Mumbai, July 31: Today, July 31 is the last date to file Income Tax Returns (ITR). As the income tax return deadline nears end, taxpayers across the country are scrambling to file their returns. The Income Tax Department said that 6.13 crore ITRs have been filed till yesterday, July 30. While the deadline to file ITR ends today, the possibility of a deadline extension remains very bleak. The IT department has requested taxpayers to file their Income Tax Returns (ITRs) for the assessment year 2023-24 before the July 31 deadline.

While several people are filing their ITRs at the last minute, there are many who are likely to miss the July 31 deadline. Every year, The IT department urges taxpayers to file their returns at the earliest but due to various reasons, taxpayers miss the deadline and have to end up paying late penalties in order to file their IT returns. So, what happens in case one misses the July 31 deadline? ITR Filing Last Date Today: Here’s a Step-by-Step Guide on How to File Your Income Tax Return Online as Deadline Nears.

Late ITR Filing Fee

As per the Income Tax Department, if a person misses to file Income Tax Returns then they can file belated ITR. However, missing the due date of ITR filing also means one has to pay a late fee and extra interest in order to file their returns. An individual who missed the ITR filing deadline can file a belated ITR until December 31. While the amount of penalty varies, a maximum penalty of Rs 5,000 will be levied if a taxpayer files the Income Tax Return after the July 31 due date.

On the other hand, the maximum penalty for filing a belated ITR is Rs 1,000 for individuals whose total income does not exceed Rs 5 lakh in a fiscal year. "If the person fails to file the return of income within the time limit prescribed in this regard, then as per section 139(4), he can file a belated return. A belated return can be filed at any time 3 months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier," the income tax department said. ITR Filing Last Date 2023: No Extension for Income Tax Return Filing Due Date, Penalties and Loss of Benefits if You Miss Deadline.

In addition to late fees, taxpayers who file their income tax returns after the due date are also likely to incur penal interest on the amount of tax due. Taxpayers must also note that income tax refunds will be paid only if the ITR is filed and verified. The Income Tax Department will not pay any interest on the income tax return if a belated ITR is filed.

Taxpayers who fail to file ITR will not be able to carry forward their losses which they incurred in the current Assessment Year. Taxpayers are also liable to face legal actions if they fail to fail to file their income tax returns at all even after receiving IT department notices.

(The above story first appeared on LatestLY on Jul 31, 2023 03:16 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).