Over 6 crore Income Tax Returns (ITRs) have been filed, and the deadline has not been extended.

Today marks the deadline for filing income tax returns (ITRs) for the assessment year 2023-24. As of the latest update, over 6 crore ITRs have been filed until 6:30 PM on July 30. The Income Tax department has issued a reminder to taxpayers to promptly complete the filing process, stating that there will be no extensions granted for the deadline this year. Failing to file the returns before the deadline may lead to penalties and other consequences for the taxpayer.

Late Fees:

Taxpayers who miss the initial deadline still have the option to file their tax returns but will be subject to a late fee. If filed after the deadline but before December 31, a late fee of ₹ 5,000 will be applicable. However, if the taxpayer's total income does not exceed ₹ 5,00,000, the late filing penalty will be limited to ₹ 1,000. For taxpayers with a total income below the basic exemption limit, no late filing fees will be imposed. It's important for taxpayers to adhere to the extended deadline to avoid additional penalties and charges.

Interest On Taxable Amount:

The Income Tax department applies an interest rate of 1 per cent per month on the taxable amount in the event of a delay in filing the return. This interest is calculated on the net taxable income after deducting TDS (tax deducted at source), TCS (tax collected at source), advance tax, and other applicable reliefs or tax credits allowed by the law. It's important to note that even a delay of just one day in filing the return can result in interest being charged for the entire month. Taxpayers should ensure timely filing of their returns to avoid incurring additional interest charges on their taxable amount.

Fine And Imprisonment:

Apart from monetary fines, the failure to file tax returns, especially in cases where the tax payable or evaded is substantial, can result in criminal consequences, including imprisonment. If the tax payable or evaded amount exceeds ₹ 25,000, the individual may face imprisonment for a period ranging from 6 months to 7 years, in addition to the imposed fine. It is crucial for taxpayers to fulfill their tax obligations and file their returns within the specified deadlines to avoid legal repercussions.

Delay Or Loss Of Refund Claims:

Taxpayers can claim a refund for excess tax deducted only after filing their income tax returns. If they adhere to the prescribed schedule for filing the return, they may also be eligible to receive interest on the excess deductions. However, not filing the ITR on time can lead to a prolonged wait or even result in the loss of the receipt of the tax refund. It is essential for taxpayers to file their returns within the stipulated deadlines to ensure they receive their refunds and any applicable interest in a timely manner.