What happens if you miss the Aug 31st deadline to file your ITR?
- The income tax return filing deadline for self employed and people with businesses is August 31.
- Late filings incur a fee and interest of 1% per month on unpaid tax, calculated from the original due date.
- Filing late may affect the ability to carry forward eligible losses to future years, according to the Income-tax Act.
Source: livemint.com
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