July 31 ITR Deadline: File Now or Pay ₹5,000 Fine

Over 1.7 crore income tax returns have already been filed this season. The July 31 deadline is approaching fast. If you miss it, you face late fees, interest, and other penalties. File now to stay safe.

Here's what happened: The Income Tax Department confirmed over 1.7 crore ITRs have been submitted so far this assessment year, with filings accelerating sharply.. July 31 is the last date for salaried individuals and small business owners to file ITR-1 or ITR-2 without penalty.. Taxpayers who miss the July 31 deadline can still file a belated return by December 31, but must pay a late fee of up to ₹5,000..

What you should do: Log in to incometax.gov.in right now and check if your Form 26AS and AIS are updated before you start filing.. Choose ITR-1 if you have only salary, one house property, and interest income below ₹50 lakh — it takes under 20 minutes.. Gather your Form 16 from your employer, bank interest certificates, and Section 80C investment proofs before sitting down to file..

Pro tip: File even if you have zero tax payable — a filed return is mandatory proof of income for visa applications, home loans, and credit card upgrades. Missing it costs you more than just ₹5,000.