Every Assessment Year (AY) the government provides taxpayers with a four-month window to consolidate their income details for the relevant fiscal year and file their ITR properly.

The four-month period begins on April 1 and concludes on July 31 (unless extended).

There are a number of deductions and exemptions that you can claim on your ITR, which can reduce your tax liability.

Taxpayers who miss the deadline have an option to file a belated ITR.

The last date of filing belated ITR is December 31 for FY 2022-23 (AY 2023-24).

If ITR is filed after the due date (which is July 31) and on or before December 31, then a late filing fee will be levied.

If you have any outstanding tax liability, you will be charged punitive interest on the amount, as applicable in your circumstances, if you file a late return.

If no tax is due, then the taxpayer will not be required to pay this interest solely because of the late submission of the ITR.

If a person deliberately fails to file a return after receiving notifications, the income tax officer may commence prosecution procedures.