It is really that time of the yr once more. The time to file Revenue Tax Return (ITR) for Assessment 12 months 2022-23. And the federal government is not contemplating extending the past day for filing money tax returns as it expects most returns to appear in by July 31 deadline, reported PTI citing income secretary Tarun Bajaj.
On Monday, the Earnings Tax Section said that about 3 crore returns have been submitted by means of e-filing portal for the monetary yr 2021-22. For AY 2021-22, about 5.89 crore ITRs had been submitted by the extended because of date of December 31, 2021.
“Individuals believed the program now is that dates will be extended. So they were being a tiny gradual in filling the returns originally but now on a each day basis, we are having between 15 lakhs to 18 lakh returns. This will slightly go up to 25 lakh to 30 lakh returns,” PTI quoted Bajaj as declaring.
“Past time 9-10 for each cent submitted on very last day. Final time, we experienced more than 50 lakh (filing returns on the previous day). This time, I have advised my persons to be all set for 1 crore (returns staying submitted on the final working day),” he included.
July 31 is owing date for submitting ITRs by particular person taxpayers who do not need to get their accounts audited.
“Dear taxpayers, Do recall to file your ITR if you have not filed nonetheless. The due date to file ITR for AY 2022-23 is 31st July, 2022,” the Income Tax department reported in a tweet.
What is the penalty for lacking the deadline?
These who will skip the July 31 deadline for submitting the ITR have to pay out fantastic-cum-late charge of ₹5,000 if their taxable revenue is more than ₹5 lakh, and ₹1,000 if the taxable profits is a lot less than ₹5 lakh.