By Admin 
- Refunds may get stuck due to late filing or giving wrong information.
ITR Filing Last Date: If you also get a salary every month or are a pensioner or earn profit by selling property or shares, then it is your responsibility to file ITR.
The last date to file Income Tax Return (ITR) for assessment year 2026-27 (business year 2025-26) is July 31, 2026. The number of taxpayers registered on the e-filing portal of Income Tax is more than 14 crores. According to the data till July 21, out of these, 3.15 crore taxpayers have filed their returns. Now only 9 days are left for the rest to file returns.
Keep this rule in mind
According to Income Tax rules, now you will have to give information about all your active accounts while filing ITR. These include savings account, current account, overdraft account, cash credit account or non-resident ordinary (NRO) account. If you do not do this and later the Income Tax Department detects any account whose information you have not given while filing the return, then you may have to pay a fine of up to Rs 10,000 per bank account.
Refund may get stuck
To get tax refund, it is necessary that your bank account is already validated on the income tax portal. Suppose, if there is a problem with your main account, the Income Tax Department can transfer the refund to another account validated by you, but if you do not disclose all the accounts, the refund money may get stuck.
If you miss the deadline…?
You can file your return even after the ITI filing deadline of July 31. Under Section 139 (4) of the Income Tax Act, you are allowed to file belated return, but for this you have to pay late fees. If your annual income is more than Rs 5 lakh, you may have to pay a late fee of up to Rs 5000. If the annual income is Rs 5 lakh or less, then the amount of late fee will be Rs 1000.
People are filling ITR according to old law and not new law.
Despite the implementation of the new Income Tax Act 2025, people are still filing their tax returns under the Income Tax Act 1961. This is because the income on which you are filing your tax return now is the income of the last year (April 1, 2025 to March 31, 2026). Since this period was within the scope of the old law, all the rules of Income Tax Act 1961 will be applicable on the return. The new Income Tax Act 2025 has come into effect from 1 April 2026. The new law will be applicable on the earnings during the current financial year 2026-27. That means when ITR is filed in July 2027, it will be as per the new rules.
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