In India, all residents must file their income tax returns (ITR) to declare earnings from various sources including salary, business profits, and capital gains. For the financial year 2025-2026, the deadline for individual taxpayers to file ITR is July 31, 2026, while those using ITR forms 3 and 4 have until August 31, 2026. Taxpayers who miss the July deadline can still file a delayed return by December 31, 2026, but will incur penalties ranging from ₹1,000 to ₹10,000, depending on the delay duration and taxable amount. Missing the deadline may also result in the loss of certain tax deductions and increased scrutiny from the Income Tax Department. Taxpayers must file if their income exceeds the basic exemption limit or if they own foreign assets. The appropriate ITR form varies based on the taxpayer's income sources, with options including ITR-1 for salaried individuals and ITR-4 for those with presumptive business income.