ITR filing 2026 last day today: Who should file their returns today, who can wait till August 31

Millions of taxpayers are rushing to file their income tax returns today — but should you be one of them? The income tax department has quietly given one group of taxpayers a full extra month, while another group faces penalties starting tomorrow. The catch? It all depends on which ITR form applies to you.

Get it wrong, and you either pay an unnecessary late fee or waste your weekend filing when you didn't need to. Here's the simple breakdown of who must file today, who can safely wait till August 31 — and what happens if you miss the deadline.

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Who all must file their ITR today?

Salaried individuals and pensioners are required to file their income tax returns today itself. Other non-tax audit taxpayers or ITR-1 and ITR-2 filers must file their ITRs today. These include taxpayers with income from a single or multiple residential properties, capital gains, dividends or interest, and those who have no business or professional income.

Who has time until August 31?

Individuals with business or professional income whose accounts aren't audited can file their returns until August 31. These include freelancers, consultants, professionals and small business owners who file ITR-3 or ITR-4. Individuals who are partners in business firms that are not subject to a mandatory tax audit also have until August 31 to file their income tax returns.

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What happens if you miss the deadline?

A belated tax return can be filed until December 31, but the taxpayers will have to pay a late fee. According to Section 234F of the Income Tax Act, the late filing fee depends on your total income:

Moreover, the taxpayers might have to pay interest under Section 234A if any tax remains unpaid after adjusting advance tax, Tax Deducted at Source (TDS) and other available tax credits. The interest is either charged at 1% per month or part of a month from the original due date until the return is filed.