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ITR Filing FY 2022-23: The last date to file income tax returns (ITR) for salaried individuals and non-audit cases for the financial year 2022-23 passed on Monday, July 31.
As per the Income Tax department, more than 6.5 crore returns had been filed for FY 2022-23 until July 31, crossing last year’s filings till July 31. The I-T Department had urged taxpayers to file their returns at the earliest to avoid last-minute rush and late penalties.
What happens if you miss the last date for filing ITR?
Even though one shouldn’t miss their ITR, if someone misses filing their income tax return before the deadline, they can file a belated ITR. However, they’d be required to pay the penalty for late filing. A maximum penalty of Rs 5,000 will be levied if a taxpayer files the ITR after the due date. However, the maximum penalty for filing a belated ITR is Rs 1,000 for individuals whose total income does not exceed Rs five lakh in a fiscal year.
What happens when taxpayers don’t file their ITR?
The taxpayers won’t be able to carry forward the losses incurred in the current AY if they do not file their ITR at all. Additionally, they can also face prosecution, if they willfully fail to file their return even after getting notices from the I-T department.
The Income Tax Department had urged taxpayers to complete ITR filing formalities well before July 31 to avoid glitches and ensure all tax details are declared accurately within the deadline.
