For AY 2026-27, salaried individuals and investors filing ITR-1 or ITR-2 must file by 31 July 2026. Business and professional filers using ITR-3 or ITR-4 without a tax audit have until 31 August 2026. Miss your applicable date and Section 234F charges a late fee of up to ₹5,000, plus you lose the right to carry forward losses.
Which Deadline Is Yours — July 31 or August 31
| Filer Type | ITR Form | Due Date — AY 2026-27 |
|---|---|---|
| Salaried individuals, pensioners | ITR-1 | 31 July 2026 |
| Capital gains, multiple house properties, foreign assets, income above ₹50 lakh (no business income) | ITR-2 | 31 July 2026 |
| Business/profession income, no tax audit required (includes F&O and intraday traders) | ITR-3 | 31 August 2026 |
| Presumptive taxation scheme (44AD/44ADA), no tax audit | ITR-4 | 31 August 2026 |
| Tax audit cases (44AB) — any of the above with audit applicable | ITR-3 | 31 October 2026 |
The distinction that trips up most filers: F&O trading or intraday equity trading is business income, so it requires ITR-3 and follows the 31 August date — even for someone who is otherwise salaried. Only delivery-based equity and mutual fund capital gains stay on ITR-2 with the 31 July date.
Why Two Different Dates Apply This Year
Until last year, salaried and non-audit business filers shared a single 31 July deadline. Budget 2026 split this into two dates: 31 July for salaried and investment income, and a new 31 August window for individuals and HUFs with business or professional income who don't need a tax audit. The extra month exists because business filers need to finalise books of account — P&L, balance sheet, GST reconciliation — before they can compute taxable income, work that salaried filers with Form 16 and a broker statement don't have to do.
What Happens If You Miss Your Deadline
- Section 234F late fee: ₹5,000 if total income exceeds ₹5 lakh, ₹1,000 if it doesn't.
- Section 234A interest: 1% per month on any unpaid tax, counted from the original due date.
- Loss of carry-forward: Capital losses and business losses can only be carried forward if filed by the original due date — a belated return forfeits this permanently for the year.
- Belated return window: Still open until 31 December 2026 under Section 139(4), after which only an Updated Return (ITR-U) with 25–60% additional tax is possible.
5-Step Checklist to File Before Your Deadline
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- Check AIS and Form 26AS. Log in to incometax.gov.in and verify every income and TDS entry matches your records.
- Confirm your ITR form. Use ITR-1 for salary-only income up to ₹50 lakh, ITR-2 if you have capital gains or multiple properties, ITR-3/ITR-4 if you have business or F&O income.
- Choose your tax regime. The new regime is the default for FY 2025-26 — compare your liability under both before submitting.
- Clear any balance tax. Pay self-assessment tax via Challan 280 before filing, or you'll accrue Section 234A interest.
- File and e-verify within 30 days using Aadhaar OTP, net banking, or a signed ITR-V sent to CPC Bangalore. An unverified return is treated as not filed.
Revised Return Deadline Extended to March 2027
If you file by your deadline but spot an error afterward, Budget 2026 extended the revised return window to 31 March 2027 — up from the earlier 31 December cutoff. This applies regardless of whether you filed under the 31 July or 31 August date, and carries no additional tax, unlike an Updated Return filed after the belated return window closes.
Frequently Asked Questions
What is the last date to file ITR for AY 2026-27?
31 July 2026 for salaried individuals, pensioners, and investors filing ITR-1 or ITR-2. Business and professional taxpayers who don't need a tax audit (ITR-3, ITR-4) get until 31 August 2026. Audit cases are due 31 October 2026.
What is the penalty if I miss the July 31, 2026 deadline?
Under Section 234F, a late fee of ₹5,000 applies if total income exceeds ₹5 lakh, or ₹1,000 if it doesn't. Interest under Section 234A at 1% per month also applies on any unpaid tax, and you lose the right to carry forward capital or business losses for the year.
Why do business filers get August 31 instead of July 31?
Budget 2026 created a separate 31 August window for individuals and HUFs with business or professional income who don't require a tax audit. Earlier they shared the 31 July date with salaried filers; the extra month gives them more time to finalise books of account.
I have both salary and F&O trading income — which deadline applies to me?
F&O trading is treated as business income, so you must file ITR-3, which falls under the 31 August 2026 deadline (or 31 October if a tax audit applies) — even though you also have salary income. The presence of F&O income overrides the salaried 31 July deadline.
Can I still file after July 31 if I'm not a business filer?
Yes, as a belated return under Section 139(4), due by 31 December 2026, with the Section 234F late fee. You cannot carry forward capital losses or business losses if you file late, so it's worth filing on time even with incomplete information and revising later.
What is the last date for a revised return for AY 2026-27?
31 March 2027. Budget 2026 extended the revised return window from the earlier 31 December cutoff, giving taxpayers more time to correct genuine errors after filing — whether they filed by 31 July or 31 August.