New Delhi: Till Sunday evening, more than six crore Income Tax Returns (ITR) have been filed for the financial year 2022-23. This number has crossed the figure of ITR filed till 31st July last year. For the salaried class and people who do not need to get their accounts audited, the last date for filing ITR is 31st July i.e. today.
The Income Tax Department tweeted, “Till 6:30 pm on July 30, more than six crore income tax returns were filed, of which 26.76 lakh ITRs were filed on Sunday.” The department said that taxpayers are being continuously helped through phone, live chat, and social media for filing ITR.
Today is the last date
Today is the last day to file ITR for FY 2022-23 and Assessment Year 2023-24 (AY 2023-24). It is being hoped by the people that the last date will be extended further. However, the government has not yet given any indication in this direction. Not only this, the government has even said that the last date for filing ITR will not be extended. In such a situation, those who are not able to file ITR today will have to pay a penalty for filing ITR from tomorrow.
How much will be fine?
The penalty for late filing of ITR is calculated according to the salary. ITR can be filed till 31 December 2023 with a maximum fine of Rs 5000. A person whose taxable income does not exceed Rs 5 lakh will have to pay Rs 1000 as a late fee. At the same time, people with taxable income more than this will have to pay Rs 5000.
The biggest disadvantage of not filing an ITR
If you want to get a refund from the Income Tax Department, then it will be available only after filing your ITR. Apart from the penalty, one of the biggest disadvantages of late ITR filing is that you will get the refund amount but interest will not be paid on it. Therefore, if you are going to get a refund due to the deduction of TDS, then file ITR today itself for interest on it.
