Last Updated on 31/07/2024 by wccexam Desk
Today is 31st July and today is the last date to file Income Tax Return i.e. ITR. So far, crores of taxpayers have filed their returns for the financial year 2023-24 and this figure has reached around 6 crores. There are no signs of its deadline (ITR Filing Last Date) being extended, so if you have not filed your ITR yet, then complete this important work quickly.
Revenue Secretary presented ITR data
The Income Tax Department has fixed July 31 as the last date for filing income tax returns and its deadline is ending today. According to PTI, on Tuesday, Revenue Secretary Sanjay Malhotra shared information in this regard and said that about 6 crore income tax returns have been filed for the income earned in FY2023-24. Let us tell you here that 8.61 crore ITRs were filed for the previous financial year 2022-23.
70% taxpayers chose the new tax regime
Revenue Secretary Sanjay Malhotra gave this information while addressing the post budget session of PHD Chamber of Commerce and Industry. He said that there were apprehensions about whether people would shift to the New Tax Regime or not. But out of the ITR data filed so far, 70 percent have filed it under the new tax system.
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Let us tell you here that at present there are two tax systems in the country, in these the tax rates are relatively higher in the old income tax regime, but taxpayers can claim many types of exemptions and deductions. Whereas in the new tax regime the tax rates are low, but the deductions are also low.
What will happen if it is not filled today?
If you want to file ITR without paying penalty, then you have time only today. Otherwise, after this you may have to pay a fine. Not only this, if you do not file income tax return, then you may also have to go to jail. However, if taxpayers are not able to file their ITR on the last date today for any reason, then they will have to pay late fine. According to the Income Tax Act, ITR can be filed till 31 December 2024 with late fine and interest on tax. After this date, there will be no opportunity to file ITR. After this, the Income Tax Department will take action under some conditions.
How much is the fine
If you file late ITR, then interest on tax also has to be paid. Taxpayers may have to pay a fixed penalty of up to Rs 5000 for filing late ITR. At the same time, experts say that if ITR is not filed by 31 December 2024, a notice can be sent to the taxpayers by the Income Tax Department. After this, a penalty of 50 to 200 percent can be imposed on the tax amount of the taxpayers.
Interest can be charged on the tax amount from the due date till the return is filed. In some circumstances, a case can also be filed against the taxpayers. Under the Income Tax Act, not filing ITR can lead to a jail term ranging from 6 months to 7 years. However, there are some conditions for this. The Income Tax Department can file a case only in such cases when the tax amount is more than Rs 10,000. Let us tell you that Income Tax India is constantly asking the taxpayers to file ITR.