ITR Filing Deadline: Over 5 crore income tax returns have already been filed, here’s what happens if you miss the July 31 income tax return deadline
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The due date to file ITR for AY 2023-24 is July 31, 2023, reiterated the income tax department on Saturday, July 29, through a tweet. Following this, the extension of the ITR deadline seems unlikely. So Far, over 5 crore income tax returns have already been filed. Here’s what happens if you miss the July 31 ITR deadline:
“Avoid last day rush. 3 days left to file your #ITR. The due date to file your ITR for AY 2023-24 is 31st July, 2023. Remember to e-verify after filing,” Income Tax India said in a tweet on Saturday.
Consequences Of Not Filing ITR Within Deadline
1. One major consequence is the imposition of a penalty under Section 234F of the Income Tax Act, 1961. For total income over Rs 5 lakh, the penalty is Rs 5,000. It used to be Rs 10,000 earlier. For those earning between Rs 2.5 lakh and Rs 5 lakh, the penalty is Rs 1,000. However, there is no penalty if the total income is below Rs 2.5 lakh.
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2. In case of any tax liability, an interest of 1 per cent per month will be levied after the due date until the ITR is filed and taxes are paid. Under Section 234A of the Income Tax Act, 1961, this interest payment is mandatory.
3. In case the ITR is not filed with the due date, the taxpayer will not be able to carry forward any losses for the current year.
4. There might be a delay in the refund process if the ITR is filed after the due date
5. There will be a short period to revise the ITR.
According to a survey by LocalCircles on Friday, over 14 per cent of individual income taxpayers admitted that they will not be able to meet the July 31 deadline.
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The survey, which covered 12,000 respondents, said 27 per cent admitted that they are still left to file their income tax returns. While 7 in 10 have already filed their income tax returns, five per cent of the respondents have tried but had difficulty in filing and will try again to file by July 31.
