Salaried and capital gains taxpayers face July 31 ITR-1/ITR-2 deadline
Heads up: if you're salaried or have capital gains/losses, the last day to file your income tax return (ITR-1 or ITR-2) for 2026-27 is July 31, 2026.
So far, only 2.77 crore people have filed compared to nearly seven crore last year.
If you haven't done yours yet, now's the time!
Late ITR penalty ₹1,000 or ₹5,000
Missed the July 31 cutoff? You'll face a penalty: ₹1,000 if your income is up to ₹5 lakh and ₹5,000 if it's above that.
No fee if your income is below the exemption limit. Plus, unpaid taxes will rack up 1% interest per month and you won't be able to carry forward most business or capital losses.
Business folks get extra time: August 31 for non-audit cases and October 31 for audited accounts.
Next year's filings will follow the new Income Tax Act (2025), so things might change!