Tax department urges prompt ITR submission to avoid penalties

The Income Tax Department has intensified its reminder campaign ahead of the 31 July deadline for filing returns for AY 2026-27. So far, 5.45 crore taxpayers have uploaded their ITRs, with 5.06 crore already verified and 2.33 crore processed.

Officials warn that filing after the deadline can trigger a penalty of ₹1,000 for taxable income up to ₹5 lakh and ₹5,000 for higher brackets. In addition, a monthly interest of 1% will be charged on any tax outstanding from the filing date until settlement. Timely filing also helps claim refunds faster and allows loss carry‑forward to offset future profits.