Over 5 Crore ITRs Filed as July 31 Deadline Nears

ITR-1, or Sahaj, is the simplest form. It covers resident individuals with total income up to ₹50 lakh during FY 2025-26. The form works for salary or pension income, one house property (excluding cases with carried-forward losses), and income from other sources like interest. Agricultural income must not exceed ₹5,000. Taxpayers with capital gains, business or professional income, foreign assets, directorships, or unlisted equity share investments cannot use ITR-1.

ITR-2 is the next step up. It applies to individuals and Hindu Undivided Families who do not qualify for ITR-1 but also do not have business or professional income. This form handles income above ₹50 lakh, multiple house properties, capital gains from shares, mutual funds, or property, and foreign income or overseas assets. Many high-net-worth salaried investors with complex income profiles fall into this category.

The government has not announced any extension for the July 31 deadline. Taxpayers should reconcile details in Form 26AS, the Annual Information Statement, and Form 16 before hitting submit. Mismatches between those documents and the filed return are a common cause of processing delays.