ITR Filing Deadline for Non-Audit Businesses & Partners (ITR-3 & ITR-4)

To ease compliance burdens and portal congestion, the Income Tax Department permanently shifted the deadline for non-audit business cases to August 31st. This applies to anyone filing ITR-3 or ITR-4 (Sugam).

Who falls under this deadline?

* Taxpayers opting for Presumptive Taxation under Section 44AD (businesses up to ₹3 Cr) or Section 44ADA (professionals up to ₹75 Lakh). * Stock market traders reporting F\&O or Intraday income (which is classified as business income). * Partners in a partnership firm (provided the firm itself is not subject to a mandatory tax audit).

Failing to meet the August 31st deadline results in a late filing fee of up to ₹5,000 (Section 234F) and penal interest on unpaid tax (Section 234A). Most importantly, filing late permanently strips you of the right to carry forward business or trading losses to subsequent financial years.