The Income Tax Department has asked the country’s remaining taxpayers to file their Income Tax Returns (ITRs) for the fiscal year 2023-24 by the July 31 deadline. Over 5 crore ITRs have already been uploaded on the ITR e-filing system, 4.46 crore of which have been e-verified, and the prospect of a deadline extension seems dim. According to a poll, many people may fail to file their ITRs before the July 31 deadline.
What should be done if someone misses the deadline?
If you miss the July 31 deadline, you have until December 31 to file a late return.
Fee for late filing
There will be a late filing fee. The late fee is Rs 5,000 for persons with a total annual income of more than Rs 5 lakh. The late fee is limited to Rs 1,000 for persons earning less than Rs 5 lakh.
Interest on the tax amount
In addition to the late fee, you will be charged punitive interest on any tax balance owed. According to the Income Tax Act, you must pay 1% simple interest for each month or part of a month from the day after the due date to the actual day of submitting the return.
We, the Timesnews24 staff, recommended taxpayers to complete the tax filing procedure by July 31 unless there is a legitimate reason for missing the deadline.
