August 31 is the last date for certain taxpayers to file their original income tax returns. Missing the deadline could lead to a late filing fee and additional interest on unpaid tax.
Highlights
- August 31, 2026 is the ITR filing deadline for certain categories of taxpayers.
- The deadline applies to specified business and professional taxpayers not required to get their accounts audited.
- Late filing can attract a fee of up to Rs 5,000.
- Taxpayers with total income up to Rs 5 lakh may face a late fee of up to Rs 1,000.
- Interest may also be charged on outstanding tax for delayed filing.
- Taxpayers should select the correct ITR form and complete e-verification after filing.
New Delhi: Taxpayers who are required to file their Income Tax Return (ITR) by August 31, 2026 have only until the end of Monday to complete the process. Missing the deadline could result in a late filing fee as well as additional interest if any tax remains unpaid.
While the filing deadline for most salaried taxpayers was July 31, the August 31 deadline applies to certain taxpayers following changes introduced for 2026. These include eligible individuals earning income from a business or profession who are not required to get their accounts audited. Partners of certain firms that are not subject to audit may also fall under this deadline.
Taxpayers in these categories who fail to submit their return within the prescribed deadline may have to file a belated return.
How Much Late Fee Can Be Charged?
Under the income tax rules, taxpayers filing their returns after the applicable deadline may face a late filing fee under Section 234F.
For taxpayers whose total income does not exceed Rs 5 lakh, the late fee can be up to Rs 1,000. For eligible taxpayers with income above Rs 5 lakh, the late filing fee can go up to Rs 5,000.
The financial impact may not be limited to the late fee. If a taxpayer has outstanding tax liability, interest may also become payable for the delay under the applicable provisions of the Income Tax Act.
This makes timely filing particularly important for taxpayers who still have tax dues. Even a short delay can increase the overall amount payable because interest is generally calculated on a monthly basis or part thereof, subject to the applicable rules.
Choosing the Correct ITR Form Is Important
Taxpayers should also ensure that they select the correct ITR form according to their source of income and eligibility. Business owners, professionals and taxpayers opting for presumptive taxation may have different filing requirements.
Simply submitting the return is also not enough. After filing the ITR, taxpayers should complete the e-verification process within the prescribed time to complete their return filing process.
Those covered by the August 31 deadline should therefore file their return as soon as possible rather than waiting until the last few hours.
