If you missed the July 31 deadline, you can file a belated return until December 31, 2023. Non-audited taxpayers had to file by July 31 to avoid penalties.

Belated ITR Fee: For belated ITR filing, you will have to pay a late fee of up to Rs 5000. For taxpayers having an annual income less than Rs 5 lakh, the late fee is Rs 1000 while for others it is Rs 5000. But, if filed after December 31, the fine increases to 10,000.

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

Lost off interest on refund: When the ITR is filed before the due date, taxpayers get interest at the rate of 0.5% per month on the refund amount from April 1 till the date of refund. However, in case of a belated return, this interest will be calculated from the date of filing ITR till the date of refund.

No carry forward of losses: Belated ITR filers are not allowed to carry forward their losses to subsequent assessment years.

-Navneet Shukla