The process to file your income-tax returns is accessible in more ways now with the process available to taxpayers online via the official e-filing portal. However, first-time taxpayers may have some confusion over the details. Today we will take a look at the ITR deadline for this tax year.
Notably, all Indian residents are required to file returns to declare their earnings for the year across sources such as salary, profits from business, gains from sale of real estate, capital gains, interest and dividend payments, etc.
How can I file my ITR?
You can file your ITR through a certified professional i.e. a Chartered Accountant or financial planner or do it yourself through the Income-Tax department’s website. In order to file your own returns, you will have to log into the site with your User ID and password. If this is the first time you are filing your tax online, you must register using PAN, Aadhaar and other related details on the website.
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What is the deadline to file income tax returns for FY 2025-2026?⌵
For individual taxpayers filing ITR-1 and ITR-2, the deadline is July 31, 2026. For those using ITR-3 and ITR-4, the deadline is August 31, 2026.
What happens if I miss the ITR filing deadline?⌵
If you miss the deadline, you can still file a delayed return by December 31, 2026. However, this will incur a penalty of ₹1,000 to ₹10,000 and may lead to loss of certain deductions and increased scrutiny.
How are gains from foreign stocks taxed in India?⌵
Long-term capital gains on foreign stocks held for over 24 months are taxed at 12.5% without indexation. Short-term capital gains are added to your total income and taxed at your slab rate.
How are cryptocurrency gains taxed in India?⌵
Profits from crypto assets are taxed at a flat rate of 30% plus a 4% cess, irrespective of whether it’s treated as capital gains or business income. These gains must be disclosed separately in Schedule VDA.
Which ITR form should a salaried taxpayer choose?⌵
Salaried taxpayers with income up to ₹50 lakh from salary, one house property, and interest income can file ITR-1. If you have income from two house properties or long-term capital gains exceeding ₹1.25 lakh, you may need to use ITR-2.
Before filing your ITR keep the following documents ready as applicable: Form 16 (from current employer and former employer if you changed jobs mid-year), PAN Card, Aadhaar Card (PAN-Aadhaar must be linked), investment proofs (including bank deposits, PPF deposits, etc.), home loan interest certificate, and insurance premium payment receipts.
What is the deadline for filing I-T returns?
For the current tax year, i.e. financial year 2025-2026 or assessment year 2026-2027, the deadline for individual taxpayers filing ITR is 31 July 2026; while for those using ITR forms 3 and 4, is 31 August 2026.
Notably, taxpayers who miss the July deadline can still file a delayed return by 31 December, for FY25-26 / AY26-27.
What happens if I miss the ITR filing deadline?
If you miss the deadline, taxpayers can still file a delayed ITR till 31 December, but this would cost you upwards of ₹1,000 to ₹10,000, depending on the duration of the delay and your taxable amount.
Also, the more you delay your ITR filing, such returns may lose out on certain deductions for lower tax and would likely be subject to increased scrutiny from the Income Tax Department.
Who is required to file ITR?
- You are required to file your ITR if the aggregate of all your income / salary before deduction exceeds the basic exemption limit.
- If you are a resident of India for income tax purposes and own any asset outside India in your name as a beneficial owner or have an interest in any asset outside India.
You must also file your ITR even when you are an authorised signatory for any account maintained outside India, immovable or movable.
You are required to file ITR, irrespective of your income level, if you have invested in shares, bonds, or mutual fund schemes of foreign companies or have Employee Stock Options (ESOPS).
You have to file an ITR if you have paid electricity charges of more than rs 1 lakh during the last year, even if the electricity connection is not in your name.
You must file your ITR if you have spent over ₹2 lakhs on foreign travel — yours or any other person, as long as you have paid for the trip.
You are requried to file ITR if bank deposits in your name exceed ₹50 lakh combined in one or more savings accounts, or exceeds rs 1 crore in one or more current accounts.
You are required to file ITR, irrespective of your income level, if the value of all your sales from business exceeds ₹60 lakh rupees.
Which ITR form should I choose?
- ITR-1 form: Salaried individual with one house property, and other sources.
- ITR-2 form: Individual or Hindu Undivided Family (HUF) without business income.
- ITR-3 form: Individual or HUF with income from business or profession.
- ITR-4 form: Taxpayers with presumptive income from business or profession.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.