What are the financial penalties for missing the ITR deadline by one day?

Missing the July 31 ITR filing deadline can lead to a 1% monthly interest charge, which is counted from the original due date, plus additional late penalties. Because interest is tallied on a monthly basis, a delay of just one day could result in interest being applied to the entire tax amount owed. Furthermore, you may still be hit with late filing fees even if you do not owe any taxes.