What Happens If You Miss the ITR Filing Deadline of July 31

Filing an ITR is essential for maintaining a transparent and efficient tax system, ensuring compliance with tax laws, and facilitating revenue generation for the government to support public welfare and development. It also helps individuals claim rightful tax benefits and establish their financial credibility.

The income tax return filing deadline is generally set for individuals and businesses on a specific date, often around the end of July or August each year, for the previous financial year’s income. This year, the due date for income tax return (ITR) filing date is 31st July 2023.