Today is the last day to submit income tax returns (ITR) for the assessment year 2023–24. As of the most recent update, more than 6 crore ITRs had been submitted as of July 30 at 6:30 PM. There will be no deadline extensions this year, therefore the income tax agency has urged people to complete the filing procedure as soon as possible. Taxpayers who fail to submit their returns by the deadline risk fines and other repercussions.
What happens if a taxpayer misses the deadline to submit the ITR is as follows:
Late Fees
After the initial deadline has passed, taxpayers can still file their taxes, but a late fee of 5,000 will apply. Such ITRs must all be submitted by December 31. If the taxpayer’s total annual income is less than 5,00,000, the penalty is limited to 1,000. There are no late filing fees for people whose combined income is below the basic exemption threshold.
Interest On Taxable Amount
If you file your return later than expected, the income tax department will assess interest at a rate of 1% per month on the taxable amount. The interest will be applied to the net taxable income following the deduction of advance tax, TDS (tax deducted at source), TCS (tax collected at source), and any legal tax credits and reliefs. In certain situations, even a single day’s delay results in a month’s worth of interest charges.
No Carry Forward Of Losses
A loss of carry forward of losses to subsequent tax years will result from failing to file the tax return by the deadline. Depreciation that hasn’t been absorbed or losses under the “income from house property” heading, however, may be carried forward.
Fine And Imprisonment
In addition to monetary penalties, failing to file tax returns might result in jail time. Late filing of returns if the tax owed or evaded exceeds 25,000 may result in a fine and a 6- to 7-year prison sentence.
Delay Or Loss Of Refund Claims
Only after submitting income tax returns can a taxpayer request a refund of any excess tax that was deducted. As long as they follow the guidelines for filing the return on time, taxpayers are eligible to collect interest on such excess deductions. Missing the deadline for an ITR filing could mean a long wait or no tax refund at all.
The total number of income tax returns (ITRs) submitted for FY2023 has surpassed 6 crore, surpassing the ITRs submitted through July 31 of the previous year.
If their accounts do not need to be audited, salaried individuals have until July 31 to file their income tax returns for the prior year.
The I-T department tweeted on Sunday, “More than 6 crore ITRs have been filed so far (July 30). Out of those, approximately 26.76 lakh ITRs have been filed today through 6:30 pm.” The government provided statistics for filing tax returns and stated that, as of Sunday evening at 6.30 p.m., more than 13 million successful logins had been observed on the electronic filing system.
Our helpdesk is operational 24 hours a day, seven days a week, and we are offering support through calls, live chats, WebEx sessions, and social media, the department tweeted.
The finance ministry had previously stated that it did not have any plans to extend the deadline for filing income tax reports. Feedback from community forums had shown that, in light of floods and heavy rains, the majority of individuals just desire a two-week extension to be able to complete their taxes.
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