What will happen if taxpayers miss ITR filing deadline today?

The deadline for filing Income Tax Returns (ITR) for FY22 is today (July 31). Taxpayers with over ₹5 lakh annual income who miss it may file ITRs after paying late fees of up to ₹5,000 by December 31, 2022. If the ITR is filed after December but before March 2023, the late fee will increase to up to ₹10,000.