Today i.e July 31, is the last day for filing income tax returns for the assessment year 2023-24. The Income Tax department has urged taxpayers to complete the filing process at the earliest, emphasising there will be no extensions in the deadline this year.
The tax department said more than 6.50 crore ITRs have been filed so far, out of which about 36.91 lakh ITRs were today till 6 pm. Last year, about 5.83 crore ITRs were only filed till July 31.
''Income Tax Department scales a new peak! More than 6.50 crore ITRs have been filed so far (31st July), out of which about 36.91 lakh ITRs have been filed today till 6 pm! We have witnessed more than 1.78 crore successful logins on the e-filing portal till 6 pm, today,'' the I-T department tweeted on July 31.
''We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven't filed ITR for AY 2023-24, to file their ITR,'' the department further said.
The Centre has clarified that it is not contemplating any extension of the due date. On missing the deadline for ITR 2023-24 filing, a penalty of Rs. 5,000 will be levied upon the taxpayer. However, the maximum penalty for filing a belated ITR is Rs 1,000 for individuals whose total income does not exceed Rs 5 lakh in a fiscal year.
In case of failure to file the tax return by the due date, the taxpayer will not be allowed to carry forward any loss under "profits and gains of business or profession" or "capital gains" to the next year.
Filing due taxes is the duty of every responsible citizen of the country. For filing the ITR, one needs a few important documents. These include the taxpayer's PAN and Aadhaar card, Form 16 and Form 26AS from your employer, bank account details and statements, and details on investments including rent, loans, and capital income.
How to file income tax online:
- Visit the online portal of Income Tax and log in to your account using your ID (PAN/Aadhaar) and password.
- Choose the option to e-file, and select the 'Income Tax Return' option to file your return.
- Enter the required details, including the assessment year, ITR form number, filing type, and submission mode.
- You will need to select your status based on the employment details.
- In the ITR form number, you will have to select the appropriate form applicable to you and fill details as asked. Employees can take help from Form 26AS and Form 16 to file these details.
- Once filled, you will get a complete review of the tax details. If the details are correct, you can proceed further.
- You will also need to tap on ‘Proceed to Validation'. Later, select a verification option to verify the ITR out of the given options.
- After e-verifying, you can click on 'submit' to submit ITR.
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