Income Tax Returns: Over 7.8 Crore ITRs Filed For AY 2026-27 By August 31

The milestone marked the close of the revised statutory deadline for non-audit business and professional taxpayers.

Late filing attracts a fee of Rs 1,000 where total income does not exceed Rs 5 lakh and Rs 5,000 in other cases.

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Key points generated by AI, verified by newsroom

• Record 7.8 crore ITRs filed by August 31 deadline.
• August 31 was revised deadline for non-audit taxpayers.
• Other deadlines apply; belated returns possible with fees.

A record of more than 7.8 crore Income Tax Returns (ITRs) were filed for Assessment Year (AY) 2026-27 as on August 31, according to the Income Tax Department.

The milestone marked the close of the revised statutory deadline for non-audit business and professional taxpayers.

"A record 7.8 Crore+ ITRs have been filed for AY 2026-27 as on August 31, 2026," the Income Tax Department said on X. "We sincerely thank the taxpayers and professionals for their timely compliance."

The August 31 deadline formed part of the revised return-filing schedule introduced through amendments to the Income-tax Act, 1961 under the Finance Act, 2026.

Under the revised framework, non-audit business and professional taxpayers had until August 31 to file their returns, while the due date for other taxpayers who do not fall under specified categories was July 31.

For companies and taxpayers whose accounts are required to be audited, the due date is October 31, while November 30 applies to taxpayers covered by transfer-pricing provisions under Section 92E.

The change effectively gives non-audit business and professional taxpayers an additional month compared with the July-end deadline applicable to most other non-audit individual taxpayers.

Broadly, tax audit under Section 44AB is required for businesses where total sales, turnover or gross receipts exceed Rs 1 crore. The threshold increases to Rs 10 crore where cash receipts as well as cash payments do not exceed 5 per cent of the respective totals. For professionals, the general audit threshold is gross receipts exceeding Rs 50 lakh, subject to other conditions under the Income-tax law.

AY 2026-27 relates to income earned during the financial year 2025-26, or between April 1, 2025 and March 31, 2026. The Income Tax Department has clarified that such returns continue to be governed by the Income-tax Act, 1961, even though the new Income Tax Act, 2025 came into force from April 1, 2026.

Taxpayers who miss the applicable due date can still file a belated return for AY 2026-27 until December 31, 2026, or before completion of assessment, whichever is earlier. Late filing attracts a fee of Rs 1,000 where total income does not exceed Rs 5 lakh and Rs 5,000 in other cases.

After filing, taxpayers are also required to verify their return. The Income Tax Department provides a 30-day window for e-verification or submission of ITR-V from the date of filing. If verification takes place beyond this period, the verification date can be treated as the date of filing and consequences of late filing may apply.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)