ITR filing last date 2023What to do if you miss the July 31 deadline?

By India Today Business DeskThe Income Tax Department has actually prompted staying taxpayers in the nation to submit their Income Tax Returns (ITRs) for the evaluation year 2023-24 prior to the July 31 due date. Over 5 crore ITRs have actually currently been submitted on the ITR e-filing website, of which 4.46 crore have actually been e-verified, and the possibility of a due date extension stays bleak.

As taxpayers hurry to submit their ITRs with simply 2 days left, lots of are anticipated to miss out on the due date due to the destruction brought on by heavy rains and floods in numerous parts of the nation.

A study has actually likewise suggested that many individuals might lose out on submitting their ITRs prior to the July 31 due date.

What occurs if you miss out on the July 31 due date?

While there are effects like late charges and additional interest for missing out on the ITR filing due date, the bright side is you can still finish the procedure. If you miss out on the July 31 due date, you can still submit a belated return up until December 31.

Late submitting charge

A late filing cost will be enforced. For people with an overall earnings surpassing Rs 5 lakh per year, the late charge is Rs 5,000. For those with earnings listed below Rs 5 lakh, the late cost is restricted to Rs 1,000.

READ ITR filing deadlineHow to pay Income Tax online and create challan

” If the individual stops working to submit the return of earnings within the time-limit recommended in this regard, then based on area 139( 4 ), he can submit a belated return. A belated return can be submitted at any time 3 months prior to completion of the appropriate evaluation year or prior to conclusion of evaluation, whichever is previously,” ” states the tax department.

Chastening interest on tax quantity

In addition to the late cost, you will likewise sustain chastening interest on any tax quantity due. Based on the Income Tax Act, you need to pay easy interest at the rate of 1 percent for each month or part of a month from the day after the due date up until the real date of submitting the return.

READ ITR filing due dateWill the tax department provide an extension?

While submitting belated returns offers taxpayers a window if they miss out on the ITR filing due date, it does include downsides such as late charges, loss of interest on refund, charges, and even prosecution and jail time in some severe cases.

Taxpayers are recommended to finish the tax filing procedure by July 31 unless there is a legitimate factor for missing out on the due date.