Late ITR Filing

If you miss the deadline to file your tax returns today, you still have the option to file a belated return until December 31 but you will have to pay a late filing fee.

However, a legal heir's liability is capped at the value of the inherited estate

On the last day, July 31, over 6.5 million ITR were filed by 11 PM, according to the Income Tax Department

If the income is above Rs 2.5 lakh per annum, not filing the income tax return (ITR) can even land a person in jail

For people with an annual income of over Rs 2.5 lakh, filing an ITR is mandatory. Failing to do so may attract fines and penalties

Filing returns after the due date can have repercussions even if there are no pending liabilities