ITR Filing 2023 LIVE Updates: July 31, the last date to file income tax returns (ITRs) for the financial year (FY) 2022-23, has arrived, and there is no hint or indication yet from the government on whether there will be an extension to the deadline.
On Sunday, the Income Tax Department, which processes ITRs for taxpayers, informed that it had received more than 6 crore returns, a record, including nearly 27 lakh on the day.
“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 IT Department said in a tweet.
It further stated that its helpdesk is functioning on a 24×7 basis to assist taxpayers in ITR filing, tax payments, related services. The support, it noted, is being provided through calls, live chats, WebEx sessions, and social media.
Can I file belated ITR?
Yes, but a maximum penalty of ₹5000 will be levied if the return is closed between August 1 and December 31. The maximum penalty, however, is ₹1000 for individuals with total income of less than ₹5 lakh in a fiscal year.
For ITRs being submitted after December 31, the fine is ₹10,000.
What happens if ITRs are not filed on time?
The defaulters stand to face prosecution, more so if they got repeated reminders from the Income Tax Department. Additionally, the taxpayers will not be able to carry forward the losses incurred in the current assessment year (AY).
The IT Department has been appealing for timely completion of formalities so that people can avoid last-minute glitches, and to ensure all tax details are declared accurately within the deadline.
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