ITR Filing Deadline August 31: Who Needs To File ITR-3 and ITR-4 Without Tax Audit?
The August 31 Income Tax Return deadline applies to individuals and HUFs filing ITR-3 or ITR-4 who are exempt from tax audits. This includes freelancers, small business owners, traders, and professionals meeting specific turnover thresholds under Section 44AB. That said, the August 31 deadline does not apply to every taxpayer.
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With the Income Tax Return (ITR) filing season underway, confusion often arises over deadlines. The August 31 deadline does not apply to every taxpayer; instead, it is specifically designated for certain individuals and Hindu Undivided Families (HUFs) based on their form category and tax audit requirements. Under the revised tax calendar, individuals earning income from business, professions, freelancing, or derivatives trading may have until August 31 to complete their filings, provided they are exempt from tax audits.
Who Must File ITR by August 31?
The August 31 due date applies to individuals and HUFs who are not liable for a tax audit and are required to file either ITR-3 or ITR-4. Explaining the regulatory update, Apurv Gupta, Co-founder & CEO of Otto Money, told Livemint, "The Finance Act, 2026, has amended Section 139(1) to split that into two: 31 July for ITR-1 and ITR-2 filers, and 31 August for ITR-3 and ITR-4 filers who are not liable to tax audit." 'Feels Like I'm Earning for Someone Else': Man's INR 1.14 Crore Income Tax Post Sparks Viral Debate.
This category generally covers:
- Freelancers and independent professionals
- Consultants
- Small business owners
- Intraday and F&O (Futures and Options) traders
- Taxpayers utilising presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE
- Salaried individuals with supplementary freelance, consulting, or trading income
Understanding Tax Audit Exemptions
The August 31 timeline strictly applies to taxpayers whose financial records do not mandate a tax audit under Section 44AB of the Income Tax Act. Clarifying the statutory limits, Gupta noted, “Section 44AB thresholds for FY 2025-26 are applicable for business turnover above INR 1 crore, rising to INR 10 crore where both cash receipts and cash payments are within 5% of the total; professional gross receipts above INR 50 lakh." He further added, "Audit is also triggered where a taxpayer declares profits below the presumptive rate under Sections 44AD, 44ADA or 44AE and total income exceeds the basic exemption limit." Income Tax Refund Not Credited Yet? Here’s Why Your AY 2026-27 Refund May Be Delayed.
In practical terms, taxpayers qualify for the August 31 deadline if their business turnover remains at or below INR 1 crore (or up to the higher INR 10 crore threshold under qualifying cash-less criteria) or professional gross receipts do not exceed INR 50 lakh for the financial year.
(The above story first appeared on LatestLY on Aug 04, 2026 07:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
