India Income Tax Department reports record 7.8 crore ITR filings

The Income Tax Department reported a record of over 7.8 crore Income Tax Returns (ITRs) filed for Assessment Year 2026-27 as of the August 31 deadline. This deadline specifically applied to non-audit business and professional taxpayers under a revised schedule introduced by the Finance Act, 2026.

Taxpayers who missed the August 31 deadline can still file a belated return until December 31, 2026, or before the assessment is completed. However, late filings may incur a penalty under Section 234F, ranging from ₹1,000 for incomes up to ₹5 lakh to ₹5,000 for higher incomes, along with interest on outstanding tax liabilities. Additionally, missing the original deadline may prevent taxpayers from carrying forward certain business and capital losses.

Looking ahead to September, several other tax-related deadlines are approaching, including the September 7 deadline for depositing TDS and TCS, the September 14 deadline for issuing TDS certificates, and the September 15 deadline for the second installment of advance tax.