New Delhi, July 31 -- With the July 31 income tax return (ITR) deadline set for today, the return filing season has entered its final phase. More than 5 crore ITRs had been filed until Thursday, reflecting a sharp surge in taxpayer activity as individuals rush to complete the process before the due date to avoid penalties.

Taxpayers who fail to submit their ITRs by July 31 would still have the option to file a belated return by December 31, 2026 but that comes with a late filing fee. Apart from that, some could also face interest on outstanding tax dues, delayed refunds and restrictions on carrying forward certain losses.

As just a few hours remain before the deadline, let's look at the possible consequences of late ITR filing for salar...