ITR filing last date is July 31, 2023. If anyone misses the last date of ITR filing, then they will have the option of filing belated return till December 31. Here know what happens if you miss the ITR filing deadline.
The last date of filing Income Tax Return is July 31, 2023. Salaried employees are filing the return and over 6 crore returns have been filed so far. However, some people are facing problems due to heavy rains and floods in some states. Some persons are facing technical glitches while filing ITR. So, some Chartered Accountants demanding extension of ITR filing last date.
So far, there is no update by the government about the ITR filing last date extension. So, the tax payers are advised to file the ITR return as soon as possible.
Here know what happens If anyone doesn’t file the ITR return on time.
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Belated ITR filing
If anyone misses the last date of ITR filing, then this is not the end of filing ITR. They will have the option of filing belated return till December 31. However, they have to pay the late fees for not meeting the deadline.
If any person’s income is exceeding Rs.5 lakh per annum, then he/she needs to pay Rs.5,000 as late fees. If the income is less than Rs.5 lakh, the late fees is limited to Rs.1,000.
Penal interest on tax amount
Alongwith late fees, penal interest will also need to be paid, if the ITR is not filed on time. As per the Income Tax Act, you must pay simple interest of 1 percent for each month from the day after the due date until the actual date of ITR filing.
Imprisonment in extreme cases
In some extreme cases, the government can take strict action of prosecution or imprisonment against tax defaulters. Late filing of ITR can also take away the chance of refund and interest on refund.
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