The last date for filing Income Tax Return is 31 July 2023. Everyone is required to file it before this date. If your annual income is more than 2.5 lakhs then it is necessary for you. The government has also made it clear that after July 31, the last date for filing ITR will not be extended. Although you can file your ITR even after 31st July, but for this you will have to pay late fee.
The process of filing Income Tax Return is going on. The last date to file it is also near. The last date to file it is 31 July 2023. Everyone is required to file it before this date. If your annual income is more than 2.5 lakhs then it is necessary for you. The government has also made it clear that after July 31, the last date for filing ITR will not be extended. Although you can file your ITR even after July 31, but for this you will have to pay late fees.
Till when you can file late ITR
Taxpayers after July 31, till December 31, 2023, you can file your ITR with delay. However, for this you will have to pay leet fees. If your annual income is more than Rs 5 lakh and you do not file your ITR by July 31, then you will have to pay a penalty of Rs 5,000 as per Income Tax Act 234F. But if your income is less than Rs 5 lakh, then you will have to pay a fine of Rs 1,000 as late fee.
After this date, a fine of Rs 10,000 will be imposed.
Such tax payers who file their ITR after December 31, 2023, then you will also have to pay a fine of up to Rs 10,000. Apart from this, if you do not file your ITR by July 31, then you will also have to pay 1% interest every month till the return is filed under Section 234A of the Income Tax Act.
Avoid filling wrong information
The most important thing you should pay attention to while filling ITR is that whatever details you have filled should be absolutely correct. If you under-report or mis-report your income while filing ITR, you may have to pay a penalty of up to 200 percent. This penalty is levied on the total taxable income. Apart from this, if you deliberately do not file your ITR, then the Income Tax Department can also raid you by issuing a notice.
