Final Day for Income Tax Return Filing: Key Deadlines and Requirements

Today marks the deadline for filing income tax returns (ITR) for the assessment year 2026-27, with significant implications for taxpayers who miss this date. As of now, approximately 5.02 crore ITRs have been submitted, a figure that reflects the urgency many individuals feel as the deadline approaches. Last year, the total number of ITRs filed reached 6.97 crore for the previous assessment year, indicating a steady compliance trend among taxpayers. It is crucial for individuals who fall under the ITR-1 and ITR-2 categories to ensure their returns are submitted by today, July 31. This group typically includes salaried employees and those reporting capital gains or losses. For residents with long-term capital gains (LTCG) not exceeding Rs 1.25 lakh, along with salary income, the ITR-1 form is applicable. However, those exceeding this LTCG threshold or reporting taxable short-term capital gains usually need to opt for ITR-2, provided they do not have any business income to declare.

For taxpayers engaged in business or professional activities, the deadline is more flexible. They have until August 31 to file their returns if their income is not subject to a tax audit. Depending on their income type, they will need to file either ITR-3 or ITR-4. Those whose accounts require auditing have an extended deadline until October 31, with the audit itself needing to be completed by September 30. This staggered timeline alleviates some pressure for business owners, allowing them to file their returns without incurring penalties if they miss the July 31 deadline. However, it is essential for ITR-1 and ITR-2 filers to adhere to today’s deadline to avoid potential penalties and complications.