August 31 Deadline: Who Must File Income Tax Returns?
The August 31 cutoff date is for individuals filing ITR-3 and ITR-4 forms who do not require a tax audit. This group includes independent professionals, freelancers, consultants, small business operators, and those involved in F&O or intraday trading. It also applies to taxpayers who qualify for the presumptive taxation scheme under Sections 44AD, 44ADA, and 44AE. Furthermore, salaried employees who earn extra income from freelancing or stock market activities like F&O and intraday trading are also required to submit their returns by this date.
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