More than 7.8 crore Income Tax Returns have been filed at the close of August for the Assessment Year (AY) 2026-2027, according to the Income Tax Department.
The ITRs filed so far mark the end of the revised statutory deadline for taxpayers with business or professional income whose accounts are not required to be audited. The Income Tax Department thanked taxpayers for their compliance through an X post.
Business and professional taxpayers under the non-audit category have a month more than other taxpayers to file their Income Tax Returns.
As per the revised return-filing schedule introduced through amendments to the Income-tax Act, 1961, under the Finance Act, 2026, non-audit business and professional taxpayers had until August 31 to file their returns, while the due date for those under none of the specified categories was July 31. On the other hand, business and professional taxpayers who need their income to be audited can file their returns till October 31, while November 30 applies to taxpayers covered by transfer-pricing provisions under Section 92E.
Under Section 44AB, if the total sales, turnover or gross receipts of a taxpayer’s business exceed Rs 1 crore, a tax audit becomes mandatory. The threshold for businesses rises to Rs 10 crore if cash transactions are within 5 per cent of the total transactions. For professionals, the limit comes down to Rs 50 lakh, subject to other conditions under the Income-tax law.
AY 2026-2027 takes into account the income earned from April 1, 2025, to March 31, 2026. The applicable filing deadline depends on the category of taxpayer and whether their accounts are required to be audited under the Income-tax law.
Those who have missed the deadline can still file a belated ITR. The provision gives them until December 31, 2026, or before completion of the assessment, whichever comes earlier, to file the returns. This, however, incurs a penalty of Rs 1,000 for those with total income below Rs 5 lakh and Rs 5,000 for others.
After filing the returns, taxpayers are required to complete the verification process either through e-verification within a 30-day window or by submitting ITR-V within 30 days of filing. The date of verification may be treated as the date on which the returns are filed.
As per the revised return-filing schedule introduced through amendments to the Income-tax Act, 1961, under the Finance Act, 2026, non-audit business and professional taxpayers had until August 31 to file their returns, while the due date for those under none of the specified categories was July 31. On the other hand, business and professional taxpayers who need their income to be audited can file their returns till October 31, while November 30 applies to taxpayers covered by transfer-pricing provisions under Section 92E.
Under Section 44AB, if the total sales, turnover or gross receipts of a taxpayer’s business exceed Rs 1 crore, a tax audit becomes mandatory. The threshold for businesses rises to Rs 10 crore if cash transactions are within 5 per cent of the total transactions. For professionals, the limit comes down to Rs 50 lakh, subject to other conditions under the Income-tax law.
AY 2026-2027 takes into account the income earned from April 1, 2025, to March 31, 2026. The applicable filing deadline depends on the category of taxpayer and whether their accounts are required to be audited under the Income-tax law.
Those who have missed the deadline can still file a belated ITR. The provision gives them until December 31, 2026, or before completion of the assessment, whichever comes earlier, to file the returns. This, however, incurs a penalty of Rs 1,000 for those with total income below Rs 5 lakh and Rs 5,000 for others.
After filing the returns, taxpayers are required to complete the verification process either through e-verification within a 30-day window or by submitting ITR-V within 30 days of filing. The date of verification may be treated as the date on which the returns are filed.
