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ITR Filing Deadline 2026: If you have not yet filed Income Tax Return (ITR), then waiting now can prove costly. The last date for filing ITR for common taxpayers is 31 July 2026 and now only the last 48-72 hours are left. Many people think that even if the deadline passes, the matter will be over by paying a late fee of Rs 5,000, but it is not so. Late fees are just one part. If there is a mistake in ITR, any income is missed or e-verification is not done, then later you may have to face problems like tax demand, interest, notice and delay in refund. Therefore, it would be better to complete your return now rather than waiting till the last minute.

What problems can arise after the ITR deadline?

Even after July 31, you can file belated ITR till December 31, 2026, but you will have to pay late fees for this. If annual income is more than Rs 5 lakh, late fee will be up to Rs 5,000. At the same time, if the annual income is up to Rs 5 lakh, then Rs 1,000 late fee will have to be paid. But late fees are not the only thing to worry about. If tax is outstanding, interest may also be charged on it. The tax department may also ask for clarification if incorrect information is given.

How does the Income Tax Department catch the mistake now?

Now the Income Tax Department does not rely only on the data given by you. With the help of AI, data analytics and disparate government records, bank accounts, TDS, shares, mutual funds, properties, foreign travel and other financial information are matched. If there is a difference between your ITR and the available data, then further problems may increase.

Avoid these 10 mistakes while filing ITR

Form-16 alone is not everything

Many employed people think that once they get Form 16 from the office, the work is over! It's not like that. It is also important to declare your FD interest, savings account, rental income or any part-time work (freelance) income in ITR.

Don't choose the wrong ITR form

If you fill the wrong form, the government will assume that you have not filed the return. There is ITR-1 for salaried people. If you have sold your house or made capital gains from the stock market, choose ITR-2. Whereas for those doing business or trading, there are ITR-3 and ITR-4.

Data matching (AIS, TIS, 26AS)

Be sure to download your Form 26AS and AIS (Annual Information Statement) before submitting your return. It contains the report card of your entire earnings. If there is a difference between the information given by you and the data on the portal, the department can interrogate you.

Don't forget your old company's salary

If you have changed jobs this year, then file the return by adding the salary of both the companies (old and new). Otherwise, you may have to pay heavy tax in lump sum later.

accurate bank account information

Double check your account number and IFSC code. If the refund comes and you write even one number wrong, your money will be stuck.

tax on interest earnings

Bank FD, RD and savings account interest is also taxable. The system knows everything, so definitely declare it.

Share and mutual fund accounting

Your PAN card is linked to the demat account. Therefore, give complete information honestly about the profit or loss from selling shares or mutual funds.

don't ask for discounts in the air

Avail exemption on 80C, 80D (Health Insurance) or home loan interest only if you have their original papers. The department can demand these documents from you at any time.

Disclosure of foreign investment

If you have purchased shares of any foreign company like Apple, Google or ETF, then definitely mention it in ITR.

e-verification

If you submitted the form but did not verify it through OTP or net banking, then your ITR is equivalent to junk. Do it immediately.

Disclaimer: This article is for general information only. Before taking any decision related to tax, take advice from a Chartered Accountant (CA) or tax expert.