ITR Deadline July 31: 5 Costly Mistakes to Avoid

The ITR deadline for AY 2026-27 is July 31, 2026. Experts say no extension is likely. Over 4.1 crore returns are already filed. If you delay, you face penalties, interest on tax dues, and loss of important deductions. File now.

Here's what happened: Over 4.1 crore income tax returns have already been filed for AY 2026-27 ahead of the July 31 deadline.. Tax experts widely expect no extension this year — the government has consistently enforced the July 31 cutoff recently.. Missing the deadline triggers a late filing fee of up to ₹5,000, plus 1% monthly interest on any unpaid tax under Section 234A..

What you should do: Gather your Form 16, AIS (Annual Information Statement), and bank interest certificates from the income tax portal right now.. File and e-verify your ITR before July 31 — e-verification must be done within 30 days of filing or your return is invalid.. Check your AIS carefully for mismatches in TDS credits, dividend income, or high-value transactions that could trigger a tax notice..

If you file under the old tax regime, missing July 31 means you permanently lose the right to carry forward capital losses or business losses to offset future gains — a benefit worth far more than the ₹5,000 penalty.

For readers weighing their credit and loan options, our personal loan guide and CIBIL score resources put this update in context.