The deadline to file income tax returns for 2026-27 is almost here, and many taxpayers are still waiting to complete the process. With only two days left before the July 31 deadline for filing income tax returns (ITR) for Assessment Year (AY) 2026-27, taxpayers are rushing to complete the process. While speculation over a possible extension continues, the income tax department has not announced any change in the due date.The countdown to the July 31 ITR filing deadline has entered its final stretch. (Representative)The due date applies to most individual taxpayers, including salaried employees and those who are not required to get their accounts audited. Here's a look at five key things taxpayers should know before filing their returns.ALSO READ | ITR deadline nears: Step-by-step guide to file return, avoid ₹5,000 penaltyNo extension has been announcedOne of the biggest questions this year is whether the government will extend the July 31 deadline.As of July 29, 2026, the income tax department and the Central Board of Direct Taxes (CBDT) have not issued any notification extending the due date. Unless an official announcement is made, taxpayers should treat July 31 as the final deadline.Choose the correct ITR formFiling with the wrong form can make the return defective or invalid. For AY 2026-27, taxpayers should use the applicable ITR form notified under the Income Tax Act, 1961. These include ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7.ITR-1 (Sahaj) is meant for resident individuals with total income of up to ₹50 lakh from salary, one house property and other sources such as interest, subject to prescribed conditions.ALSO READ | India’s middle class grew sevenfold, but salary growth remained weak, data showVerify details and complete e-verificationBefore submitting the return, taxpayers should review all pre-filled information and reconcile it with Form 26AS and the Annual Information Statement (AIS).The countdown to the July 31 ITR filing deadline has entered its final stretch. (Representative)Common mistakes that taxpayers should avoid:-Selecting the wrong ITR form.-Failing to report interest income.-Ignoring capital gains.-Claiming incorrect deductions.-Entering incorrect bank account details.-Forgetting to e-verify the return.An income tax return is treated as incomplete if it is not e-verified after filing.ALSO READ | Afraid you’ll miss tax deadline? Don’t beMissing the deadline can warrant ₹5,000 fineTaxpayers who fail to file their returns by July 31 may have to submit a belated return, which could result in a fine.Possible consequences include:-Late filing fee of ₹5,000 under Section 234F.-Interest on unpaid tax under Section 234A, where applicable.-Delay in refund processing.-Inability to carry forward certain losses, subject to provisions of the Income Tax Act, 1961.The applicable late filing fee depends on the taxpayer's income and other conditions under the law.How to check refundTaxpayers who have already filed and e-verified their returns can check their refund status through the income tax department's e-filing portal by logging in, selecting "View Filed Returns" and checking the status for AY 2026-27.If a refund has been issued, the portal displays the refund amount, reference number and payment status. Refunds are credited only to a pre-validated bank account linked with the taxpayer's PAN.Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs.