ITR filing deadline: What happens if you don’t file your income tax return by July 31, 2026? Penalty, consequences explained

ITR for AY 2026-27 must be filed by July 31, 2026, for most individuals; professionals and businesses have later deadlines (August 31 for non-audit, October 31 for audit cases).

Failure to file by the due date results in a late fee of up to Rs 5,000 (or Rs 1,000 for taxable income up to Rs 5 lakh) for returns filed after the deadline but by December 31, 2026.

Missing the deadline prevents carry-forward of losses (except house property loss) and locks taxpayers into the new income tax regime for that year.

Taxable income above the basic exemption limit (Rs 4 lakh under new regime, Rs 2.5 lakh under old regime) requires filing, even if only to claim Section 87A rebate.

ITRs serve as essential income proof for loans, visa applications, and foreign tax credits; failing to file can affect these areas.