The Income Tax Department has requested all taxpayers in India to file their Income Tax Returns (ITRs) for the assessment year 2023-24 by the official last date, today, Monday, 31 July. Those still left to file their ITRs must finish the process on the online portal - eportal.incometax.gov.in. Taxpayers failing to complete the process by the deadline must face the consequences. One must go through the latest announcements on the website and stay updated with the details.
As per the latest official details, more than 5 crore Income Tax Returns (ITRs) have been filed on the ITR e-filing portal - eportal.incometax.gov.in for the assessment year 2023-24. It is important to note that around 4.46 crore ITRs have been e-verified so far. The ones who are still left to file their ITRs have time till today, Monday, 31 July 2023.
The Government might not postpone the deadline as no announcements are made yet. You must finish the process soon if you do not want to face the penalty. For all the latest details and updates, you must visit the official website - eportal.incometax.gov.in.
Income Tax Return Filing: Deadline Missing Penalty
As taxpayers are rushing to file their Income Tax Returns (ITRs), many people are expected to miss the deadline due to heavy rainfall and floods in several states. Therefore, it is important for taxpayers to know the penalty.
A survey has stated that many people could miss out on filing their ITRs on or before 31 July, due to various reasons.
According to the latest official details, taxpayers who miss filing their Income Tax Returns (ITRs) by the last date, 31 July, can still fill out the forms by paying a late fee and extra interest.
All taxpayers should note that they have to pay a late fee of Rs 5000 if their total income is exceeding Rs 5 lakh per annum. For those who earn below Rs 5 lakh, the late fee is Rs 1000.
Along with the late fee, taxpayers have to pay penal interest on any tax amount due. You have to pay a simple interest at the rate of 1 per cent for each month or part of a month from the day after the due date.
Taxpayers filing the ITRs after the deadline have to pay a late fee, an extra interest rate and will incur loss of interest on refund. These are some of the drawbacks that they must face, therefore, it is better to fill out the forms on time.
(Written with inputs from India Today.)