In case you fail to submit your ITR by the July 31 cutoff, you are still permitted to file a belated return until December 31. Be aware that individuals with a total income of up to ₹5 lakh will be charged a late fee of ₹1,000, whereas those with an income exceeding ₹5 lakh face a penalty of ₹5,000. Additionally, you lose the ability to carry forward capital losses to future years. You may also be subject to an interest charge of 1% per month or any portion of a month on any unpaid tax amounts.

by shortkt.com✓

3 घंटे पहले