Over 1.7 cr taxpayers have filed ITRs for AY 2026-27; have you? – What happens if you miss the deadline
ITR Form 1 (Sahaj) is for small taxpayers with income up to ₹50 lakh. Over 1.7 crore ITRs were filed for 2025-26, urging timely submissions before the July 31 deadline to avoid penalties and delays in refunds.
Over 1.7 crore I-T returns have been filed for the 2025-26 financial year so far, the Income Tax Department said on Saturday. Of this, more than 10 lakh returns were filed on Friday.
The IT department posted on X, “Over 1.7 Crore taxpayers have already taken the smart step and filed their ITRs for A.Y. 2026-27.”
It further advised taxpayers not to wait for the final rush so they can beat the last-minute traffic & file smoothly before the deadline.
The last date to file ITRs 1 and 2 for income earned in the 2025-26 fiscal year is July 31.
Why does filing before the July 31 deadline matter?
Filing your ITR on or before the due date helps you in several ways. Such as:
- Avoid late filing fees
- Save interest on unpaid taxes
- Receive tax refunds faster
- Preserve the right to carry forward eligible losses
- Stay compliant with tax laws and avoid last-minute technical issues.
What happens if you miss the deadline?
The Income Tax Department may continue accepting returns even after July 31, but filing late isn't without consequences. From monetary penalties to compliance issues, taxpayers might deal with issues like:
Late filing fee: If you file your return after the due date, you may have to pay a late filing fee under the applicable provisions of the Income-tax Act
Interest on outstanding tax: If you have unpaid tax, interest at 1% per month (or part of a month) may be charged from August 1 until the tax is paid.
Benefit of carrying forward losses: Missing the due date can prevent you from carrying forward eligible losses, such as Capital losses or business or professional losses
Delay in tax refunds: Late filing can delay the processing of your return, which may postpone the receipt of any tax refund due to you.
ITR Form 1 (Sahaj) or ITR-2 – which should you file?
ITR Form 1 (Sahaj) is a simpler form for a large number of small- and medium-sized taxpayers.
Sahaj can be filed by a resident individual with annual income up to ₹50 lakh, including salary income, one house property, and agricultural income up to ₹5,000 a year.
ITR-2 is filed by individuals and Hindu Undivided Families (HUFs) not having income from profits and gains in business or profession, but having income from capital gains.
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