✔️What if I miss the deadline of filing the ITR?
If you happen to miss the deadline, you have the opportunity to file a belated return by the end of the applicable assessment year. Moreover, depending on your annual income, you will have to face penalties on how late you are filing your returns. So, for instance, if your annual income is INR 5 lakh, then your penalty will be INR 1000 irrespective of when you file the tax returns. But if your annual income exceeds INR 5 lakh, then the late penalty is INR 5000 (if the returns are not filed before December 31) or INR 10,0000 (if the returns are filed between January 01 and March 21 of the succeeding year).