Last Day to File Income Tax Returns: Avoid Penalties and Stay Compliant

Today, July 31, is the last day for salaried individuals and non-audit cases to file their income tax returns (ITR) for the financial year 2022-23. The Income Tax department reported that more than 5.83 crore returns have been filed until 1 pm on July 30, surpassing last year’s filings by July 31.

Why is it important to file ITR on time?

Filing your ITR before the deadline is crucial to avoid penalties and the last-minute rush. If you miss the deadline, you can still file a belated ITR, but you will have to pay a penalty. For individuals with a total income below Rs five lakh, the maximum penalty is Rs 1,000, while others may be charged up to Rs 5,000.

What happens if you don’t file ITR?

Not filing your ITR at all can have serious implications. You won’t be able to carry forward losses incurred in the current assessment year. Furthermore, non-compliance, even after receiving notices from the I-T department, may lead to prosecution.

How to file ITR?

You can file your ITR online through the Income Tax Department’s website or through a tax filing portal.

Tips for filing ITR

• Gather all the necessary documents before you start filing your ITR.
• Make sure you enter all the details correctly.
• Review your ITR carefully before submitting it.

Stay compliant with tax regulations

To avoid any issues and ensure accurate tax declarations, the Income Tax Department has been urging taxpayers to complete their ITR filing well before the July 31 deadline. Stay responsible and file your returns on time.