ITR Deadline: The Income Tax Department has repeatedly issued reminders to file ITR as soon as possible to avoid last-minute rush.
Income Tax Return Deadline: A total of 4 crore ITRs for AY 2023-24 have been filed so far; of these, 3.62 crore ITRs have been verified
There is only one week left until the July 31st ITR deadline. After that, penalties apply to filing your income tax return. As of now, the ITR deadline is unlikely to be extended, and neither was last year.
According to the latest data on the Income Tax Department website, a total of 4 crore ITRs for AY 2023-24 have been filed so far. Of these, 3.62 crore ITRs have been verified and 2.13 crore verified ITRs have been processed. There are a total of 11.39 crore individual registered users.
That is what Finance Minister Sanjay Malhotra said MOT that taxpayers should file their returns at the earliest, as the Treasury Department is not considering extending the July 31 deadline. “We expect the filing to be higher than last year…we hope it will be more than last year,” he said.
The IT department has repeatedly issued reminders to submit ITR as soon as possible to avoid last-minute rush. Leveraging the benefits of timely ITR filing for taxpayers, it said the early filing will aid in hassle-free access to loans and credit facilities, along with aiding in the processing of VISA applications.
Consequences of not filing ITR on time are: certain losses cannot be carried forward, interest levied under Section 234A and fees under Section 234F.
Things to keep in mind when filing ITR
When filing the income tax return, it is important to know the plate rates under both regimes – the new tax regime and the old tax regime. Tax brackets are different under both income tax regimes. Knowing the plates can help you save on taxes. In addition, income tax deductions are only available under the old tax regime.
You must also choose the correct form to avoid being notified by the tax authorities. There are about 7 income tax forms. Each form is different and is for a specific type of tax return. You need to know which form is right for you so that you can avoid an income tax assessment in the future. Those who only have salary income can file income tax returns using ITR-1, while those with other sources of income must use other forms to file ITR.
PAN Card, Aadhaar Card, Form 16, Form 26AS, Bank Statement, Investment Proofs, Deed of Sale, Lease Agreement and Dividend Orders may be required to file the Income Tax Return.
