New Delhi, September 1: The Income Tax Department announced on Tuesday that over 78 million Income Tax Returns (ITRs) have been filed for the assessment year 2026-27.
In a post on the social media platform X, the department stated, “As of August 31, a record 78 million ITRs have been filed for the assessment year 2026-27.” The deadline of July 31 primarily applied to salaried employees, pensioners, and individuals earning income from sources such as salary, house property, interest, or capital gains.
However, individuals whose income is derived from business or profession and do not require a tax audit were given until August 31 to file their returns. This category includes freelancers, consultants, small business owners, and various professionals who typically fill out ITR-3 or ITR-4 forms.
Additionally, ITR-3 is generally used by individual taxpayers and Hindu Undivided Families (HUFs) whose income comes from business or profession and who are not eligible to file simpler ITR forms.
On the other hand, ITR-4, also known as Sugam, is for eligible resident individuals, HUFs, and firms, excluding LLPs. This form is intended for taxpayers who opt for the presumptive taxation scheme.
ITR-5 applies to firms, LLPs, Associations of Persons (AOPs), and certain other entities, while ITR-7 is filed by individuals and institutions required to submit returns under specific provisions of the Income Tax Act.
If a taxpayer’s accounts related to a business or profession require a tax audit, the deadline for filing the income tax return is set for October 31.
Typically, if an individual’s taxable income exceeds the basic exemption limit, filing an ITR becomes mandatory. Under the new tax regime, income up to ₹4 lakh is not taxable. In the old tax regime, the exemption limits are ₹2.5 lakh for individuals under 60 years, ₹3 lakh for senior citizens aged 60 to 79, and ₹5 lakh for super senior citizens aged 80 and above.
However, in certain cases, filing an ITR is necessary even if the income is below the exemption limit. A resident Indian with foreign assets, a beneficiary of foreign property, signatory authority over a foreign bank account, or any financial interest abroad must file an ITR.
Moreover, if an individual has engaged in high-value financial transactions during the financial year or if their total income exceeds the basic exemption limit before deductions and exemptions (such as those under Sections 80C to 80U or Section 54), filing an income tax return is mandatory.
– O.P./P.M.
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