July 31, 2026 continues to the last date on which salaried taxpayers and pensioners can file their income tax return.
ITR filing FY 2025-26 deadline extension: Will the income tax return filing deadline of July 31, 2026 be extended? As of now there is no intimation from the Income Tax Department on extension of the ITR filing deadline. This means that for now July 31, 2026 continues to the last date on which salaried taxpayers and pensioners can file their income tax return.However, taxpayers with business or professional income have additional time. For non-audit cases, the deadline is August 31, 2026, while cases requiring audit must be filed by October 31, 2026.Under the new tax regime, income up to Rs 4 lakh is exempt from tax, whereas under the old tax regime, the exemption threshold is Rs 2.5 lakh. If your taxable income crosses these limits, filing an ITR becomes necessary. Apart from income, certain specified financial transactions can also make ITR filing mandatory. These include, among others, incurring electricity expenses of Rs 1 lakh or more during the year or spending more than Rs 2 lakh on foreign travel.
ITR deadline: What is the penalty for late filing?
- A belated return can still be filed within nine months from the end of the relevant tax year. For the 2025-26 tax year, this means the return can be submitted by December 31, 2026.
- However, a late filing fee of up to Rs 5,000 will apply, which is reduced to Rs 1,000 if the taxpayer’s income does not exceed Rs 5 lakh.
- In addition, interest at the rate of 1% per month is charged on any unpaid tax from the original due date until the return is actually filed.
- Interest on any default in the payment of advance tax will also continue to accrue.
There are wider consequences apart from the penalty amount.Also Read | ITR filing deadline nears: How to file income tax return online on e-filing portal – quick 15-step guideTaxpayers cannot carry forward losses to future years, except for losses under the head house property. They also lose the option of switching between the old and new tax regimes at a later stage, if required. Since the new tax regime is the default regime, any return filed after the due date is automatically processed under the new regime.The Finance Act, 2026 has introduced greater flexibility by allowing taxpayers to revise both original and belated returns within 12 months from the end of the relevant tax year. For tax year 2025-26, this means a revised return can be filed up to March 31, 2027, on payment of the applicable fee of Rs 5,000 or Rs 1,000, depending on the taxpayer’s income.
