It is important to note that although Section 139 of the Act has been extended until 30th November 2023, which is one month after the original deadline, you should aim to file your taxes by 31st October 2023. Filing late can result in a late fee of Rs 5000.

Keep in mind that when filing late, there is a penalty as per Section 234F of the Income Tax Act, 1961. Additionally, you won't be able to carry forward losses from different sources of income, except for losses from house property, when submitting a belated ITR.

Today is the last date to file Income Tax Returns: The IT department advised taxpayers to file their tax returns before the deadline ends to avoid penalties and other consequences.

To avoid such penalties and fees, it's advisable to file your returns promptly, preferably before the July 31 deadline. Once all your data is ready, don't delay in filing. Understanding the costs and consequences of late tax return filing is essential to maintain compliance and financial well-being.

However, taxpayers who filed their returns after the due date were liable to pay interest under Sections 234A, 234B, and 234C of the Income Tax Act. These sections imposed interest charges for the delay in filing the return and/or the delay in payment of taxes.