ITR filing: The deadline to file the income tax returns (ITR) for the financial year 2022-23 ends on July 31, 2023. As per the latest update, over 6 crore ITRs had been filed till 6:30 PM on July 30. The Income Tax department has urged taxpayers to complete the filing process at the earliest, emphasising there will be no extensions in the deadline this year.
“More than 6 crore ITRs have been filed so far (30th July), out of which about 26.76 lakh ITRs have been filed today till 6.30 pm! We have witnessed more than 1.30 crore successful logins on the e-filing portal till 6.30 pm, today. To assist taxpayers with ITR filing, tax payment, and other related services, our helpdesk is functioning on a 24×7 basis, and we are providing support through calls, live chats, WebEx sessions & social media. We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven’t filed their ITR for AY 2023-24, to file their ITR at the earliest to avoid last-minute rush,” the income tax department tweeted.
In case a taxpayer fails to file the returns before the due date, it may invite penalties Here’s what happens when a taxpayer fails to file the ITR before the end of the deadline.
ITR filing: What happens when an individual fails to file his returns on time
1) Taxpayers can complete the tax filing process after July 31 due date but with a late fee.All returns filed after the due date of July 31 will attract a late fee of ₹ 5,000. All such ITRs need to be filed before December 31.
2) In case of taxpayer’s total income not exceed ₹ 5,00,000, the penalty will be ₹ 1,000.
3) For taxpayers whose total income is less than the basic exemption limit, there shall be no late filing fees
4) The Income Tax department charges interest at the rate of 1 per cent per month on the taxable amount in case of delay in filing the return.
5) Not filing the tax return by the due deadline will also lead to a loss of carry forward of losses to future years.
6) Failure to file tax returns can also lead to imprisonment. Late filing of returns where the tax payable or evaded is more than ₹ 25,000, may lead to imprisonment of 6 months to 7 years and a fine.
7) Not filing ITR on time may result in a prolonged wait or loss of the receipt of the tax refund.