What if you miss the July 31 deadline for filing your ITR

New Delhi: Only two days are left before the end of the Income Tax Returns ( ITR) due date for the current assessment year (AY) 2022-23 and financial year 2021-22.

Although many taxpayers have been urging the government to extend the deadline for filing ITR, the government is not considering extending the deadline and the last date for filing ITR is July 31.

To date, more than 4 crore ITRs have already been filed and it is expected that more than 5 crore returns will be filed by the last date i.e. July 31.

In case of failing to pay income tax, the person will be subject to an interest of penalty. The late filing of ITR after the deadline is called belated ITR.

A fee of Rs.5,000 is levied under section 234F of the Income-tax Act, 1961. However, for small taxpayers having a total income up to Rs.5 lakh, the late filing fee will not exceed Rs 1,000. This fee must be deposited before the belated ITR is filed.

To know how to file an ITR click here