Today is the last day to submit income tax returns (ITS) for the financial year 2023–24. According to the latest updates by the income tax department, more than 6 crore ITRs had been submitted as of July 30 at 6:30 PM. Notably, there will be no deadline extensions this year, therefore the income tax agency has urged people to complete the filing procedure as soon as possible. Taxpayers who fail to submit their returns by the deadline will be liable to pay fines and other repercussions.Most of the tax experts and chartered accountants earlier alerted that the deadline this year will not be extended further.Noteworthy, more than 6 crore ITRs have been filed so far (30th July), out of which about 26.76 lakh ITRs have been filed till 6.30 pm on July 30!📢 Kind Attention 📢A new milestone! More than 6 crore ITRs have been filed so far (30th July), out of which about 26.76 lakh ITRs have been filed today till 6.30 pm!We have witnessed more than 1.30 crore successful logins on the e-filing portal till 6.30 pm, today.To… pic.twitter.com/VFkgYezpDH— Income Tax India (@IncomeTaxIndia) July 30, 2023The Income tax department has tweeted, “We express our gratitude to the taxpayers & tax professionals for helping us reach the milestone of 5 crore Income Tax Returns (ITRs), 3 days early this year, compared to the preceding year! Over 5 crore ITRs for AY 2023-24 have already been filed till the 27th of July this year as compared to the 30th of July last year. Out of the 5.03 crore ITRs filed till 27th July 2023, about 4.46 crore ITRs have been e-verified i.e. more than 88% ITRs filed have been e-verified!”Adding to this, the department also said, “Out of the e-verified ITRs, more than 2.69 crore ITRs have already been processed! To assist taxpayers with ITR filing, tax payment, and other related services, our helpdesk is functioning on a 24×7 basis and we are providing support through calls, live chats, Webex sessions & social media. We will continue to provide support till 31.07.2023, including on Saturday and Sunday. We urge all those who havent filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last minute rush.”We express our gratitude to the taxpayers & tax professionals for helping us reach the milestone of 5 crore Income Tax Returns (ITRs), 3 days early this year, compared to the preceding year! Over 5 crore ITRs for AY 2023-24 have already been filed till 27th of July this year as…— Income Tax India (@IncomeTaxIndia) July 28, 2023Heres what will happen if you miss out the date:Taxpayers who fail to file the ITR by the last date will still have the option to complete the tax filing process but with a late fee of ₹5,000. According to the information, the last date for such ITRs will be December 31. In case, the taxpayers total income doesnt exceed ₹5,00,000, the penalty shall be confined to ₹1,000. But taxpayers whose total income is less than the basic exemption limit will not get charged any late fee.People who will miss out on this date also, will not only have to pay monetary fines, but failure to file tax returns can also lead to imprisonment. Late filing of returns may lead to imprisonment of 6 months to 7 years and a fine.
