ITR Filing Last Date: Taxpayers all over India are scrambling to file their returns as the deadline for submitting income tax returns (ITR) for the assessment year 2023–24 approaches. Over 6 crore tax returns have reportedly been submitted thus far, according to the Income Tax Department.
The tax administration is asking those people to finish the procedure before the time expires on Monday, July 31 because there are still a lot of people who haven’t submitted their ITRs.
Consequences of Late Filing
Even while the number of taxpayers who have already submitted their returns is rising, worries about those who could miss the deadline because of problems with the e-filing platform still exist.
Taxpayers may still file a late return through December 31 if they fail to submit their returns by July 31. But it’s important to realize that submitting late has repercussions.
Late Fee for Belated Returns
For filing their taxes beyond the due date, those whose total annual income exceeds Rs 5 lakh would be charged a late fee of Rs 5,000. The late charge is Rs 1,000 for people whose annual income is less than Rs 5 lakh.
Penal Interest on Tax Amount Due
Late filers will also be charged a late fee and punitive interest on any unpaid taxes. According to the Income Tax Act, there is a simple interest charge of 1% for each full or partial month starting the day after the due date and ending on the filing date.
Drawbacks of Belated Filing
Although there are drawbacks to paying taxes beyond the original deadline, those who miss it may have a window of opportunity. Along with late fees, fines, and criminal interest, late filers run the danger of losing interest on refunds. In severe cases, they may even be charged and sent in jail.
Timely Filing is Advised
In light of the potential repercussions of submitting a tax return beyond the deadline, taxpayers are strongly recommended to finish the procedure by July 31 unless there is a legitimate cause to miss it. An efficient and stress-free procedure for taxpayers is ensured by timely filing, which also helps taxpayers avoid fines and interest.
In order to prevent needless issues, be sure to act quickly and fulfill the deadline if you haven’t already done so. Utilize this chance to finish paying your taxes and comply with the law.