Explained: What happens if you fail to file ITR by December 31 due date

With the due date approaching, there has been a rush among the general category of taxpayers to file their ITR. But what if a taxpayer is unable to file ITR by the due date?

The due date for filing the Income Tax Return (ITR) for the financial year 2020-21 (AY21-22) was extended by the central government earlier this year to December 31, 2021. The usual due date for filing the ITR every year is July 31, but it was extended this year to December 31, 2021.

With the due date approaching, there has been a rush among the general category of taxpayers to file their ITR. It may be noted that the accounts of general category taxpayers do not require auditing.