What happens if taxpayers miss the August 31 ITR deadline?

August 31 is the ITR filing deadline for non-audit taxpayers for AY 2026-27. Those who miss the deadline can file a belated return by December 31, 2026 but they may have to pay a late fee of ₹1,000 for income up to ₹5 lakh. Taxpayers filing after due date may have to pay interest on their tax liability.