ITR Deadline Today: Income Tax Dept Urges Non-Audit Taxpayers To Complete Filing For AY 202627

(MENAFN- IANS) New Delhi, Aug 31 (IANS) Taxpayers with business or professional income who are not subject to audit must file Income Tax Returns for assessment year 2026‐27 by Monday, and the Income Tax Department urged those who have not yet done so to complete and verify their returns.

"Over 7 Crore ITRs have already been filed for AY 2026-27! August 31, 2026 is the due date for filing ITRs for AY 2026–27 for taxpayers with business or professional income who are not subject to audit," Income Tax Department said in an X post.

"Don't wait till the last minute. File your (non-audit) business or professional income ITR today," I-T Department said.

Taxpayers who are filing ITR‐3 or ITR‐4 should select the correct form, report income accurately and reconcile financial information with the Annual Information Statement to avoid late‐filing consequences.

ITR-3 is generally applicable to individuals and HUFs generating income from business or profession and they are not eligible to file ITR-1, ITR-2 or ITR-4.

ITR-4, or Sugam, can be used by eligible resident individuals, HUFs and firms other than LLPs where business or professional income satisfies the conditions of the presumptive taxation scheme under Sections 44AD, 44ADA or 44AE.

Missing the deadline can lead to late filing fees, interest on outstanding tax, delays in refunds and loss of certain tax benefits.

A belated return for AY 2026‐27 can be filed until December 31, 2026, or before completion of assessment, whichever is earlier, but late filing can forfeit the ability to carry forward losses, including eligible business or capital losses.

A late filing fee of Rs 5,000 can be levied under Section 234F, if the taxpayer's total income exceeds Rs 5 lakh. If total income does not exceed Rs 5 lakh, the late filing fee is capped at Rs 1,000.

Taxpayers with unpaid taxes must also pay interest under Section 234A at the rate of 1 per cent per month or part of a month on the outstanding amount.

Further, individuals and other eligible taxpayers with business or professional income opting out of the default new tax regime for the old tax regime must also file their return by the due date.

-IANS

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