Only 2 Days Left! File Your ITR Before July 31 or Face Penalties, Interest, and Tax Notices:

Are you also among the taxpayers who have not filed their income tax return (ITR) for the financial year 2025-26 (assessment year 2026-27) yet? Note that July 31, 2026, is the last date for filing tax returns for taxpayers who are not required to get their accounts audited, and only two days are left. Taxpayers are advised not to wait until the due date, as the e-filing portal generally faces serious glitches and crashes on the last date.

There is a high chance that this year's July 31 deadline may not be extended further like last year. Hence, taxpayers are recommended to avoid negligence and file their tax returns immediately.

Consequences of Not Filing ITR by Deadline?

When income tax returns (ITRs) are not furnished on or before the statutory deadline, then a specific late fee is charged. According to Section 234F of the Income Tax Act, a fee upto Rs 1,000 is charged in case the taxpayer's income is upto Rs 5 lakh and Rs 5,000 is charged when income exceeds Rs 5 lakh.

Interest on Outstanding Tax

The taxpayer may also be required to pay interest in case he/she owes certain tax liability; however, he/she still has not filed an ITR within the prescribed time limit. This further increases the overall tax liability of a taxpayer.

Delay in Income Tax Refund

When a taxpayer misses the statutory deadline to file an income tax return, this sometimes also leads to a delay in refund processing despite being eligible for it.

Issuance of Notices

When income tax returns are not furnished within the legal time limit, the tax department may send a notice or seek clarification from the concerned taxpayer in the future.

Can ITRs Even Be Furnished After July 31 Due Date?

Yes, even after you miss the July 31 deadline for the Assessment Year 2026-27, you can still file a delayed return for up to December 31, 2026, or before the completion of the assessment year, whichever is earlier. However, you still will need to pay a certain late fee.