ITR deadline: Who must file returns by 31 October, what is the penalty for missed deadline? Key points to know

ITR deadline: A record over 7.8 crore income-tax returns (ITR) have been filed for FY26 / AY27 till 31 August, compared to the more than 7.3 crore ITRs filed by 16 September last year with the extended deadline, the tax department said today.

The total figure includes 5.9 crore returns filed with ITR-1 and ITR-2 forms by 31 July, and the remaining being non-audit taxpayers with business or professional income — with ITR-3, ITR-4, ITR-5 or ITR-7 forms, as per a PTI report.

• The ITR-3 is filed by individuals and Hindu Undivided Families (HUFs) with income from a proprietary business or profession.
• ITR-4 is a simpler form that caters to small and medium taxpayers.
• ITR-5 is filed by firms and Limited Liability Partnership and Cooperative Societies.
• ITR-6 is filed by companies registered under Companies Act and ITR-7 by trusts and charitable institutions.

Who must file ITR by 31 October 2026?

Notably, for companies and taxpayers (e.g. partners of firms whose accounts are subject to audit) whose accounts are required to be audited, the due date is 31 October, while taxpayers covered by transfer-pricing provisions under Section 92E have until 30 November, according to an ANI report.

Which taxpayers are subject to tax audit?

• These include businesses where total sales, turnover or gross receipts exceed ₹1 crore, and are to be audited under Section 44AB of the Income-Tax Act (ITA), it added.
• Further, for businesses, the threshold increases to ₹10 crore where cash receipts as well as cash payments do not exceed 5% of the respective totals.
• For professionals, the general audit threshold is gross receipts exceeding ₹50 lakh, subject to other conditions under the Income-tax law.

Thus, according to the official ITR e-filing portal, the 31 October due date applies to all income tax returns for AY27, except ITR-1, ITR-2 and ITR-4, “if the assessee (not having any international or specified domestic transaction) is (a) corporate assessee or (b) non corporate assessee (whose books of account are required to be audited) or (c) partner of a firm whose accounts are required to be audited) or the spouse of such partner if the provisions of section 5A applies to such spouse”.

Is there a penalty for missing 31 October deadline?

According to a report by Taxguru, late filing by entities that are required to undergo audit, may result in fees up to ₹5,000, interest on unpaid taxes, and the inability to carry forward business or capital losses.

• Notably, taxpayers who miss the applicable deadline can still file a belated return for AY27 until 31 December, or before completion of assessment, whichever is earlier.
• Here, late filing attracts a fee of ₹1,000 where total income does not exceed ₹5 lakh and ₹5,000 in other cases.

• Further, in case of mistakes, missed disclosures or inaccuracies in your filing, you also have the option to file revised return can be filed by 31 March 2027.
• For revised returns, an additional fee under Section 234-I may apply if a revised return is filed after nine months from the end of the financial year.

How to file your ITR online?

Taxpayers can file their returns using the official e-filing portal here — https://eportal.incometax.gov.in/iec/foservices/#/login. Taxpayers can log in using their PAN details, select the applicable ITR form, verify their income and deduction details (if filing under old tax regime), pay tax due (when necessary) and complete e-verification after submission of the return.

The e-filing portal also provides access to pre-filled information based on available records, including details from Form 16, Annual Information Statement (AIS) and Taxpayer Information Summary (TIS).

Alternatively, if you so choose, you can engage with a Chartered Accountant (CA) or registered tax expert to file your returns by a third-party authorised representative. Further, a number of fintech and tax information platforms also provide services that include advice, assistance and filing of returns for a cost.

Disclaimer: This is only for informational and educational purposes. Please consult a qualified expert for the latest laws and regulations.