The deadline to file Income Tax Returns (ITRs) for Assessment Year (AY) 2026-27 is July 31, and many taxpayers are rushing to complete the process. Though this deadline does not apply to everyone, as the due date depends on the type of income earned and the ITR form a taxpayer is required to file.
The Income Tax Department on July 29 said that more than 5 crore ITRs had already been filed for AY 2026-27, including over 30 lakh returns filed in a single day on Wednesday. It also urged taxpayers not to wait until the last minute.
Who must file by July 31?
The July 31 deadline mainly applies to salaried employees, pensioners and individuals earning income from sources such as house property, capital gains or interest, who generally file ITR-1 or ITR-2. These taxpayers are expected to complete their filing before the deadline to avoid penalties and ensure timely processing.
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Who gets time until August 31 or October 31?
Taxpayers earning business or professional income are not bound by the July 31 deadline in many cases. Individuals whose accounts do not require a tax audit, including freelancers, consultants and small business owners, can file their returns until August 31, typically using ITR-3 or ITR-4
Those whose business or professional accounts are subject to a tax audit have an even later deadline of October 31.
How to know your filing deadline?
The easiest way to determine the correct due date is to identify the source of your income. Taxpayers without business or professional income generally fall under the July 31 deadline, while those with such income may qualify for the extended August or October deadlines, depending on whether a tax audit is applicable.
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Do you still need to file if your income is below the tax limit?
A taxpayer is generally required to file an ITR when their taxable income exceeds the basic exemption limit. Under the new tax regime, income up to Rs 4 lakh is exempt from tax for all individuals. Under the old regime, the exemption limit is Rs 2.5 lakh for individuals below 60 years, Rs 3 lakh for senior citizens aged 60–79 years and Rs 5 lakh for super senior citizens aged 80 years and above.
An ITR may still be mandatory even if your income is below the basic exemption limit. Certain financial transactions and legal conditions require taxpayers to file a return regardless of whether they have any tax liability.
For instance, resident individuals who own or are beneficiaries of foreign assets, hold a financial interest overseas, or have signing authority in a foreign bank account must file an ITR.
Filing is also compulsory for individuals who undertake specified high-value financial transactions during the financial year. In addition, taxpayers whose total income exceeds the basic exemption limit before claiming eligible deductions or exemptions under provisions such as Sections 10A, 10B, 10BA, 54 series and Sections 80C to 80U are also required to file an ITR.
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