The last date for salaried individuals and non-audit cases to file income tax returns (ITR) for the financial year 2022-23 is today (Monday, July 31).
As per the I-T department, more than 5.83 crore returns have been filed for FY 2022-23 until 1 pm on July 30, crossing last year’s filings till July 31. The Income Tax Department had urged taxpayers to file their returns at the earliest to avoid last-minute rush and late penalties.
Meanwhile, indicating a surge in filing activity, the I-T portal logged over 46 lakh successful logins until 1 pm on July 30 and 1.78 crore on July 29. Users can log on to https://www.incometax.gov.in/iec/foportal/ with their PAN Card and Form 16 to file returns.
What will happen if you miss the last date for filing ITR?
Even though it is not advisable that one should miss their ITR, if someone misses filing their income tax return before the deadline, they can still file a belated return with late fees of 50-200 per cent of tax dues, but won’t be able to carry forward losses or avoid prosecution notices.
What happens when taxpayers don’t file their ITR?
The taxpayers won’t be able to carry forward the losses incurred in the current AY if they do not file their ITR at all.
Moreover, a penalty of a minimum of 50 per cent of the assessed tax and a maximum of 200 per cent will be levied if taxpayers miss to file their income tax returns.
Additionally, they can also face prosecution, if they willfully fail to file their return even after getting notices from the I-T department.
The Income Tax Department had been urging taxpayers to complete ITR filing formalities well before July 31 to avoid glitches and ensure all tax details are declared accurately within the deadline.