If you are required to file an income tax return under ITR-1 or ITR-2, today is the final day to submit your return for Assessment Year (AY) 2026-27. Missing the deadline can result in penalties, interest on unpaid taxes, and delays in receiving refunds.

However, the ITR Filing Last Date 2026 is not the same for every taxpayer. Individuals with business or professional income have different due dates based on their filing category.

Who Must File Income Tax Return by July 31?

The ITR Filing Last Date 2026 of July 31 applies mainly to taxpayers filing:

• ITR-1 (Sahaj)
• ITR-2
• ITR-5 (non-business, non-audit cases)
• ITR-7 (certain non-audit entities registered under Sections 12A/12AB)

This category largely includes salaried individuals, pensioners, and taxpayers with eligible capital gains who do not have business income.

Resident individuals earning salary income and long-term capital gains of up to Rs 1.25 lakh, subject to prescribed conditions, can generally file ITR-1. Taxpayers with higher long-term capital gains or taxable short-term capital gains usually need to file ITR-2 if they do not have business income.

More Than 5 Crore Returns Already Filed

According to the latest figures available on the Income Tax Department portal, over 5.02 crore ITRs have already been filed for AY 2026-27. For comparison, around 6.97 crore ITRs were filed during AY 2025-26.

Different Due Dates for Business Taxpayers

The ITR filing deadline differs for taxpayers with business or professional income. Here are the important deadlines:

• August 31, 2026: Business or professional taxpayers not liable for tax audit, including eligible ITR-3, ITR-4, and certain ITR-5 filers.
• September 30, 2026: Tax audit report due date.
• October 31, 2026: Income tax return filing deadline for taxpayers whose accounts require audit.

Therefore, business taxpayers generally do not need to file their returns by July 31.

What Happens If You Miss the July 31 Deadline?

Missing the ITR Filing Last Date 2026 can lead to several financial consequences for taxpayers required to file by July 31.

Late Filing Fee

Under Section 234F of the Income Tax Act, the late filing fee depends on 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.

Interest on Outstanding Tax

If any tax remains unpaid, interest under Section 234A may apply. Interest is charged at 1% per month or part of a month until the outstanding amount is paid.

Carry Forward of Losses May Be Restricted

Late filing can also affect the ability to carry forward certain losses. Business losses and capital losses generally cannot be carried forward if the return is filed after the due date. However, eligible house property losses and unabsorbed depreciation continue to receive relief under applicable provisions.

Refund Processing May Take Longer

Taxpayers expecting a refund should also avoid delaying their return. A late return may slow down processing, resulting in a longer wait for the refund amount.

New Tax Law to Apply From Next Assessment Year

AY 2026-27 will continue to be governed by the Income Tax Act, 1961. From the next assessment year onward, income tax return filing will shift to the provisions of the Income Tax Act, 2025.

Final Reminder

Eligible taxpayers required to file ITR-1 or ITR-2 should complete the process before today’s filing deadline ends. Filing on time helps avoid penalties, interest charges, refund delays, and restrictions on carrying forward eligible losses.

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