Over 5 crore ITRs filed; less than 48 hours left: What taxpayers need to know before July 31

More than 5 crore income tax returns have been filed so far in the2026-27 assessment year, the income tax department said on Wednesday.

"Over 5 crore ITRs have already been filed for A.Y. 2026-27," it said.

ITR Form 1 (Sahaj) is a simpler forms that cater to a large number of small and medium taxpayers.

Sahaj can be filed by a resident individual having annual income up to ₹50 lakh and who has salary income, one house property, and agricultural income up to ₹5,000 a year. ITR-2 is filed by individuals and HUFs not having income from profits and gains in business or profession, but having income from capital gains.

Who should file ITR-1?

A resident individual with total income up to Rs 50 lakh can file ITR-1 (Sahaj) if they have:

• Salary income.

• Income or loss from up to two house properties (excluding brought-forward or carry-forward losses).

• Long-term capital gains under Section 112A up to ₹ 1.25 lakh.

• Family pension.

• Income from other sources, subject to prescribed conditions.

• Spent over ₹2 lakh on foreign travel.

• Paid over ₹1 lakh towards electricity bills.

• TDS of ₹25,000 or more (₹50,000 for senior citizens).

• Deposits of ₹50 lakh or more in one or more savings bank accounts.

When is ITR-2 mandatory?

• Have total income exceeding ₹50 lakh.

• Have capital gains from shares, mutual funds or property.

• Own foreign assets or earn foreign income.

• Have agricultural income exceeding ₹5,000.

• Have income or loss from more than two house properties or carry-forward losses.

• Held unlisted equity shares or are directors in a company.

• Are claiming relief under Sections 90, 90A or 91 for foreign taxes.

• Deposited over ₹1 crore in one or more current accounts.

• Spent over ₹2 lakh on foreign travel or over ₹1 lakh on electricity.

• Meet other disclosure requirements such as deferred ESOP taxation, brought-forward losses or tax deducted on cash withdrawals under Section 194N.