ITR Filing Last Date Today : Last chance today… Fill ITR and avoid penalty of Rs 5000, know process

ITR Filing Last Date Today: According to the data shared by the Income Tax Department, till July 30, 2023, more than 6 crore taxpayers of the country have filed their returns. If you are not one of them and you have not filed ITR for the financial year 2022-23, then without losing time get this done today itself.

The new month of August 2023 is going to start from tomorrow, in such a situation there is only one chance for today to do an important work. Yes, we are talking about filing Income Tax Return (ITR). July 31, 2023 has been fixed for filing ITR by the Income Tax Department. Meaning you have only today left, if you miss to file ITR, then you may have to pay a fine of up to Rs 5,000.

So far 6 crore people have filed ITR

The Income Tax Department is constantly appealing to the taxpayers of the country through messages and social media not to wait for the deadline for filing ITR and must get this work done as soon as possible. From the official Twitter account of the department, people are constantly being advised to file it today itself to avoid the problems of last minute rush. On Sunday, the data of the ITR filed so far has been shared by the Income Tax Department.

According to the data shared by the Income Tax Department, till July 30, 2023, more than 6 crore taxpayers of the country have filed their returns. If you are not one of these and you have not filed ITR for the financial year 2022-23, then without losing time do this work first. Of these, 26.76 lakh taxpayers have filed their returns only on Sunday.

Last chance to avoid fine

If you do not file your ITR by the last date set by the Income Tax Department, 31 July 2023, then it is not that you will not get a chance to file it. Such taxpayers will be given a chance by the department, but they may have to face financial loss. In fact, the option to file late ITR is available till December 31, 2023, but with a penalty, so it would be prudent to do so now to avoid it.

How much can be fined?

Talking about the penalty for late filing of income tax return, under this, a fine of Rs 1000 is imposed for taxpayers with annual income up to Rs 5 lakh, while a late fee of Rs 5,000 is levied for annual income above Rs 5 lakh. Provision has been made for recovery. However, this late fine depends on the period of delay. On the other hand, if the taxpayer does ITR filing after December 31, 2023, then he may have to pay a fine of up to Rs 10,000. Apart from this, a provision has also been made to send them to jail. According to experts, the taxpayer who fails to do this work by the due date has to pay an additional interest of one per cent per month till the filing of his return.

Do not panic, be careful while filing returns

Those who are waiting for the last date to file ITR, then let us tell you that while doing this work in a hurry at the last minute, there may be some mistakes, which will be a cause of trouble for you. Most of the chances are that while filling ITR in a hurry, you make a mistake in entering the information sought and if this mismatch comes to the fore in the investigation, then you can get a notice from the Income Tax Department. Along with this, keep in mind that while filling the tax return, never write down your income, this can also become the reason for the notice. In such a situation, do not panic while filing the return and enter the correct information while being careful.

Do this work in five minutes like this

• Go to the e-filing portal (https://eportal.incometax.gov.in/).
• Log in with User ID and Password. Click on e-File > Income Tax Return > ‘File Income Tax Return’.
• Now select the assessment year and click on ‘Continue’. On the new page, choose the online mode for ITR filing.
• Choose the ITR form according to your tax income and TDS calculation and keep the necessary documents with you.
• Some questions related to you will appear on the screen, mark its check box and click on continue.
• After this, according to the documents, enter the details of your income and deductions carefully in different sections.
• If there is a case of tax liability, the details of tax-calculation based on the given details will appear.
• If the liability arises, the option of ‘Pay Now’ and ‘Pay Later’ can be selected.
• If no inward tax liability arises, proceed by clicking on ‘Preview Return’.
• Now click on ‘Preview and submit return’ declaration checkbox and select ‘Proceed for validation’.
• See the preview and on the ‘Submit Return’ page, click on Verify. E-verification of return is necessary.
• When you get the return E-Verified, the information about the successful filling of the form appears on the screen.
• Transaction ID and Acknowledgment Number will appear, from which you can check the status of ITR form.
• The mobile number and email registered on the portal will also receive a message to fill the ITR.