Taxpayers must file their income tax returns (ITR) by July 31 each year. The Income Tax Department gives a 4-month period to prepare and file your income details correctly.If you miss the deadline, you might have to pay a penalty or late fees, and there can be other problems from the delay. Section 234F of the Income Tax Act deals with these penalties for late filing of tax … [Read more...] about Late Filing your ITR? Know the Penalties Under Section 234F!