ITR Filing 2026: 7 Crore Returns Filed; Who Must File by August 31?

More than 7 crore income tax returns have been filed for AY 2026-27, as taxpayers approach the next major filing deadline of August 31, 2026.

August 31 deadline applies to eligible taxpayers filing ITR-3, ITR-4, ITR-5 and ITR-7, particularly those with business or professional income who are not subject to tax audit. Taxpayers who were eligible to file ITR-1 or ITR-2 had a July 31 deadline.

Who needs to file by August 31?

August 31 deadline primarily applies to taxpayers with business or professional income where an audit is not mandatory. This can include certain freelancers, consultants, self-employed individuals and small business owners.

Taxpayers filing ITR-3 or ITR-4 may fall under this deadline depending on their income and filing conditions.

Here is a quick guide to the relevant ITR forms:

• ITR-3: Business owners, traders, professionals and taxpayers with business or professional income not covered under presumptive taxation. Certain F&O traders may also need to file ITR-3.

• ITR-4: Eligible resident individuals, HUFs and firms, excluding LLPs, opting for presumptive taxation under Sections 44AD, 44ADA or 44AE.

• ITR-5: Generally applicable to firms, LLPs, AOPs, BOIs, artificial juridical persons and certain other entities.

• ITR-7: Applicable to specified entities such as charitable or religious trusts, political parties, research associations and certain other institutions.

What are the other ITR deadlines in 2026?

Not all taxpayers have an August 31 deadline. The applicable date depends on the taxpayer's income and whether accounts require an audit.

Taxpayers covered by compulsory tax audit provisions generally have an October 31, 2026 filing deadline. Their Tax Audit Report must be submitted by September 30, 2026.

The November 30, 2026 deadline applies to taxpayers required to submit a report under Section 92E, covering specified transfer pricing reporting obligations. 

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What happens if you miss the August 31 deadline?

Missing the deadline does not prevent taxpayers from filing their returns. Eligible taxpayers can file a belated return until December 31, 2026, or before completion of assessment, whichever is earlier.

A late filing fee may apply. Taxpayers with total income above ₹5 lakh may have to pay ₹5,000, while the fee is ₹1,000 for income up to ₹5 lakh.

If tax remains unpaid, interest at 1% per month or part of a month can also apply under Section 234A.

Can you still claim a refund?

Missing the August 31 deadline does not automatically result in the loss of a tax refund. Eligible taxpayers can claim a refund by filing a belated return before December 31, with the return requiring verification for processing.

However, late filing can affect the ability to carry forward certain losses, including losses from business, stock market investments or F&O trading.

Conclusion: What does this mean for taxpayers?

More than 7 crore ITRs have already been filed for AY 2026-27, while taxpayers covered by the August 31 deadline have only a few days left. Those who miss the deadline can still file a belated return, but late fees, interest and potential loss of certain carry-forward benefits may apply.