2024 Tax Deadline Consequences. Missing the july 31 deadline for filing itr can lead to several negative consequences, including financial penalties, restricted loss carryforwards, and. Learn the important dates, steps, and consequences of missing the itr filing deadline.
For the financial year that concluded on 31 march 2024, the deadline for individuals to submit their income tax returns (itrs) is on july 31, 2024. When a taxpayer files a belated income tax return, they may incur penalties based on their income level.