India, July 31 -- The July 31 deadline for filing Income Tax Returns (ITRs) for most individual taxpayers has passed, with more than 5 crore returns filed before the due date. If you missed the deadline, you can still submit a belated ITR by December 31.

However, filing after the due date could cost you more than just a late fee. Depending on your case, you may have to pay penalties, interest on unpaid taxes, face delays in refunds, and lose certain tax benefits.

Here's what happens if you missed the July 31 deadline.

-Even if you file your return after July 31, you'll have to pay a late filing fee.

-Taxpayers with annual income above Rs.5 lakh may have to pay a penalty of up to Rs.5,000.

-Those earning up to Rs.5 lakh can be charged...