New Delhi:
The Income Tax Department reported that by Wednesday, July 31, the last date for filing Income Tax Returns (ITR), over 7 crore taxpayers had filed returns by 7 pm.
Of these, more than 50 lakh ITRs were submitted on the final day.
July 31 was the deadline for filing ITRs for income earned in the financial year 2024.
On the social media platform ‘X’, the Income Tax Department stated,
“As of now (July 31), over seven crore Income Tax Returns (ITRs) have been filed. Of these, more than 50 lakh ITRs were filed by 7 pm today.”
The deadline for filing income tax returns for taxpayers who do not need their accounts audited is July 31.
In 2023, over 6.77 crore ITRs were filed by this date, with 64.33 lakh returns submitted on the last day.
Revenue Secretary Sanjay Malhotra announced on Tuesday that approximately 6 crore ITRs were filed for income earned in FY 2023-24.
Of these, 70% were filed under the new tax regime with lower rates.
Malhotra noted that the new regime is designed to simplify taxes and reduce compliance burdens.
He also mentioned that a thorough review of tax laws is in progress, with a draft expected to be released soon for public feedback.
What Happens If You Miss the Income Tax Return Deadline?
The deadline for filing income tax returns was July 31. If you missed this date, you can still file your return by December 31 with a penalty.
This is known as a Belated Income Tax Return. You will need to pay a penalty and interest on the tax amount due.
Belated returns are covered under Section 234F of the Income Tax Act, 1961.
Additionally, if there is any tax due, you will also need to pay 1 percent interest per month on the outstanding amount.
How much is the penalty?
According to Section 234F, the penalty for a belated return depends on the taxpayer’s annual income. If the taxpayer’s annual income is up to Rs 5 lakh, they will need to pay a penalty of Rs 1,000 for filing a belated return.
If the taxpayer’s annual income exceeds Rs 5 lakh, the penalty for filing a belated return will be Rs 5,000.
What Happens if You Do Not File Your Income Tax Return?
Not filing your income tax return can have serious consequences. You won’t be able to carry forward your losses from the current assessment year.
Additionally, the Income Tax Department can impose a penalty ranging from 50 percent to 200 percent of the assessed tax. In severe cases, not filing a return can lead to court action and even jail time.
