Don’t Ignore ITR Filing If You Earn Below Rs 4 Lakh—Here’s Why
New Delhi: With the July 31 deadline for filing Income Tax Returns (ITRs) for Assessment Year (AY) 2026-27 nearing, taxpayers are filing returns at a brisk pace.
More than 3 crore ITRs have already been filed, including over 15 lakh returns submitted on July 21, according to the Income Tax Department. In a post on Wednesday, the department urged eligible taxpayers to avoid the last-minute rush. “3 Crore+ ITRs have already been filed for A.Y. 2026-27, with 15 Lakh+ ITRs filed yesterday alone! Don’t wait for the deadline rush!
The July 31 deadline applies to individuals who are required to file ITR-1 or ITR-2 and whose accounts are not subject to audit. In general, filing an ITR is mandatory if a taxpayer’s annual income exceeds the basic exemption limit.
For AY 2026-27, the exemption limit is Rs 4 lakh under the new tax regime and Rs 2.5 lakh under the old tax regime. Apart from income thresholds, certain other specified conditions under the Income Tax Act may also make ITR filing compulsory, even if an individual’s income is below the exemption limit.
