ITR Filing: About 5.83 crore ITRs were filed till 31st July last year. 24-hour service was available on the Income Tax Department’s helpdesk and website to assist in filing ITR.
Income Tax Return: The last date for filing income tax return for the financial year 2022-23 was 31 July this time. Many tax payers were demanding to extend this date. But it was flatly denied by the government. Now, till July 31, 2023, more than 6.50 crore Income Tax Returns (ITR) have been filed for the income earned in the financial year 2022-23 ending March 31. On July 31, the last day itself, more than 40 lakh income tax returns were filed. July 31 was the last date for filing income tax returns for personal taxpayers.
- Over 6.50 Crore Income Tax Returns Filed
In the information given by the Income Tax Department last evening, it was told that till 6 pm, 1.78 crore successful ‘logins’ have been done. The department also wrote on Twitter that ’till now more than 6.50 crore income tax returns have been filed. Of these, 36.91 lakh ITRs have been filed till today evening. Last year till July 31, around 5.83 crore ITRs were filed. The Finance Ministry is happy to see the number of ITR filers. 24-hour service was available on the Income Tax Department’s helpdesk and website to assist in filing ITR. Now the question arises that what will happen if you have not filed income tax?
- Still have the option to pay tax
If a taxpayer still fails to file the return, he may have to face other consequences apart from the penalty. Taxpayers still have the option to complete the tax payment process. But with a late fee of Rs 5,000. All such ITRs will have to be filed before 31 December 2023. If the total income of the taxpayer does not exceed Rs 5,00,000, the penalty will be reduced to Rs 1,000. At the same time, for such taxpayers whose total income is less than the basic exemption limit, they will not have to pay any kind of late fee.
In case of delay in filing the return, the Income Tax Department charges interest at the rate of 1 percent per month on the tax amount. In this case, if there is a delay of even one day, interest of one month is charged. Tax experts said that the increase in the number of ITR filers reflects the success of the efforts made by the revenue department to better comply with the rules and prevent tax evasion.