ITR Filing 2026-27: Only 4 days left to file returns, if you miss the deadline of 31st July, there will be big losses.

The last date to file Income Tax Return (ITR) for the assessment year 2026-27 is just around the corner. Now only 4 days are left for the deadline of 31st July 2026 for employed and common taxpayers. Tax experts are constantly advising to file your return immediately to avoid last-minute rush and technical problems like server crash of the e-filing portal.

According to the latest data of the Income Tax Department, till July 26, 2026, more than 4.10 crore ITRs have been filed and out of these, e-verification of 3.85 crore has also been done successfully. If you have not filed your return yet, then let us know what losses you may have to face if you miss the deadline of July 31.

Can ITR be filled even after July 31?

Of course, if for some reason you are not able to file your ITR by July 31, then there is no need to panic. You can file your return till 31 December 2026. This Belated ITR It is said. However, on using this facility, you have to bear heavy penalty, interest on tax and many other losses.

How much will be the penalty for filing late ITR?

Under Section 234F of the Income Tax Act, there is a provision for late fee (penalty) for filing returns after the prescribed deadline. This penalty is determined by your total income:

• On income above ₹5 lakh: If your total annual income is more than ₹ 5 lakh, then you ₹5,000 Late fee will have to be paid.

• On income up to ₹5 lakh: If your total income is limited to ₹5 lakh, this late fee will be reduced to Rs. ₹1,000 Will remain.

• Income below tax-free limit: If your income is below the basic exemption limit and it was not mandatory for you to file a return, no penalty will be imposed.

Heavy interest of 1% per month on outstanding tax

If you have any tax outstanding till 31st July and you do not file the return, then under section 234A, you will be liable to pay tax on every month or part of the month. interest at the rate of 1% Will be recovered. This interest will continue to accrue until you deposit your entire outstanding tax and file your return.

The right to carry forward losses will be abolished

The biggest brunt of missing the deadline is borne by those investors or businessmen who have suffered capital loss in the stock market or business. If you do not file ITR on time, you will not be able to carry forward this loss to set-off it from your profits in future years.

There will be a lot of delay in getting tax refund

If you have had excess TDS deducted and are waiting for a tax refund, filing your return late makes the refund process very slow. The sooner you file and e-verify your ITR, the faster your refund will be credited to your bank account.

Which deadline is applicable for whom?

The last dates for income tax return and audit have been fixed differently for different taxpayers. You can easily understand this from the table given below: