Missed filing ITR by July 31? Here's how you can still file your income tax return

The July 31 deadline for filing Income Tax Returns (ITRs) for most individual taxpayers has passed, with over 5 crore returns filed before the due date.

If you missed the deadline, you can still submit a belated ITR by December 31.

Late filing can attract a penalty: up to ₹5,000 for annual income above ₹5 lakh, and up to ₹1,000 for income up to ₹5 lakh.

Interest under Section 234A of the Income-tax Act (1% per month on unpaid tax) applies from the original due date until the return is filed, if tax is due.

Belated filers lose the benefit of carrying forward certain losses (capital losses from shares, mutual funds, property, and business losses) to future years; refunds may also be delayed.