Who needs to file ITR by 31 August? Check list of eligible taxpayers, applicable forms and audit requirements

Confused about who needs to file an Income Tax Return (ITR) by 31 August? This deadline is not meant for every taxpayer. It applies only to certain individuals and HUFs based on the ITR form they file and whether they are required to undergo a tax audit.

If you earn income from a business, profession, freelance work, or F&O trading, you may need to file your ITR by 31 August.

Here's a look at who can file their ITR by 31 August and the key conditions that apply.

Who needs to file ITR by 31 August?

The 31 August deadline applies to individuals and Hindu Undivided Families (HUFs) who are not liable for a tax audit and are required to file ITR-3 or ITR-4.

Explaining the change, Apurv Gupta, Co-founder & CEO of Otto Money, said, “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.”

ITR forms applicable for the 31 August deadline

Taxpayers covered under 31 August deadline

The 31 August due date generally applies to the following taxpayers, provided they are not liable for a tax audit:

• Freelancers and independent professionals
• Consultants
• Small business owners
• Intraday and F&O traders
• Taxpayers eligible for the presumptive scheme under Sections 44AD, 44ADA and 44AE
• Salaried individuals with additional freelance or consulting income
• Salaried individuals with F&O or intraday trading income

Gupta also shared examples of taxpayers who can file their ITR by 31 August.

Who does not need a tax audit?

The 31 August deadline is applicable only to taxpayers who are not liable for a tax audit under Section 44AB of the Income Tax Act.

Explaining the eligibility, Gupta said, “Section 44AB thresholds for FY 2025-26 are applicable for business turnover above ₹1 crore, rising to ₹10 crore where both cash receipts and cash payments are within 5% of the total; professional gross receipts above ₹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.”

In simple terms, the 31 August deadline applies if you are not liable for a tax audit for income earned in FY 2025-26 and meet any of the following conditions:

• Your business turnover does not exceed ₹1 crore (subject to the higher threshold where applicable under Section 44AB).
• Your professional gross receipts do not exceed ₹50 lakh.

Disclaimer: This is only for informational and educational purposes. Please consult a qualified tax expert for the latest tax laws and regulations.