Missed ITR filing July 31 deadline? Check the penalties you need to pay.

Individuals who missed the July 31 ITR filing deadline can still file until December 31, 2024, but must pay penalties: ₹5,000 for incomes above ₹5 lakhs and ₹1,000 for incomes below ₹5 lakhs. Late filing results in losing tax regime choice and carry-forward of losses.