Today is the last day for filing income tax returns for the financial year 2022-23 ended March 31. Due to heavy rains in many states, the date of return was expected to be extended. Many taxpayers had demanded an extension of the deadline through social media, but the deadline has not been increased yet. Today being the last day, a large number of people are filing their ITR. Over 6.13 crore income tax returns (ITRs) have been filed so far. The Income Tax Department gave this information on its official Twitter account.
Last year’s record was broken
“Till July 30, 2023, 6.13 crore ITRs were filed. Till 12 noon on July 31, 11.03 lakh more ITRs were filed. As many as 5.83 crore ITRs were filed till July 31 last year . Round-the-clock services are available on the income tax department’s helpdesk and website to help in filing of ITR. The last date for filing ITR for the financial year 2022-23 is today i.e. 31 July 2023.
What will happen if you are not able to file the return today??
After missing the deadline for filing returns, filing ITR can lead to many types of penalties. If your annual income is more than Rs 5 lakh, then a penalty of Rs 5000 will have to be paid for filing returns after the deadline. At the same time, if the income is less than 5 lakh, then a fine of Rs 1000 will be imposed. After December 31, 2023, the fine increases to Rs 10,000. In addition, if you are taxed, then if you do not file the return on time, then you are charged 1% interest per month till the return is filed. If any tax is due, taxpayers can file updated returns after December 31, but they will have to pay an additional 25% tax by March 31, 2024 and an additional 50% tax by December 31, 2024 .
