The August 31 deadline applies to certain taxpayers filing ITR-3, ITR-4, ITR-5 or ITR-7 who have income from business or profession but are not required to get their accounts audited.
What happens if you miss the August 31 deadline?
Missing the deadline does not mean you cannot file an ITR. You can submit a belated return by December 31, 2026, or before the assessment is completed, whichever is earlier.
Late filing comes with a fee. Taxpayers with total income above ₹5 lakh may have to pay ₹5,000, while the fee is ₹1,000 for those with income up to ₹5 lakh.
If tax is still payable, interest at 1% per month, or part of a month, can also apply on the unpaid amount under Section 234A.
Can you still get a refund?
Missing the August 31 deadline does not automatically mean losing a tax refund.
If you are eligible for a refund, you can claim it by filing a belated return before December 31. The return must also be verified for the refund to be processed. The Income Tax Department has prescribed a 30-day window for e-verification after filing.
However, you could lose the benefit of carrying forward losses.
If you make a loss from your business, stock market investments or F&O trading, you may want to use that loss to reduce your taxable income in future years. But if you file your ITR after the deadline, you may lose the right to carry forward some of these losses.
Made a mistake in your ITR?
Taxpayers who find an error or leave out information after filing can submit a revised return under Section 139(5). For AY 2026-27, a revised return can generally be filed until March 31, 2027, or completion of assessment, whichever is earlier.
A revised return replaces the earlier return and has to be verified again. However, revising a belated return does not restore tax benefits that were lost because of late filing, including certain loss carry-forward benefits.
