Miss July 31 ITR Deadline? Pay ₹5,000 Fine

Filing your income tax return before July 31 saves you from fines, keeps your refund on track, and lets you carry forward losses. Miss the date and it costs you money — simple as that.

Here's what happened: ITR filing for FY 2025-26 is open now, with all major forms already notified by the Income Tax Department.. Missing the July 31 deadline triggers a late fee of up to ₹5,000 under Section 234F of the Income Tax Act.. Late filers also lose the right to carry forward capital losses or business losses to offset future tax bills..

What you should do: Gather Form 16 from your employer, bank interest certificates, and AIS report from the IT portal before filing.. File at incometax.gov.in before July 31 to avoid the ₹5,000 penalty and interest on any tax due.. Check your Annual Information Statement (AIS) online to spot any income mismatch that could trigger a notice later..

If you have a tax refund due, filing early means the refund hits your account faster — sometimes within 7–15 days versus months for late filers.