Is the July 31 ITR deadline getting extended? Read this first

Today, July 31, is the last day for individuals filing ITR-1 and ITR-2 to submit their Income Tax Returns for FY 2025-26. While millions of taxpayers have already filed their returns, many others are still waiting, hoping the government will extend the deadline as it did last year.But should you wait for an extension? It may not be the safest approach.WHY ARE TAXPAYERS EXPECTING AN EXTENSION?Many taxpayers are expecting the July 31 deadline to be pushed back because the government had extended the due date in the previous year.This has led some people to delay filing their returns in the hope that they will get a few more weeks. However, tax experts say every year's decision is based on the circumstances at that time, and there is no guarantee that an extension will be announced again. DON'T FILE BASED ON SPECULATIONAccording to Adhil Shetty, CEO of Bankbazaar, taxpayers should not assume that the deadline will be extended unless there is an official announcement."Taxpayers should avoid making filing decisions based on speculation around a possible deadline extension. The Income Tax Department has extended deadlines in the past only under exceptional circumstances, such as widespread technical issues or other administrative reasons. Unless an extension is officially announced, it is prudent to assume the notified July 31 deadline will apply," he said. In other words, planning your tax filing around rumours or expectations could leave you in a difficult position if the deadline remains unchanged.WAITING COULD CREATE MORE PROBLEMSLeaving your return until the last minute also means you may not have enough time to fix any issues that come up during the filing process."Waiting for an extension could leave little time to complete the filing process if no announcement is made. It also leaves less time to resolve issues such as mismatches in Form 26AS or the AIS, or to obtain and verify pending documents before filing," Shetty said.Even small errors or missing information can delay the filing process, especially on the final day when the portal may see heavy traffic.MISSING THE DEADLINE HAS A COSTIf the deadline is not extended, and you fail to file your return on time, there could be financial consequences."Missing the deadline may also attract a late fee of up to Rs 5,000, depending on the taxpayer's income, besides applicable interest on unpaid tax, and could delay the processing of refunds," Shetty said.Apart from the late fee and interest, delayed filing may also mean waiting longer to receive any tax refund due.In other words, while there is always speculation around a possible extension, taxpayers should act only on official announcements from the Income Tax Department."Filing within the notified timeline remains the safer and more practical approach," Shetty advised.With the deadline ending today, taxpayers who have not yet filed their ITR would be better off completing the process now rather than waiting for an extension that may never come.- EndsPublished By: Jasmine anandPublished On: Jul 31, 2026 18:27 IST