Fill ITR before July 31: The last date for filing Income Tax Return (ITR) is approaching 31 July 2026. If your source of income is salary, pension, capital gain from stock market, mutual fund or property sale, you need to file ITR before this deadline.
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As per the figures available on the Income Tax Department’s e-Filing portal till July 21, over 3.15 crore ITRs have been filed. Of these, 2.96 crore returns have been verified, while 1.87 crore returns have also been processed.
Currently, more than 14 crore taxpayers are registered on the e-Filing portal of Income Tax.
You can file ITR even after 31st July, but you will have to pay penalty
Even if you cannot file ITR till 31 July, you can file belated return till 31 December 2026.
However, late filing of ITR will attract interest at 1% per month on outstanding tax.
Late fees ranging from ₹1,000 to ₹5,000
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If your total income is up to ₹5 lakh, a late fee of ₹1,000 will be levied.
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If the total income is more than ₹5 lakh, a late fee of up to ₹5,000 has to be paid.
Also, if you don’t file ITR on time, you may also lose the benefit of adjusting the **Capital Loss/Business Loss in Shares, Mutual Fund, Property or Business** in subsequent years.
Why is ITR being filed under the old law despite the new income tax law?
The new Income Tax Act 2025 has come into force in the country, but the ITR currently being filed is for Assessment Year 2026-27.
These returns are being filed on the basis of income for the financial year 2025-26. Since the old Income Tax Act, 1961 was in force during this period, tax computation, relief and ITR filing will also be under the same Act.
For the first time under the new Income Tax Act, returns for income after 1 April 2026 will be filed next year.
