ITR Filing Last Date: What Happens if You Miss the July 31 Deadline?

Taxpayers across India have just five days left to file their income tax returns before the July 31 deadline, with tax experts urging filers to avoid last-minute submissions this year. Unlike in previous years, an extension appears unlikely, and the return filing process comes with a new layer of complexity as the country transitions to a new tax framework.

Who Must File By July 31

The July 31 deadline applies to salaried employees, pensioners and investors who are not required to get their accounts audited. Taxpayers with business or professional income in non-audit cases, along with partners of non-audit firms, have been given an extended deadline of August 31 this year, a change from earlier years when all non-audit filers had to meet the same July 31 cutoff.

A Transition Year For India's Tax Law

This filing season carries added significance because the Income Tax Act, 2025 came into force from April 1, 2026. However, since returns for Assessment Year 2026-27 relate to income earned in Financial Year 2025-26, which ended before the new law took effect, filings this year will still be governed entirely by the older Income Tax Act, 1961. Tax experts note this makes the current season effectively the last filed under the long-standing 1961 framework, with future returns to be governed by the new Act. ITR Deadline Extension: Why Waiting for an Income Tax Return Filing Extension Could Cost You More.

Checks Taxpayers Should Complete Before Filing

Tax professionals have laid out several checks filers should complete before submitting their returns. Chief among them is reconciling Form 16 with the Annual Information Statement (AIS) and Form 26AS to ensure all reported figures match. Experts have also cautioned against accepting pre-filled data on the income tax portal without verifying it against personal records.

Taxpayers are advised to report all sources of income, not just salary. This includes dividend income, interest income, and gains from mutual fund sales, along with income from jointly owned assets such as rental property, which must be reported according to each owner's share even if the full rent is credited to one account. ITR-7 Excel Utility Released for AY 2026–27: Check Eligibility, Download Details and Filing Deadlines.

Those who changed jobs during the financial year have been advised to take particular care, as they may receive two Form 16 documents from different employers. Mismatches between the two, or duplicate claims of deductions, can trigger discrepancies in the return and may draw a notice from the tax department.

What Happens If You Miss The Deadline

Missing the applicable due date triggers a late filing fee of up to Rs 5,000 under Section 234F, along with interest on any unpaid tax. Filing a belated return also carries a significant consequence under current rules: taxpayers who miss their original due date are no longer able to opt for the old tax regime for that year and are instead taxed mandatorily under the new regime.

Taxpayers with business or professional income who wish to opt out of the new tax regime must file Form 10-IEA on or before the due date. Once a taxpayer switches back to the new regime after opting out, they are permitted to do so only once in a lifetime.

Completing The Filing Process

To file returns, taxpayers need to log into the income tax e-filing portal using their PAN as the username, with first-time users required to register and verify their identity through Aadhaar OTP or net banking. After selecting Assessment Year 2026-27 and the correct ITR form based on income sources, filers must complete their personal information, income details and deductions before submitting the return. Experts have also reminded taxpayers that e-verification must be completed within 30 days of filing to ensure the return is processed.

(The above story first appeared on LatestLY on Jul 27, 2026 11:04 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).