If you haven't filed your income tax return yet, stop what you're doing — today is the deadline.
Miss July 31 and you'll owe a late fee of ₹5,000 (just ₹1,000 if your income is under ₹5 lakh), plus interest at 1% per month on any tax you still owe.
Worse, if you had losses in your stock or mutual fund portfolio this year, filing late means you can't offset them against future gains — that benefit is gone for good.
What this means for you
- Late filing means a penalty of ₹1,000–₹5,000 depending on your income — that's money gone for no reason.
- Any tax you still owe starts attracting 1% monthly interest from today — the longer you wait, the more you pay.
- Capital losses from stocks or mutual funds can't be carried forward if you file late — future gains will be taxed more.
What you can do
- File right now at incometax.gov.in — ITR-1 (for most salaried people) takes under 20 minutes if your Form 16 from your employer is handy.
- No Form 16? Use your last salary slip and check Form 26AS on the portal — it shows all tax already deducted on your behalf.
You've got a few hours left — that's enough time to get this done and sleep easy tonight.
Grow with clarity 🌱