Over 5 crore ITRs filed for AY 2026-27: Income Tax Department urges taxpayers to file before July 31 deadline

Over 5 crore ITRs have been filed for AY 2026-27 as the July 31 deadline approaches.

The Income Tax Department urged taxpayers to file ITR-1 or ITR-2 before the deadline to avoid last-minute rush.

ITR-1 is for resident individuals with total income up to ₹50 lakh from salary, one house property, or interest, excluding capital gains or business income.

ITR-2 is for individuals and HUFs ineligible for ITR-1 but without business or profession income, often used by those with income above ₹50 lakh.

Missing the deadline may result in late filing fees, interest on outstanding tax, and restrictions on carrying forward losses.