ITR Filing Last Date 2026: Only 11 days are left to file the income tax return (ITR) for the assessment year 2026-27, as the July 31 deadline approaches. Missing this deadline has consequences for taxpayers,
including a late-filing penalty of up to Rs 5,000. However, this due date does not apply to all taxpayers.
So far, 2.77 crore ITRs have been filed for AY 2026-27, according to the latest data available on the income tax portal. Last year, in the full assessment year 2025-26, a total of 6.97 crore ITRs were filed by taxpayers.
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 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.
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.
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 31.
What if you miss July 31 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 till 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, for taxpayers required to file ITR-1 or ITR-2, missing the July 31 deadline can result in 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 know that the ITR filing 2026 is governed by the Income Tax Act, 1961. However, from the next year, the filing will be governed by the Income Tax Act, 2025.
