What will happen if you file ITR after Due Date July 31?

What will happen if you file ITR after Due Date July 31?

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Filing ITR before the Due Date is always recommended to taxpayers. But what happens if someone misses the deadline? Let’s find out

Filing ITR before the Due Date is always recommended to taxpayers. But what happens if someone misses the deadline? Let’s find out

The due date or the deadline to file ITR for AY 2023-24 is July 31.

The due date or the deadline to file ITR for AY 2023-24 is July 31.

July 31 is the date by which all taxpayers, whose accounts don’t need to be audited, should file their returns.

July 31 is the date by which all taxpayers, whose accounts don’t need to be audited, should file their returns.

As the Government is not planning any extension of the due date, it is important to file returns by July 31.

As the Government is not planning any extension of the due date, it is important to file returns by July 31.

Missing the July 31 deadline can have several consequences. Read on for details

Missing the July 31 deadline can have several consequences. Read on for details

Late fee: You can file a belated ITR after July 31 till December 31 but with a late fee.

Late fee: You can file a belated ITR after July 31 till December 31 but with a late fee.

For belated ITR filing, you would be liable to pay a late fees of Rs 5000.

For belated ITR filing, you would be liable to pay a late fees of Rs 5000.

However, if your total income is less than Rs 5 lakh, then the late fee will be Rs 1000 only.

However, if your total income is less than Rs 5 lakh, then the late fee will be Rs 1000 only.

Penal interest: In case of ITR filed after July 31, you may have to pay a penal interest of 1% per month on any tax due at your end.

Penal interest: In case of ITR filed after July 31, you may have to pay a penal interest of 1% per month on any tax due at your end.

Loss of interest on refunds: If ITR is filed before the due date, taxpayers get interest at the rate of 0.5% per month from April 1 till the date of Income Tax Refund.

Loss of interest on refunds: If ITR is filed before the due date, taxpayers get interest at the rate of 0.5% per month from April 1 till the date of Income Tax Refund.

However, belated returns can lead to loss on interest on refund. In this case, interest is calculated from the actual date of ITR filed till the date of grant of refund.

However, belated returns can lead to loss on interest on refund. In this case, interest is calculated from the actual date of ITR filed till the date of grant of refund.

No carry forward of losses: Late filers cannot carry forward losses to future years.

No carry forward of losses: Late filers cannot carry forward losses to future years.

Fine and imprisonment: Late filing may even lead to additional fines and possible imprisonment.

Fine and imprisonment: Late filing may even lead to additional fines and possible imprisonment.