ITR Deadline 31 August 2026: Points to remember-

 

 

31st August is not an extension of due date. The Finance Act, 2026 has substituted Explanation 2 to Section 139(1) with effect from 1 March 2026.

1.  The calendar:

31 July 2026 due date applied to assessees with no PGBP income and no audit liability, and has elapsed.

31 August 2026 due date applies to assessees with PGBP income whose accounts are not liable to audit under Section 44AB, and to specified partners of such firms.

31 October 2026 applies to companies and Section 44AB audit cases, with the audit report due by 30 September.

30 November 2026 applies to Section 92E cases.

The form does not decide the date. The tests are PGBP income and liability to audit.

2.  Two traps:

A partner’s date follows the firm’s audit position; salary with F&O or intraday is business income, so 31 August applies, not 31 July.

3.  What is lost on 1 September?

Fee of Rs. 5,000 under Section 234F, Rs. 1,000 if income is up to Rs. 5 lakh.

Interest at 1 per cent per month under Section 234A.

Carry forward of business, speculation and capital loss under Section 80, with only house property loss and unabsorbed depreciation surviving.

And the Form 10-IEA election out of Section 115BAC, which must be furnished by the 139(1) date and cannot be restored by a belated or revised return.

The last two are irreparable. For any client with a carry-forward loss or an old regime preference, 31 August is absolute.