The last day for filing personal income-tax returns for AY 2022-23 (FY21-22) has ended on midnight July 31, with no updates on a deadline extension.
More than 5.10 crore returns had been filed till July 30, the Income Tax Department said on Twitter. Till 11 p.m. on Sunday, 67,97,067 additional returns were filed, taking the total to over 5.77 crore so far.
The tax department also said an average of 4.5 lakh ITRs were filed in an hour. Final ITR numbers are yet to be released by the department.
For AY 2021-22, more than 6.63 crore income-tax returns were filed through the department's e-filing portal.
Going by the trend, at least 50 lakh taxpayers are estimated to have missed the deadline to file their ITRs for AY 2022-23.
Statistics of Income Tax Returns filed today.
67,97,067 #ITRs have been filed upto 2300 hours today & 4,50,013 #ITRs filed in the last 1hr.
For any assistance, pl connect on orm@cpc.incometax.gov.in or on our help desk nos 1800 103 0025 & 1800 419 0025.
We will be glad to assist!Here's what you need to know if you have missed the deadline to file ITR.
What are the consequences of late filing?
If you've missed the due date, then you will be treated as a late-filer and liable to pay a late fee.
“The department will treat it as a belated return and you can revise it (if necessary) till Dec. 31, 2022,” said Amarpal S Chadha, tax partner and India mobility leader, EY.
A late fee of Rs 5,000 is applicable if the taxable income is above Rs 5 lakh. For up to Rs 5-lakh taxable income, a late fee of Rs 1,000 is applicable, under Section 234F of the Income-Tax Act.
“Such fees shall be deposited suo-moto by the assessee. This is a late fee not a penalty and one will have to pay before filing return of income itself. Thus, it is automatic with no show-cause notice, etc.,” K Raghu, former president of Institute of Chartered Accountants of India, told BQ Prime.
Where do I pay the fine?
Belated returns can be filed on the Income Tax Department's e-filing portal.
“There is no separate link for filing such a return and the late filing fee can be paid under the same portal, using Challan No. ITNS 280 under ‘penalty' section in the challan,” Chadha said.
Is there an additional interest applicable on late filing?
According to Raghu, under Section 234A, 1% of the net tax payable is levied from the due date specified above till the time return is filed or assessment is completed. Even a delay of a single day interest attracts one full month's levy.
This is not to be confused with interest under Section 234B and 234C that relate to shortfall in payment of advance tax or deferment of advance tax instalments. “These will be leviable only if there is shortfall or delay in payment of advance tax instalments,” he said.
Can you carry forward any of the losses arising from any other heads of income?
Only losses under the head ‘income from house property' can be carried forward to the subsequent years for set-off, Chadha said.
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