The Income Tax Department has received 5.83 crore Income Tax Returns (ITR) for the financial year 2021-22 till 31 July 2022. Of these, a record 72.42 lakh returns were filed on the last day.
The Income Tax Department has received 5.83 crore Income Tax Returns (ITR) for the financial year 2021-22 till 31 July 2022.
5.83 crore to the Income Tax Department for the financial year 2021-22 till 31 July 2022. Income tax Returns (ITR) have been received. Of these, a record 72.42 lakh returns were filed on the last day. July 31 was the last date for filing income tax returns. Initially, the pace of filing ITR was slow, but with the passing of the deadline, its pace increased and a record 72.42 lakh returns were filed on the last day. An official statement said that more than 72 lakh ITRs have been filled in a day on the last date i.e. Sunday.
Returns almost equal to the previous financial year
The total number of ITRs filed till July 31, 2022 for the assessment year 2022-23 is about 5.83 crore, the statement said. This figure of income tax returns is almost equal to the number of 5.89 crore returns filed for the financial year 2020-21. Then the deadline for filing returns was extended till 31 December 2021.
Usually, the return filers wait till the last day and then file the return. The government had extended the deadline for filing ITR during the last two financial years to ease compliance for taxpayers due to the COVID-19 pandemic. But this year the deadline was not extended even a day.
As per the new rules, those filing ITR by December 31 for the assessment year 2022-23 (with annual income of more than Rs 5 lakh) will have to pay a late fee or penalty of Rs 5,000. At the same time, individuals with an annual income of less than Rs 5 lakh will have to pay a late fee of Rs 1,000.
Now there will be penalty for filing return
Let us tell you that the deadline for filing income tax return was till 31 July 2022 only. The government has not made any announcement to take it forward. In such a situation, if you have missed filing your IT return, then you will have to face trouble. You will be penalized for filing IT return today or after.
If a taxpayer wants to file return after July 31, then there is a chance to file return with late fee till March 31, 2023. In addition to the late fee, interest will also have to be deposited on filing the return from August 1. If the return is filed on or after August 1, interest will have to be deposited on the tax outstanding amount. Its calculation will be done from July 31. After the 5th of the month, the interest for the entire month will have to be deposited. Interest of 1% is charged for every month.
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