Are you also waiting for an extension to the ITR deadline? Be aware of these rules, or you could face a major loss..

The deadline for filing the Income Tax Return (ITR) is July 31, 2026, and it is fast approaching. Taxpayers should file their returns within the stipulated time rather than waiting for a potential extension. Currently, there is no official indication from the government or the Income Tax Department regarding an extension of the deadline; therefore, waiting until the last moment could prove risky.

**Potential last-minute issues**
Traffic on the e-filing portal surges significantly as the deadline approaches each year. This can lead to issues such as login problems, difficulties uploading data, or other technical glitches. Although the CBDT has implemented several technical upgrades to make the portal more robust, waiting until the final day can still lead to complications.

**Consequences of filing a late return**
If an eligible taxpayer fails to file their ITR by July 31, they will have to file a belated return. In such a scenario, under income tax laws, they may face late fees, interest on outstanding tax dues, and the loss of certain benefits. Additionally, there could be a delay in receiving tax refunds.

**Accuracy of information is equally important**
Experts emphasize that merely filing the return is not enough; the information provided within it must be accurate. Apart from Form 16, ensure you cross-verify details with the AIS (Annual Information Statement), TIS (Taxpayer Information Summary), and Form 26AS. Providing incorrect information, under-reporting income, selecting the wrong tax regime, or entering incorrect bank account details could lead to future notices or delays in receiving the ITR refund.

**Points to note after filing the return**
Once the ITR is filed, the Income Tax Department proceeds with its processing. Subsequently, an intimation is issued under Section 143(1), stating whether the return has been accepted, a refund is due, or additional tax is payable. Therefore, after filing the return, regularly check for updates received via email and on the Income Tax Portal.

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