ITR: What happens if you miss July 31 deadline for filing income tax return

The Central Board of Direct Taxes (CBDT) has fixed the last date for filing the income tax return (ITR) for the previous financial year (FY22) as July 31, 2022. The government has also refused to extend the deadline this year. However, according to data from ITR's website, only 30 million ITRs have been filed so far.

For people with an annual income of over Rs 2.5 lakh, filing an ITR is mandatory. Failing to do so may attract fines and penalties. 

What happens if you fail to file ITR before July 31?

You will be liable to pay the