilized by trusts, political parties, and charitable organizations.
Serious repercussions of failing to file ITR on time:
If you do not meet the deadline of August 31, 2026, your return will be classified as a ‘belated return’, leading to the following consequences:
Late Fee (Fine): If your total annual income exceeds Rs 5 lakh, you will incur a late fee of Rs 5,000; if your income is below this threshold, a late fee of Rs 1,000 will apply.
An additional interest charge of 1% per month will be levied on any outstanding tax liability. You will also be unable to carry forward losses: You will not be able to carry forward current losses.