Important information has come to light for taxpayers regarding the deadline for filing Income Tax Returns. The deadline for filing ITR without late fees for employed and salaried class has already ended on 31st July. However, for those who earn from business, a profession or freelancing, the next deadline is approaching. Such taxpayers have time till August 31 to file their returns.
Actually, under Income Tax rules, different dates for filing returns are fixed depending on the category of taxpayers and their source of income.
Mathematics of deadlines of 31st August and 31st October For non-audit taxpayers, whose income comes from any business or freelance work and whose accounts are not mandated to be audited, August 31 is the last date. Such people have to choose between ITR-3 or ITR-4 form as per their situation.
On the other hand, giving relief to businessmen or professionals whose accounts are required to be tax audited, the government has given time till October 31. This deadline has been implemented for the tax assessment year (AY 2026-27).
Record figures made till 31 July According to Income Tax Department data, by the primary deadline of July 31, more than 5.9 crore taxpayers had submitted their ITR for AY 2026-27. In this phase, mainly salaried employees, pensioners, persons receiving rent from a house and taxpayers receiving interest and dividends from bank-post office had filed their details through ITR-1 (Sahaj) and ITR-2.
Which form for which taxpayer? It is very important to choose the right form while depositing tax, otherwise the return may get rejected:
- ITR-1 (Spontaneous): This is for residents with annual income up to Rs 50 lakh who have income from salary, owning a house property and agricultural income up to Rs 5,000.
- ITR-2: This is for individuals and HUFs who do not have income from business but earn from stock market or capital gains.
- ITR-3: This form is for those professionals and businessmen who do not opt for the presumptive tax scheme and maintain complete balance sheets.
- ITR-4 (Sugam): This is for small traders, firms and freelancers who avail the Presumptive Taxation Scheme and whose total income is up to Rs 50 lakh.
If you are also involved in freelancing or any small business and do not fall in the audit category, then complete the process before August 31 to avoid any penalty or last-minute technical glitches.
-
Preity Zinta's Neighbor In Paris Sent Her Favorite Punjabi Meal When She Was Sick
-
Can IMEI be leaked even before the phone rings? New report raises questions on mobile network security
-
Who is Saransh Jain of Madhya Pradesh, who made his Test debut in Colombo?
-
8 year old innocent boy died while playing, crushed by 750 kg pitch roller, how did such a big incident happen?
-
PM Modi's 4-day foreign tour from today, this will be the program from Uzbekistan to Kyrgyzstan
