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ITR filing date missed, get ready to pay ₹5000 as the Penalty.

If you are eligible for any refund, then the interest on this refund under section 244A will also not be available.

Prabjot Kaur   |    Published: July 30, 2022 5:38 PM IST

You may face a penalty of up to Rs 5000 in the next two days. Yes, not filing ITR on time can cause you these 3 disadvantages

1. The last date for filing ITR is 31st July and after that you may have to pay a late fee or penalty of up to Rs 1000 – 5000.

2. There will be a penalty of 1% for every month on the outstanding amount and this will have to be paid till you file ITR.

3. If you are eligible for any refund, then the interest on this refund under section 244A will also not be available. So go and fill your ITR before 31st July