Overview
- Early July 2026 coverage from multiple outlets reminded salaried taxpayers that the last date to file an income tax return for FY 2025–26/AY 2026–27 is July 31, 2026.
- Filing is a statutory duty for individuals whose total income exceeds the basic exemption, which for FY 2025–26 is Rs 2.5 lakh under the old regime and Rs 4 lakh under the new regime for those below 60.
- Tax deducted at source (TDS) does not relieve taxpayers of the filing obligation and filing is the only route to claim refunds when excess TDS has been deducted.
- Filing on time preserves the right to carry forward losses from shares, mutual funds, property or business and provides documented income proof used by banks and visa authorities.
- Returns can be filed and verified electronically on the government e-filing portal using PAN login and methods such as Aadhaar OTP or net banking, and late filing can attract fees up to Rs 5,000 with a lower cap of Rs 1,000 for incomes below Rs 5 lakh plus interest on unpaid tax.