Highlight
- More than 5 crore ITRs have been filed till 8:36 pm last night.
- Today is the last date to file income tax return.
- It is highly unlikely that the government will extend this deadline.
Income Tax Return Filing: The Income Tax Department on Saturday informed that over 5 crore Income Tax Returns (ITRs) for assessment year 2022-23 have been filed on its portal till 8.36 pm, and urged others to #FileNow, as the deadline for filing today Due date is ITR. While many are still demanding an extension of this deadline, it is highly unlikely that the government will do so.
The department issued a public message through its official Twitter handle, asking taxpayers, individuals at large and the salaried class to file their returns within the due date of July 31. “#File Now to avoid late fees,” it said.
What happens if you miss the deadline?
Those who have not filed ITR yet, they should do so today. But even if you miss the deadline of July 31, you can still file the return till December 31, 2022. However, you will have to pay a late fee. This will have some other financial consequences as well. For taxpayers whose annual income is up to ₹5 lakh, the late fee is ₹1,000. If your annual income is more than ₹5 lakh then the late fine is ₹5,000.
However, if your gross total income does not exceed the basic exemption limit, you will not be liable to pay penalties for late filing. Under the old income tax regime, the basic tax exemption limit for taxpayers below 60 years of age is ₹ 2.5 lakh. The basic exemption limit has been fixed at ₹ 3 lakh for people in the age group of 60 to 80 years. For people above 80 years of age, the exemption limit is Rs 5 lakh.
Will the deadline for filing ITR be extended?
Amid requests to extend the deadline, the hashtag “#Extend_Due_Date_Immediately” was trending on Twitter. Despite such requests, it is expected that the due date will not be extended this year as in the last two years. The Income Tax Department also informed that Aayakar Seva Kendras (ASKs) or Aayakar Sahayata Kendras across the country will remain open today and additional receipt counters will be opened, wherever required, to facilitate filing of tax returns by the taxpayers.
Officials said the finance ministry and the Central Board of Direct Taxes (CBDT), which formulates policy for the tax department, are continuously monitoring the process of filing ITR.
A senior official told news agency PTI that a “war room” of technical experts working on the portal and the CBDT’s social media team that is collecting personal and public feedback are working together 24×7.
(With inputs from PTI, ANI)