ITR Filing Last Date: Even if they miss the deadline for filing income tax return, they can fill their ITR after the deadline, but for this they have to pay penalty.
ITR Filing Last Date: Due date of income tax return is about to pass. 31st July is about to come and go, if you have not yet filed your tax return, then file your return today, otherwise you will get nothing but regret. There is little chance that the Income Tax Department will push the last date for ITR filing further. In such a situation, to avoid penalty, you have to file your tax return today under any circumstances.
What is the latest update on ITR filing?
According to the update given by the Income Tax Department till July 31, more than 6.13 crore taxpayers have paid tax for the assessment year 2023-24. On July 31 at 12 noon, 11.03 lakh tax returns were filed. Till 6:30 pm on Sunday alone, 26.76 lakh ITRs were filed. At the same time, 1.30 crore successful logins were registered on the e-filing portal.
Even if they miss the deadline for filing income tax return, they can file their ITR after the deadline, but for this they have to pay a penalty. You can fill Belated ITR. Till December 31, time is given to fill the belated ITR. However, you cannot carry forward any loss in belated ITR.
What are the penalty rules?
If your income is exempt, then according to section 234, you do not have to pay any penalty for filing ITR even after the deadline. But those who had to pay tax, but did not file their ITR, if they do late filing, they can be fined Rs 5,000. Taxpayers whose income is less than 5 lakhs, they have to pay a fine of Rs 1,000 for late filing.
Is there a jail sentence?
There is also a provision of jail for non-payment of tax. Legal action can also be taken against you for not responding to the tax notice. In the case of tax evasion, you can be punished from three months to two years. If the case is of tax evasion above 25 lakhs, then there can be a punishment of up to 7 years.