The last date to file income tax returns (ITRs) for the financial year (FY) 2022-23 is here, and the government has not indicated any extension to the deadline yet.
As of Sunday, the Income Tax Department has received a record-breaking number of more than 6 crore ITRs, with nearly 27 lakh filings on the final day.
The IT Department tweeted, “Kind Attention…A new milestone! More than 6 crore ITRs have been filed so far (30th July), of which about 26.76 lakh have been filed today till 6:30 pm! We have witnessed more than 1.30 crore successful logins on the e-filing portal today.”
The government’s decision on a deadline extension remains uncertain.
Can I File Belated ITR?
Yes, you can still file a belated ITR, but be aware that a maximum penalty of ₹5000 will be levied. For individuals with total income of less than ₹5 lakh in a fiscal year, the maximum penalty is ₹1000.
Consequences of Missing the ITR Deadline
If you fail to file your ITR on time, you may face prosecution, especially if you have received repeated reminders from the Income Tax Department. Additionally, you will not be able to carry forward any losses incurred in the current assessment year (AY).
The Income Tax Department encourages timely completion of formalities to avoid last-minute issues and ensure accurate declaration of all tax details within the deadline.
Remember, it’s essential to file your ITR on time to avoid penalties and ensure compliance with tax regulations.
For more updates stay tuned to FELA News!
