ITR Filing Deadline AY 2026-27: Only four days remain to file the Income Tax Return (ITR) for Assessment Year (AY) 2026-27. The deadline of July 31, 2026, is fast approaching for taxpayers. Tax experts advise filing returns immediately to avoid the last-minute rush and potential issues like server outages or technical glitches on the e-filing portal.

According to Income Tax Department data, over 4.10 crore ITRs had been filed by July 26, 2026, with e-verification completed for 3.85 crore of them. Here is a look at the problems you might face if you miss the July 31 deadline.

Can ITR be filed after July 31?

Yes, you can still file your return even if you miss the July 31 deadline; this is known as a 'Belated ITR.' The deadline for filing a belated return for AY 2026-27 is December 31, 2026. However, filing after July 31 could result in hefty penalties, interest charges, and the loss of various tax benefits.

What is the penalty for filing a late ITR?

Under Section 234F of the Income Tax Act, a late fee is levied for filing a return after the deadline:

For income exceeding ₹5 lakh: If your total income is more than ₹5 lakh, you will have to pay a penalty of ₹5,000.

For income up to ₹5 lakh: If your total income is up to ₹5 lakh, the late fee will be ₹1,000.

For income below the basic exemption limit: If your income is below the tax-free limit and filing a return was not mandatory, no late fee will be charged. **Hefty Interest on Outstanding Tax**

If any tax remains unpaid by July 31, interest will be charged at a rate of 1% per month (or part thereof) under Section 234A. This interest will continue to accrue until you file your return and pay the outstanding tax.

**Loss of Right to Carry Forward Losses**

Missing the July 31 deadline particularly disadvantages taxpayers who have incurred losses in capital gains or business. Failure to file the ITR on time means you cannot carry forward these losses to set them off against future profits.

**Delay in Receiving Tax Refunds**

If excess TDS has been deducted and you are entitled to a tax refund, filing your return late can significantly delay the refund processing and payment. The sooner the return is filed and verified, the faster the refund will be credited to your bank account.

**Which Deadline Applies to Whom?**

**July 31, 2026:** For salaried employees, taxpayers filing ITR-1 and ITR-2, and individuals with Long-Term Capital Gains (LTCG) of up to ₹1.25 lakh.
**August 31, 2026:** For business owners and professionals whose accounts do not require a tax audit (ITR-3 / ITR-4).
**September 30, 2026:** Deadline for conducting the tax audit.
**October 31, 2026:** For taxpayers whose accounts are mandatorily subject to audit.
**When is PF withdrawal tax-free?** Understand the 5-year rule and the complete TDS calculation.

**Disclaimer:** The information provided here is for informational purposes only. Please note that market investments are subject to market risks. Always consult an expert before investing. Moneycontrol never advises anyone to invest money based on this information.