Income Tax Returns: Who Has To File ITR August 31 Deadline? Check If You Are Eligible To File ITR3, ITR4 Forms

The government has restructured the way taxpayers file their income tax returns (ITR). The July 31st deadline was just one part of the new rules. Now, a certain category of taxpayers are liable to file their ITRs by the August 31st deadline. Whether you generate income from house property, pensions, or the stock market, or you own a business or is a content creator, you might not want to miss the upcoming August 31st date.

Which ITR Forms To File Before August 31 Deadline?

The August 31st deadline is mandatory for ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7 forms. However, between the 3rd and 5th of ITR, there are two sets of deadlines that are important. But taxpayers who are eligible to file ITR-3 and ITR-4 cannot miss the August 31st deadline, or else they will face a penalty.

ITR-3 vs ITR-4 vs ITR-5 vs ITR-6 vs ITR-7 Deadlines

The August 31st deadline is applicable for ITR-3 forms for the individuals or HUFs whose incomes or professional income is not liable for tax audit. A similar rule is applied on the ITR-5 form. While the ITR-4 form is supposed to be filed by August 31st by presumptive taxpayers who are not liable for tax audits.

If any of the taxpayers are eligible for tax audits, they will need to file their ITR-3, ITR-4, and ITR-5 forms by October 31, 2026.

This ITR filing will be for financial year 2025-26 and assessment year 2025-26.

ITR-3, ITR-4 And ITR-5 Forms Meaning

ITR-3 is meant for individuals and Hindu undivided families (HUFs) with businesses or professional income of their own.

ITR-4 forms is for resident individuals, HUFs, and firms except LLPs under the presumptive scheme of 44AD/44ADA/44AE of the Income Tax Act and with income up to Rs 50 lakh.

Who Is Eligible For Filing ITR-3 Forms?

Taxpayers who have income under the heads Salary/Pension, House Property, Profits or Gains of Business or Profession, Capital Gains, or Income from Other Sources.

So if you fall in this category, you have to file ITR-3.

Who Is Eligible For Filing ITR-4 Forms?

Income not exceeding Rs 50 Lakh during the FY

2. Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE.

3. Long-term capital gain u/s 112A not exceeding Rs.1.25 lakhs.

4. Income from Salary/Pension, one House Property, Agricultural Income (up to Rs 5,000/-).

5. Other Sources which include (excluding winning from Lottery and Income from Race Horses):

• Interest from Savings Account
• Interest from Deposit (Bank / Post Office / Cooperative Society)
• Interest from Income Tax Refund
• Family Pension
• Interest received on enhanced compensation
• Any other Interest Income (e.g., Interest Income from Unsecured Loan)

ITR-3 VS ITR-4 Documents:

Here is the list of basic documents that will be needed to file ITR-3 and ITR-4 apart from other attachments of audit, income, and exemption benefits:

Form 26AS and AIS

2. Form 16A or other TDS certificates

3. Permanent Account Number (PAN) card and Aadhaar card

4. Bank account statements

5. Investment proofs for tax deductions.

6. Rental and property documents, if applicable.

7. Tax audit report, if applicable.

8. Capital gains statements from brokers or mutual funds.

How To File ITR-3 & ITR-4 Forms Before August 31, 2026?

Step 1: Visit the e-filing portal of income tax: https://eportal.incometax.gov.in/iec/foservices/#/login

Step 2: Login using your user ID and password.

Step 3: On your Dashboard, click e-File > Income Tax Returns > File Income Tax Return.

Step 4: Select the assessment year as 2025-26 and Mode of Filing as online and click continue.

Step 5: In case you have already filled the Income Tax Return and it is pending for submission, click Resume Filing. In case you wish to discard the saved return and start preparing the return afresh click Start New Filing.

Step 6: Select Status as applicable to you and click Continue to proceed further

Step 7: Select the applicable Income Tax Return from the dropdown and click Proceed with ITR-3 or ITR-4.

Step 8: Once you have selected the ITR applicable to you, note the list of documents needed and click Let's Get Started.

Step 9: Select the checkbox applicable to you regarding the reason for filing ITR and click Continue.

Step 10: Review your pre-filled data and edit it if necessary. Enter the remaining / additional data (if required) and click Confirm at the end of each section.

It needs to be noted that the Finance (No. 2) Act, 2024, has inserted Section 115BAC(1A) to make the new tax regime the default tax regime for the assessee being an individual, HUF, AOP (other than a cooperative society), or BOI, whether incorporated or not, or an artificial judicial person. If an assessee does not want to pay tax according to the new tax regime, it will have to explicitly opt out of it and choose to be taxed under the old tax regime.

An assessee having income from a business or profession can opt out of the new tax regime and switch to the old tax regime for a relevant year. However, it has to exercise this option in Form No. 10-IEA on or before the due date for filing the return of income under Section 139(1).