ITR Filing Deadline: The deadline for filing Income Tax Return (ITR) for the financial year 2022-23 is 31 July 2023. You can avoid late fee or penalty by filing ITR by this deadline. To avoid last minute mistakes, it is better to tackle this task now.
According to Tax2Win CEO Abhishek Soni, more than 4 crore taxpayers have already filed their returns. Some taxpayers are expecting the deadline to be extended but it seems unlikely.
May have to pay a fine
Abhishek Soni said that taxpayers who fail to file their ITR by the deadline may face a penalty of ₹5000 under section 234F. However, for individuals with an income of less than ₹5 lakh, the fine will go up to ₹1000.
According to tax and investment expert Balwant Jain, you can file ITR by paying the fine. The Government of India has the power to initiate prosecution against those salaried individuals who have failed to file ITR by 31st December.
Balwant Jain said, “The current Income Tax rules provide for a minimum of 6 months’ imprisonment and a maximum of 7 years’ imprisonment. However, it is not the case that the department can prosecute you in each and every case of failure to file ITR.”
7 percent new taxpayers
Earlier, CBDT Chairman Nitin Gupta said on Monday that over four crore Income Tax Returns (ITRs) have been filed so far for the financial year 2022-23 and about 7 per cent of these are new or first-time filers. He said that more than half of these ITR processing has been done, due to which 80 lakh refunds have been done so far.
