Over 1.7 crore ITRs filed as July 31 deadline nears for AY 2026-27

India’s Income Tax Department has recorded over 1.7 crore income tax return filings for Assessment Year 2026-27, with the mandatory July 31 deadline approaching for ITR forms 1 and 2 covering the 2025-26 fiscal year. Taxpayers who miss this date face penalties and delayed refunds. The filing season has intensified as individuals rush to meet compliance requirements under the new Income Tax Act, 2025.

Why the July 31 deadline matters for your taxes

The July 31, 2026 deadline applies to ITR-1 and ITR-2 filers reporting income from the 2025-26 fiscal year. Missing this date triggers penalties under the Income Tax Act, 2025. Late filings also delay refund processing and may result in loss of certain tax benefits. The Income Tax Department confirms that the filing framework remains mandatory for all eligible individuals.

10 common mistakes that delay your refund

Many taxpayers claim deductions without supporting documents, creating compliance issues later. Key mistakes include failing to keep proof of life insurance premiums, medical insurance, education loan interest, home loan repayment, PPF contributions, and NPS pension investments. Another critical error: filing the return but forgetting to electronically verify it afterward. Without e-verification, your return remains incomplete and unaccepted by the tax authority.

How to file your return before the deadline

Taxpayers can file ITR-1 and ITR-2 through the official e-filing portal at incometax.gov.in using their PAN and password. The portal accepts filings in both pre-login and post-login modes. You can pay taxes via net banking, debit card, UPI, payment gateway, RTGS/NEFT, or at bank counters. After filing, always complete the e-verification step within the portal to ensure your return is fully accepted.

New ITR forms and transition under Income Tax Act, 2025

For Assessment Year 2026-27, the Income Tax Department will notify seven ITR forms (ITR-1 through ITR-7) under the old Income Tax Act, 1961. Returns for income earned in FY 2025-26 are filed under the 1961 Act even though filing occurs after April 1, 2026, when the new Act came into force. The filing obligation and due dates remain unchanged from prior years, maintaining consistency for taxpayers.

Final Thoughts

With 1.7 crore returns already filed and July 31 approaching, Indian taxpayers must act quickly to avoid penalties and delays. Ensure you have all supporting documents, file before the deadline, and complete e-verification to secure your refund.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.