ITR filing deadline tomorrow: What happens if you miss it
What's the story
The deadline for filing Income Tax Returns (ITR) for the Assessment Year (AY) 2026-27 is tomorrow. Taxpayers who haven't filed their returns yet must do so before the July 31 deadline to avoid penalties. The due date applies to individuals whose accounts don't require an audit and those not falling under other categories like transfer pricing reporting.
Penalties
Late filing fee applicable for belated return
If a taxpayer misses the July 31 deadline, they can still file a belated return. However, this comes with certain penalties.
Under Section 234F of the Income-tax Act, 1961, a late filing fee of up to ₹5,000 may be applicable.
For those whose total income does not exceed ₹5 lakh, the maximum late fee is limited to ₹1,000.
Filing extension
Interest may also be charged
A belated return can be filed until December 31, 2026, for AY 2026-27, unless the government extends the timeline.
Taxpayers may also have to pay interest under Section 234A if there's any tax payable after considering advance tax, TDS, and other credits.
Interest is charged at 1% per month or part of a month from the due date of filing until the date of filing the return.
Deadline extension
No extension yet for ITR filing deadline
So far, no extension has been announced for the ITR filing deadline. Any such extension would require a formal order or notification from the Central Board of Direct Taxes (CBDT).
Rahul Charkha, Partner at Economic Laws Practice, said these deadlines are statutory timelines and can't be changed merely through an advisory on the income tax portal.
Tax relief
CBDT can issue orders, directions for law's proper administration
Charkha added that Section 119 of the Income-tax Act empowers CBDT to issue orders and directions for proper administration of the law.
It has been used in the past to provide deadline relaxations in cases of genuine hardship or administrative difficulties.
However, taxpayers shouldn't assume an extension will be announced and should complete their filing before July 31 to avoid additional compliance costs.
Filing revisions
Due date filings offer more flexibility for taxpayers
Taxpayers who file their return by the due date get more flexibility to revise it in case of errors or omissions.
However, if the original return is filed late, the ability to revise it is restricted under the law.
For AY 2026-27, taxpayers should ensure that income details, deductions, bank interest, capital gains, and other disclosures are correctly reported before submitting their return.