More than 7.5 crore income tax returns (ITRs) have been filed for assessment year 2026-27 so far, the Income Tax Department said on Monday, urging taxpayers with non-audit business or professional income to complete their filings before the August 31 deadline.
In a post on X, the department said the deadline for taxpayers whose business or professional accounts are not required to be audited falls on August 31, 2026.
“Over 7.5 Crore ITRs have already been filed for AY 2026-27,” the department said.
“The clock is ticking for the (non-audit) business or professional income tax return (ITR) filing deadline (August 31, 2026). If you haven’t filed your ITR 3, 4, 5, or 7 (non-audit) yet, don’t wait for the eleventh hour. File now!” it added.
The advisory comes as taxpayers rush to meet the deadline applicable to individuals and entities earning business or professional income who are not required to get their accounts audited under the Income Tax Act.
ITR-3 is generally applicable to individuals and Hindu Undivided Families (HUFs) earning income from business or profession who are not eligible to file simpler return forms.
ITR-4, also known as Sugam, is meant for eligible resident individuals, HUFs and firms, excluding LLPs, opting for presumptive taxation schemes.
ITR-5 is used by firms, LLPs, associations of persons and certain other entities, while ITR-7 is applicable to persons and institutions required to file returns under specific provisions of the Income Tax Act.
Failure to file a return by the prescribed deadline can attract late filing fees and interest liabilities, besides affecting eligibility for certain tax-related benefits.
A belated return for AY 2026-27 can be filed until December 31, 2026, or before completion of assessment, whichever is earlier. However, late filing may result in taxpayers losing the benefit of carrying forward certain losses, including eligible business or capital losses.
(IANS Inputs)
