More than 7.8 crore Income Tax Returns (ITRs) were filed for Assessment Year (AY) 2026-27 as of August 31, setting a new record, according to the Income Tax Department.
The August 31 deadline marked the end of the revised statutory deadline for taxpayers with business or professional income whose accounts are not required to be audited.
“A record 7.8 Crore+ ITRs have been filed for AY 2026-27 as on August 31, 2026,” the Income Tax Department said in a post on X, thanking taxpayers and tax professionals for their timely compliance.
The August 31 deadline was part of the revised return-filing schedule introduced through amendments to the Income-tax Act, 1961 under the Finance Act, 2026.
Under the revised framework, non-audit business and professional taxpayers were required to file their returns by August 31, while the deadline for other taxpayers not covered under specified categories was July 31.
For companies and taxpayers whose accounts are required to be audited, the due date is October 31. Taxpayers covered by transfer-pricing provisions under Section 92E have until November 30 to file their returns.
The revised schedule effectively gives non-audit business and professional taxpayers an additional month compared with the July 31 deadline applicable to most other non-audit individual taxpayers.
Broadly, tax audit under Section 44AB is required for businesses where total sales, turnover or gross receipts exceed Rs 1 crore. The threshold rises to Rs 10 crore where cash receipts and cash payments do not exceed 5 per cent of the respective totals. For professionals, the general audit threshold is gross receipts exceeding Rs 50 lakh, subject to other conditions under the Income-tax law.
AY 2026-27 relates to income earned during the financial year 2025-26, from April 1, 2025, to March 31, 2026.
The Income Tax Department has clarified that returns for AY 2026-27 continue to be governed by the Income-tax Act, 1961, even though the Income Tax Act, 2025 came into force from April 1, 2026.
Taxpayers who miss their applicable due date can still file a belated return for AY 2026-27 until December 31, 2026, or before completion of assessment, whichever is earlier.
Late filing attracts a fee of Rs 1,000 where total income does not exceed Rs 5 lakh and Rs 5,000 in other cases.
After filing the return, taxpayers are also required to verify it. The Income Tax Department provides a 30-day window for e-verification or submission of ITR-V from the date of filing.
If verification is completed after the 30-day period, the verification date may be treated as the date of filing, and the consequences applicable to late filing may follow. (ANI)
