5.5 Crore ITRs Filed For AY 2026-27

More than 5.5 crore income tax returns (ITRs) have been filed for Assessment Year (AY) 2026-27 so far, according to the Income Tax Department. The deadline for filing returns without a late fee was July 31, and taxpayers rushed to complete the process on the final day.

The department reported a surge in filings, with over 42 lakh returns filed on July 30 alone. This sharp increase shows that many taxpayers waited until the final days to submit their returns.

In recent weeks, the pace of filing has increased sharply. By July 11, more than 1.7 crore returns had been filed. The figure crossed 3 crore on July 22 and reached 4 crore on July 27. The number exceeded 5 crore on Thursday before crossing the 5.5 crore mark on Friday.

The Income Tax Department has repeatedly advised taxpayers not to wait until the last moment, as heavy traffic on the e-filing portal may cause delays or technical problems near the deadline. Before submitting a return, taxpayers should carefully compare the information in Form 16, the Annual Information Statement, Form 26AS, bank statements, and other income records.

Any difference in income, interest, tax deducted at source, or investment details may lead to questions or delays in processing the return. The Central Board of Direct Taxes has notified revised ITR forms for AY 2026-27, which include updated disclosure requirements related to long-term capital gains, share buyback losses, and some trading transactions.

During FY 2024-25, more than 9 crore taxpayers filed income tax returns, and the department issued refunds worth over Rs 4.35 lakh crore during the year. Taxpayers missing the deadline may still file a belated return, but could face a late fee and lose certain tax benefits.

The deadline applies to individuals and other taxpayers whose accounts do not require an audit. The Income Tax Department reminded taxpayers to file their returns calmly and avoid last-minute rush.

The surge in ITR filings indicates that taxpayers are taking the deadline seriously and making efforts to file their returns on time. However, those who miss the deadline should be aware of the potential consequences, including late fees and loss of tax benefits.

In conclusion, the Income Tax Department's efforts to encourage taxpayers to file their returns on time seem to be paying off, with a significant number of returns filed before the deadline. This is a positive development, as it helps to ensure that taxpayers comply with tax laws and avoid potential penalties.