Know your ITR deadline

With only a few days remaining before the income tax return (ITR) filing deadline, many taxpayers remain uncertain about which due date applies to them.

Although the Union Budget 2026 introduced a new filing timeline for certain taxpayers, the July 31 deadline continues for most salaried individuals.

According to the Income Tax Department’s e-filing portal, more than 4.37 crore income tax returns have already been filed for Assessment Year (AY) 2026-27.

By comparison, taxpayers filed 6.97 crore returns during the entire AY 2025-26.

Salaried individuals and taxpayers eligible to file ITR-1 or ITR-2 must submit their returns by July 31, 2026.

Resident individuals with salary income and long-term capital gains (LTCG) of up to ₹1.25 lakh can file ITR-1.

However, taxpayers with LTCG above ₹1.25 lakh or taxable short-term capital gains generally need to file ITR-2, provided they do not have business income.

Meanwhile, the Union Budget 2026 has extended the deadline to August 31, 2026, for taxpayers earning business or professional income that is not subject to a tax audit.

These taxpayers are generally required to file ITR-3 or ITR-4, depending on their eligibility.

ITR-3 applies to individuals and Hindu Undivided Families (HUFs) earning income from a business or profession, including proprietors, freelancers, consultants, and futures and options (F&O) traders who do not qualify for other ITR forms.

On the other hand, ITR-4 (Sugam) is meant for resident individuals, HUFs, and firms, excluding LLPs, with total income of up to ₹50 lakh that opt for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE.

Furthermore, taxpayers whose accounts require a tax audit have until October 31, 2026, to file their income tax returns. Their tax audit report must be completed by September 30, 2026.

Taxpayers should confirm the correct ITR form and applicable deadline based on their income source to avoid penalties and ensure timely compliance.

Image from Pxhere (Free for commercial use / CC0 Public Domain)

Image published on February 21, 2017

Image Reference: https://pxhere.com/en/photo/782062