What happens if a person misses ITR filing deadline of September 15?
A person can still file ITR after missing September 15 deadline. However, a person may have to pay penalty. If total income is above ₹5 lakh, penalty can be up to ₹5,000. One may also have to pay interest on unpaid tax amount. One cannot carry forward losses (such as business losses, capital losses) to future years on missing deadline.