Income Tax ITR Filing Due Date

ITR Filing Due Dates for Different Categories of Taxpayers

Significance of Timely Filing of ITR (Income Tax Return) by 31July 2026

Individuals or entities who file an ITR by or before 31 July 2026, the deadline, will have several advantages as follows:

1. Claim all available deductions/exemptions as per the Income-tax Act.

1. Carry Certain types of loss (Business Loss, Capital Loss, House Property Loss) to future tax years.

1. Avoid penalty/late filing fees under section 234F.

1. Minimize interest charge/payments under sections 234A (Interest on Unpaid Tax), 234B (Interest on Short Interest), and 234C (Interest on Delay of Refunds). 

1. Get quicker refund processing.

1. Stay in compliance and limit audit and/or scrutiny risks.

1. Failure to meet the due date of 31st July 2026 will likely result in the above-mentioned advantages not being available once the return is actually filed.

 Belated Return - in Case of Missing the Original Due Date

If 31 July 2026 has passed and the ITR has not been filed, taxpayers can still file a belated ITR and take advantage of these benefits until 31 December 2026. However, there are consequences for doing so:

1. Paying a penalty/late filing fee under section 234F (up to Rs.5,000, depending on their Income).

1. Having interest on the amount of tax that remains unpaid due to filers under section 234A.

1. Not being able to carry forward some types of loss.

1. Losing some deductions/exemptions that may not be allowed to be claimed after they have been filed.

Revised Return

If the Taxpayer has already filed an original or belated ITR, and have subsequently found an error or omission, they can file a revised ITR (Revised Return) for all types of original ITRs by 31 December 2026.

FY 2025-26 (AY 2026-27)

What Happens When the Due Date of Filling the Return Is Missed?

1. Interest: If you file your return after the deadline, you will incur interest at a rate of 1% per month or part month on the outstanding tax amount as per Section 234A. 
2. Late Fee: Late filing attracts a penalty under Section 234F, amounting to Rs. 5,000, which is reduced to Rs. 1,000 if your total income is below Rs. 5 lakh.
3. Loss Adjustment: If you have incurred losses from various sources such as the stock market, mutual funds, properties, or business activities, you have the option to carry them forward and set them off against your income in the following year.
   1. This provision significantly reduces your tax liability in future years. However, if you miss the deadline for filing your ITR, you forfeit the opportunity to carry forward these losses.
4. Belated Return: If you miss the ITR filing deadline, you can still submit a return after the due date, known as a belated return. However, you will be subject to late fees and interest charges, and you will lose the ability to carry forward any losses for future adjustments.
   1. The deadline for filing a belated return is 31 December of the assessment year unless extended by the government. Therefore, for the current year, you can submit the belated return by 31 December 2025 at the latest.
5. Updated Return: In case you miss the 31 December deadline due to unavoidable circumstances, you can file an updated return (ITR U) subject to the specified conditions.

What are the Benefits of Filling ITR under Due Date?

The following are the benefits of filling ITR under due date:

1. Your chances of obtaining a car loan, a home loan, and other loans increase if you file your income tax returns on time.
2. ITRs can be used to show address and income, two things that are necessary when applying for a loan or visa.
3. When applying for a visa, the majority of consulates and embassies need you to submit copies of your income tax records for the past two years.

1. You will get your refunds as soon as possible if you file your ITR on time.
2. Taxpayers must pay their taxes before they can file an ITR. According to Section 234A, interest must be paid at a rate of 1% per month starting on the date the taxes are due and continuing until the date of payment. If you submit your tax return on time, you can avoid having to pay extra interest. As a result, your tax burden will increase the longer you put off paying taxes and filing returns.

Can I File ITR After the Due Date?

Yes. Even if you miss the original due date for filing your Income Tax Return (ITR), the Income-tax Act provides multiple subsequent options depending on how late the filing is and whether the return has already been filed.

Comparison of Belated Return and Updated Return

Updated Return - When Revised Return Is No Longer Possible