ITR Filing Last Date 2023: The Income Tax Department has urged all remaining taxpayers to submit their Income Tax Returns (ITRs) for the assessment year 2023-24 by July 31. Over 5 billion ITRs have already been submitted via the ITR e-filing portal, of which 4.46 billion have been e-verified, and the likelihood of a deadline extension is remote.The Income Tax Department has urged all remaining taxpayers to submit their Income Tax Returns (ITRs) for the assessment year 2023-24 by July 31. Over 5 billion ITRs have already been submitted via the ITR e-filing portal, of which 4.46 billion have been e-verified, and the likelihood of a deadline extension is remote.
As taxpayers scramble to submit their ITRs with only two days remaining, it is expected that many will miss the deadline due to the widespread devastation caused by heavy rainfall and floods.
According to a survey, many individuals may not file their ITRs prior to the July 31 deadline.
ITR Filing Last Date 2023: So, what happens if the deadline of July 31 is missed?
In spite of penalties such as late fees and additional interest for missing the ITR filing deadline, it is still possible to complete the process. If you miss the July 31 deadline, you have until December 31 to submit a late return.
Late filing penalty
However, a fee for late filing will be assessed. The late fee for individuals whose annual income exceeds Rs 5 lakh is Rs 5,000. For those with incomes under Rs 5 lakh, the maximum late fee is Rs 1,000.
“Under section 139(4), if the person fails to submit a return of income within the prescribed time limit, he may file a belated return. The tax department states that a late return can be lodged at any time three months before the end of the relevant assessment year or before the completion of assessment, whichever comes first.
ITR Filing Last Date 2023: Interest penalty on tax amount
In addition to the late fee, you will incur interest penalties on any taxes that are past due. According to the Income Tax Act, you are required to pay simple interest at a rate of 1% per month or fraction of a month from the day after the due date until the actual date of filing the return.
In the event that a taxpayer misses the ITR filing deadline, filing belated returns gives them a grace period, but it comes with penalties such as late fees, loss of refund interest, penalties, and in extreme cases, prosecution and imprisonment.
Therefore, it is recommended that taxpayers complete their tax returns by July 31, unless there is a valid cause for missing the deadline.
