Just because TDS has been deducted from your salary, FD, property sale, or any other transaction doesn’t mean your tax job is done. If you don’t file your Income Tax Return (ITR) by July 31, 2026, you could end up with a late fee, interest, and even a notice from the Income Tax Department. Why Filing ITR Is Still Mandatory Paying tax and filing ITR are two different legal duties. Even if your full tax or TDS has already been paid, you must still file a return if your income is above the filing limit. If you skip it, the IT department can’t match your income and TDS in its records. That mismatch can trigger a tax notice. You Could Lose Your Refund If your annual income is below Rs 2.5 lakh and TDS was deducted, you can claim that money back — but only if you file ITR. No return = no refund. That money will stay with the government. Penalties For Late Filing If you have tax liability and miss the deadline: Late fee up to Rs 5,000 under Section 234F if income is above Rs 5 lakh Interest on due tax under Section 234A Special Note For Crypto Investors Income from crypto and other Virtual Digital Assets (VDAs) is taxed at a flat 30%. This rule applies even if it’s your only income and it’s below the basic exemption limit. So crypto earners also need to file ITR and follow compliance rules. Bottom line: TDS deduction ≠ ITR filed. File before July 31, 2026 to avoid penalties and claim refunds. Post navigation Suzuki XL7 Facelift Revealed at 2026 Indonesia Auto Show
