Over 5 crore ITRs filed: Expert explains how timely filing of tax returns can boost home loan and credit card prospects
Today is 30 July, and we are just a day away from the 31 July deadline for submission of income tax returns (ITRs). All eligible taxpayers who have yet to complete the filing and e-verification of their income tax returns must not delay it further.
In a post on X late yesterday, the income tax department urged eligible taxpayers to avoid the last-minute rush and submit their returns on time. “Over 5 crore ITRs filed for AY 2026-27. Don’t wait until the deadline. File your ITR-1 and ITR-2 today,” the department said, reiterating that 31 July is the due date for individuals required to file these two return forms.
This is important as timely compliance can have significant benefits for your financial future.
Filing your ITR on time can also help taxpayers build a healthy tax compliance history that may strengthen future home loan applications and help credit card issuers assess repayment capacity.
Tax filing statistics to take note of
The Income Tax Department’s e-filing portal reflects the scale of tax compliance achieved so far in AY 2026-27 and the pace at which individual taxpayers are fulfilling their responsibilities and filing their taxes. As of the most recent data, over five crore income tax returns have already been filed.
These figures clearly show that more than 5.02 crore taxpayers have already filed their income tax returns, with more than 4.69 crore returns having completed the e-verification process.
With the 31 July deadline nearly upon us, all taxpayers who have yet to file their taxes may benefit from doing so without further delay. This will not only help them remain tax-compliant with tax authorities but also help them establish a documented financial track record that can be invaluable in the future.
Adhil Shetty, CEO, BankBazaar, explains the significance of the same, saying, “An Income Tax Return serves as documentary proof of income and financial stability. While salaried borrowers have the option to share salary slips and bank statements, lenders often look at ITRs to assess income consistency, particularly for self-employed individuals or those with variable earnings. A regular ITR history can strengthen a home loan application and may also help credit card issuers evaluate repayment capacity and determine an appropriate credit limit.”
Significance of timely tax filing
For homebuyers, lenders consider multiple factors before approving a loan, including income stability, repayment capacity, and overall financial discipline.
An ITR alone does not guarantee loan approval; maintaining a consistent filing record can provide an additional layer of accountability, compliance and credibility, especially for self-employed professionals, freelancers and individuals with fluctuating income.
Similarly, when applying for a credit card, issuers review and analyse an applicant’s income profile and past financial history to determine eligibility and set an appropriate credit limit. A regularly filed ITR serves as an official income and compliance document that complements other financial records.
As the 31 July deadline approaches, eligible taxpayers who have yet to file their returns should file promptly.
This tax compliance history can eventually become an important financial credential, one that may help boost and strengthen home loan applications and support credit card eligibility.
