ITR filing last date: Can you file tax return after July 31?
Posted By: Shweta Khandal
Posted On: July 31, 2023
ITR Filing Last Date: The deadline for filing income tax returns (ITR) for the year 2023-24 is approaching on Monday, July 31. People who need to file their tax returns are in a hurry to submit them.
The Income Tax Department shared that more than 6 crore tax returns have already been filed. If you haven’t filed your ITR yet, they kindly ask you to do it before the deadline ends.
Even though many people have already filed their tax returns, some are worried because they might miss the deadline due to problems with the online portal. But, it looks like the tax department is not planning to extend the deadline.
Now, can taxpayers still file their income tax returns after July 31? Yes, they can, but there will be some consequences for doing so.
If you file your tax return after the deadline and your yearly income is more than Rs 5 lakh, you will have to pay a late fee of Rs 5,000. But if your income is below Rs 5 lakh, the late fee will be Rs 1,000.
You can still file your return after the deadline until December 31, but remember, you’ll also have to pay some extra money as penal interest on the tax you owe.
The Income Tax Act says that if you’re late in filing, you’ll be charged 1% interest for each month or part of a month from the day after the deadline until the day you actually file your return.
When you miss the regular deadline for filing your tax return, you can still file it later, but there are some problems you might face. These include having to pay late fees, losing out on any interest you might get on your refunds, and possibly even getting penalties or facing legal actions in serious cases, like imprisonment.
To avoid these troubles, it’s best to try and finish filing your taxes by July 31, unless you have a valid reason for not doing so. Filing on time not only helps you avoid extra charges and interest but also makes the whole process easier and less stressful for you.
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