Missed the ITR Filing Deadline? Here’s What Happens After the Last Date

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As of July 31, more than 6.5 crore returns for the fiscal year 2022–23 have been filed, exceeding the number of returns filed at the same period the previous year.

ITR Filing FY 2022-23

On Monday, July 31, the deadline for filing income tax returns (ITR) for salaried people and non-audit cases for the fiscal year 2022-23 has passed.

ITR Filing

Fiscal year 2022–23

As of July 31, more than 6.5 crore returns for the fiscal year 2022–23 have been filed, exceeding the number of returns filed at the same period the previous year. In order to avoid the last-minute rush and late fees, the I-T Department is requesting taxpayers to file their forms as soon as possible.

Late filing penalty

Even while it’s best to file ITRs on time, if you forget and need to file one after the deadline, you can do so. They would have to pay the late filing penalty, however. If a taxpayer submits their ITR after the deadline, they may be subject to a fine of up to Rs 5,000. For people whose annual total income does not exceed Rs. 5 lakh, the maximum fine for filing a belated ITR is Rs 1,000.

What happens if taxpayers fail to submit their ITR?

If the taxpayers fail to submit an ITR at all, they will not be allowed to carry forward the losses they incurred during the current AY. If they carefully ignore notices from the I-T department and still fail to file their return, they may also be punished.

In order to prevent problems and guarantee that all tax information is submitted exactly by the deadline, the Income Tax Department has asked taxpayers to finish ITR filing responsibilities well before July 31.

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