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People who do business and fall in the non-audit category were supposed to submit their income tax returns by 31st August, many people did not submit their income tax returns on 31st August. Such people can file belated returns i.e. late returns. According to the Income Tax Department, in belated returns the person will have to file income tax returns along with interest.

According to the Income Tax Department, those who have not submitted their income tax returns by 31st August will be able to submit belated returns till 31st December. However, due to late filing of ITR, the person will have to pay more money. Also, some tax exemptions will no longer be available. Now the question arises that how much loss can a person face due to late ITR submission?

What will be the loss?

Those who did not submit ITR by the last date may now have to pay a fine. For example, people whose annual income is more than Rs 5 lakh may have to pay a fine of up to Rs 5,000. At the same time, people whose annual income is less than Rs 5 lakh may have to pay a fine of Rs 1,000.

Under Section 234A of the Income Tax Act, people who deposit tax late may have to pay interest at the rate of 1 percent per month. According to the Income Tax Department, people filing taxes late will have to file loss returns to carry forward the losses.

Who had to fill ITR?

According to income tax experts, this ITR was to be filed by those people who are in business or such profession, which are considered non-audit category. People whose annual income is Rs 50 lakh, as well as those whose business has an annual turnover of Rs 2 crore, also have to submit this income tax return.

This tax return has to be filed through ITR-3. This clearly means that people with ITR-1 and ITR-2 did not have to file this tax return. The Income Tax Department had given important information regarding income tax returns, in which officials said on social media that more than 7 crore ITRs were filed in 2026.