New Delhi [India], August 28 (ANI): More than seven crore income tax returns (ITRs) have already been filed for Assessment Year (AY) 2026-27, the Income Tax Department said, as the August 31 deadline approaches for taxpayers with business or professional income whose accounts are not required to be audited.
The department said in a post on X that over seven crore ITRs had been filed as of August 27.
"31 August 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," the Income Tax Department said, urging taxpayers not to wait until the last minute.
The August 31 deadline forms part of the revised return-filing calendar introduced through changes to the Income-tax Act, 1961 in the Finance Act, 2026. Under the revised framework, non-audit business and professional taxpayers have until August 31 to file their returns, while the due date for other taxpayers who do not fall under specified categories was July 31.
For companies and taxpayers whose accounts are required to be audited, the due date is October 31, while November 30 applies to taxpayers covered by transfer-pricing provisions under Section 92E.
The change effectively gives non-audit business and professional taxpayers an additional month compared with the July-end 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 increases to Rs 10 crore where cash receipts as well as 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 financial year 2025-26, or between April 1, 2025 and March 31, 2026. The Income Tax Department has clarified that such returns continue to be governed by the Income-tax Act, 1961, even though the new Income Tax Act, 2025 came into force from April 1, 2026.
Taxpayers who miss the 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, taxpayers are also required to verify their return. The Income Tax Department provides a 30-day window for e-verification or submission of ITR-V from the date of filing. If verification takes place beyond this period, the verification date can be treated as the date of filing and consequences of late filing may apply. (ANI)
Over 7 crore ITRs filed for AY 2026-27; Aug 31 deadline nears for non-audit business taxpayers
