The deadline to file Income Tax Returns (ITRs) for the applicable assessment year is in focus as taxpayers rush to complete their filings before the last date. With last day today, the attention is also on whether the Income Tax Department will announce any extension, especially amid reports of heavy traffic on the e-filing portal and last-minute filing activity.
Taxpayers are advised to file their returns through the official Income Tax e-filing portal and avoid waiting until the final hours, as delays can lead to technical issues, missed submissions and possible late-filing consequences. Individuals should keep key documents such as Form 16, Annual Information Statement (AIS), Taxpayer Information Summary (TIS), bank statements and details of capital gains or other income ready before filing.
The Income Tax Department may also issue updates on portal availability, filing statistics, technical glitches and any changes to the deadline. Taxpayers should rely only on official announcements regarding a possible extension.
Follow this live blog for the latest updates on the ITR filing deadline, e-filing portal status, extension news, late filing rules, penalties, refund timelines and other important information for taxpayers.
ITR Filing Live: Billionaires Grew 4-Fold In Five Years, ITR Data Shows
As many as 576 individuals have reported a gross total income of Rs 100 crore or more in their income tax returns in the 2025-26 assessment year, registering a 4-fold growth over the past five years. This was stated by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha in reply to a question on whether the government is aware that there has been a significant increase in the number of billionaires in the country and that it is among the leading nations in the world in this regard.
In a written reply, Chaudhary said there is no statutory definition of the term 'billionaire' either under the Income-tax Act, 2025 or under the erstwhile Income-tax Act, 1961.
However, the number of individuals having reported gross total income of Rs 100 crore or more in the Income-tax Returns (ITRs) filed in Assessment Year (AY) 2025-26 stood at 576. This is a sharp 4-fold spike from 142 reported in AY 2021-22.
ITR Filing Live: Havent's Filed ITR? Check Five Key Consequences
Here are five key consequences of filing ITR after the deadline:
- Late filing fee of up to Rs 5,000.
- Interest on unpaid tax.
- Lose the option to choose the old regime.
- Delay in receiving tax refunds.
- Less interest on refunds.
ITR Filing Live: Many Taxpayers Don't Need To File ITR By July 31 Deadline. Are You One Of Them
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.
ITR Filing Live: What Is Sahaj Form
ITR Form 1 (Sahaj) is a simpler form that caters to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having annual income up to Rs 50 lakh and who has salary income, one house property, and agricultural income up to Rs 5,000 a year.
ITR-2 is filed by individuals and HUFs not having income from profits and gains in business or profession, but having income from capital gains.
ITR Filing Live: Will ITR Filing Deadline Get Extended
As of now the Income Tax Department has not extended the July 31 deadline.
ITR Filing Live: Last Date Today For Taxpayers
July 31: Taxpayers filing ITR-1 and ITR-2 for FY26 are required to submit their income tax returns by this deadline. Missing it means opting for a belated filing, which comes with additional charges.
July 31: Quarterly TDS and TCS returns for the April–June period are also due on this day. The requirement covers TDS statements relating to salaries and payments made to non-resident taxpayers.
July 31: In addition, several prescribed forms must be submitted by the same deadline. These include Form 10BA for rent-related deductions under Section 80GG, Form 10E for relief on salary received in arrears or in advance, and Forms 10H, 10CCE and 10CCD for certain foreign income and royalty-related tax benefits.
ITR Filing Live: Over 5 Crore ITRs Filed So Far For AY'27
More than 5 crore income tax returns have been filed so far in the2026-27 assessment year, the income tax department said on Wednesday. In a post on X, the tax department asked filers to file ITR 1 and 2 before the July 31 deadline.
"Over 5 crore ITRs have already been filed for A.Y. 2026-27," it said.