What happens if you miss the July 31 deadline to file ITR?

If you miss the July 31 ITR filing deadline, you can file belated return by December 31. However, taxpayers with ₹5-lakh total income must pay ₹1,000 late filing fee, while those earning above ₹5 lakh must pay ₹5,000. You cannot carry forward capital losses to subsequent years. Interest of 1% per month or part thereof may apply on outstanding tax.