If you are salaried or do not need an audit, you had until July 31 to file your 2022–2023 income tax return.
The Income Tax Department received over 6 crore tax returns for the previous year on Sunday, and over 11 lakh were submitted by 12 p.m. on Monday, including 3.39 lakh in the previous hour. ITRs outnumbered tax returns till July 31.
“We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone,” the IT department tweeted Sunday. “We urge all those who have not yet filed ITR for AY 2023-24, to file their ITR as soon as possible to avoid last-minute rush.”
Miss the deadline, what happens?
IT returns submitted late incur penalties and interest. The process may complete after the final scheduled date. Salary earners can file a late ITR until December 31 and incur a late filing fee.
Section 234F of the Income Tax Act of 1961 requires late filers with yearly incomes over Rs 5 lakh to pay Rs 5,000. Under Rs 5 lakh earners are fined Rs 1,000.
Many company or capital losses from a late ITR cannot be carried over. Late filers must pay 1% punitive interest each month.
Interest is due on timely income tax refunds. Late returns incur no interest. Taxpayers who deliberately ignore IT Department requests to file returns may be punished or imprisoned.
Failure to furnish Section 44AA information on time might result in a Rs. 25,000 fine under Section 271A. If the assessed individual trades internationally, the fine is 2% of the foreign exchange or domestic order price.
If the assessor fails to check their records, get an audit report, or give such publications, they will be fined Rs 1,50,000 or 5% of sales, revenue, or turnover. The assessor must present audited foreign commerce records or face a Rs 100,000 fine.
If a citizen fails to pay their taxes after being notified under Article 156, they may be fined up to the amount of tax owing under Section 221(1).
People who miss the December deadline for a belated ITR can file an updated return, or ITR-U, for the preceding fiscal year by the end of the current assessment year on April 1, 2024, with additional interest costs.
Conclusion:-
2022-2023 income tax returns were due July 31. The Income Tax Department received nearly 6 crore tax returns by 12 p.m. on Monday. The IT department applauded taxpayers and tax experts for reaching this milestone. Missing the deadline may result in late fees and interest. Late filers can file until December 31 and incur fines under Section 234F of the Income Tax Act of 1961. Late ITR filers may be penalized for business or capital losses. Interest is required on timely refunds but not late returns. Taxpayers who ignore notices risk prosecution or imprisonment. Section 271A penalizes citizens up to Rs. 25,000 for not providing required information. Assessors may also be penalized for failing to inspect, obtain, or furnish audited international trade data. If they don’t pay their taxes, Section 221(1) penalty can’t exceed the amount owing.
