ITR Filing FY 2022-23: Today (July 31, 2022) is the last day to file ITR. Taxpayers now have only a few hours left. If you have not filed ITR yet, then hurry up or else you may have to pay a heavy price for it.
Despite the vigorous campaign being run on social media to extend the deadline for filing Income Tax Return (ITR), the government is in no mood to extend the ITR Filing Last Date this time.
The Income Tax Department said in a tweet today that today is the last day to file ITR. The department also informed that till last Saturday, more than 5 crore ITRs have been filed within 2036 hours. If you have not filed your ITR yet, then hurry up, otherwise you may have to pay a heavy price for it later.
Till Thursday evening, the number of ITR filers had crossed 4 crore, which is 68 percent of the people who filed income tax returns till December 31, 2021. Last year the deadline was extended due to the second wave of the Covid-19 pandemic and glitches in the I-T portal.
As the last date approached, the pace of ITR filing picked up. The Income Tax Department tweeted on Sunday morning that more than 5 crore ITRs have been filed in 2036 hours. In view of this boom, the Income Tax Department expects that most of the returns will be filed today.
Those who do not file ITR today will be fined
If you have filed your return, then there is nothing to worry about, but the consequences of late filing of income tax return can be very serious. There is a penalty for late filing of return. Apart from this, if you suffer loss in business, then it cannot be carried forward.
If you pay tax after July 31, then interest of 1 percent per month will have to be paid as penalty. If you fail to file ITR on July 31, the ITR filing fee is Rs 5,000 with late fee till December 31 for income above Rs 5 lakh. Those earning less than Rs 5 lakh will have to pay Rs 1,000.
6 months to 7 years in jail
Earning individuals who miss the due date of filing ITR will have to pay a late fee of Rs.5,000. If he does not do this, then he can also be sentenced to 6 months to 7 years in jail.
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