ITR Filing Last Date: What If You File Your Tax Return After July 31? Check The Consequences

New Delhi: The last date to file the income tax return (ITR) for the Financial Year 2022-2023 (Assessment Year 2023-24) was July 31. According to the Income Tax Department, more than 6.50 crore had filed the ITR for the financial year 2022-2023, out of which about 36.91 lakh ITRs have been filed till 6 pm.

Income Tax Department scales a new peak!

More than 6.50 crore ITRs have been filed so far (31st July), out of which about 36.91 lakh ITRs have been filed today till 6 pm!

We have witnessed more than 1.78 crore successful logins on the e-filing portal till 6 pm, today.

To… pic.twitter.com/urB0d3SMIC — Income Tax India (@IncomeTaxIndia) July 31, 2023

What Happens If You File Your ITR After Missing The Deadline?

Filing ITR can be done both online and offline. Not filing ITR or late filing can attract penalty up to Rs 5,000. 

If your taxable income is above Rs 5 lakh per annum, you will have to pay a penalty of Rs 5,000.

If your taxable income is less than Rs 5 lakh, then you pay a penalty of Rs 1,000. Additionally, if you have an income below the taxable limit, you are not even required to pay the penalty incase you miss the ITR filing deadline. However, this is subject to certain exceptions.

Penal Interest on Tax Amount If You File Your ITR After Missing The Deadline

You shall also have to pay penal interest on any overdue tax sum in addition to the late fee. The Income Tax Act states that from the day following the due date to the actual day of submitting the return (i.e missing of the ITR filing deadline), you must pay simple interest at a rate of 1% for each month or portion of a month.

Belated ITR: What Is The Consequence Of Filing Your ITR After Missing The Deadline?

If you have missed the July 31 deadline for filing, you can still file a belated ITR. The last date to file Belated ITR is December 31. By paying the above penalties, you could still file your belated ITR for Financial Year 2022-2023 (Assessment Year 2023-24).