ITR Filing Last Date 2026: Today (July 31) is the last date to file the income tax return (ITR) for the assessment year (AY) 2026-27 for many taxpayers. Missing the deadline can lead to consequences, including
a late-filing fee of up to Rs 5,000. However, this due date does not apply to all taxpayers.
So far, 5.02 crore ITRs have been filed for AY 2026-27, according to the latest data available on the income tax portal. Last year, a total of 6.97 crore ITRs were filed for AY 2025-26.
Who needs to file ITR by July 31?
Taxpayers eligible to file ITR-1 and ITR-2 are required to submit their income tax returns by today, July 31. This category generally includes salaried individuals and those with capital gains or losses.
Resident individuals with long-term capital gains (LTCG) of up to Rs 1.25 lakh, along with salary income and subject to other eligibility conditions, can file ITR-1. However, those with LTCG exceeding Rs 1.25 lakh or taxable short-term capital gains generally need to file ITR-2, provided they do not have business income.
Others who need to file income tax return today are those filing ITR-5 (no business income & not liable to audit) including societies with no business income or firms not carrying on business, and ITR-7 (entities registered under Sections 12A/12AB, non-audit cases).
August 31 Deadline
Taxpayers with business or professional income that is not subject to tax audit have until August 31 to file their returns. Depending on the nature of income and eligibility, they are required to file either ITR-3 or ITR-4.
Those filing ITR-5 (business income, non-audit cases) also have time till August 31, 2026.
Meanwhile, taxpayers whose accounts are required to be audited have until October 31 to file their income tax returns. The tax audit deadline is September 30.
What happens if you miss today’s deadline?
Taxpayers with business or professional income need not worry if they do not file their income tax returns by July 31, as this is not their statutory deadline. They have time until August 31 (for non-audit cases) or October 31 (for cases requiring a tax audit) to file their returns without attracting late-filing consequences.
However, taxpayers required to file ITR-1 or ITR-2 who miss today’s July 31 deadline may face several consequences, including a late filing fee.
Under Section 234F of the Income Tax Act, the late filing fee depends on the taxpayer’s total income:
- Total income up to Rs 5 lakh: Late filing fee of Rs 1,000.
- Total income above Rs 5 lakh: Late filing fee of Rs 5,000.
- Income below the basic exemption limit: No late filing fee is payable.
Apart from the late filing fee, missing the July 31 deadline can have other financial implications:
Interest on unpaid taxes: If you have any outstanding tax liability, interest under Section 234A is charged at 1% per month or part of a month on the unpaid tax amount from the due date until the tax is paid.
Loss carry-forward restriction: Filing the return after the due date generally means you cannot carry forward business losses or capital losses to future years to offset taxable income. Certain exceptions, such as house property losses and unabsorbed depreciation, continue to apply.
Delay in tax refunds: If you are eligible for a tax refund, filing your return after the due date may delay the processing of your return and, consequently, the receipt of your refund.
It is important to note that ITR filing for AY 2026-27 is governed by the Income Tax Act, 1961. From the next assessment year onwards, return filing will be governed by the Income Tax Act, 2025.
