Nearly 5.15 crore income tax returns (ITR) were submitted up till the evening of July 30. By Sunday, July 31, taxpayers who are not subject to an audit must submit their income tax (IT) reports for the fiscal year 2022–23. The taxpayers whose combined income is up to 25 lakh will be required to pay a 1,000 late fee after this date. Taxpayers have until December 31 to file returns with this late cost.
The Income Tax Department won’t be able to move the deadline. According to insiders, the income tax website is also performing significantly better than it did last year.
Therefore, CA Kailas Jogani, president of Nagpur Chamber of Commerce (NCCL) and divisional director of Central Government’s Tax Advisory Committee has appealed to the taxpayers to file their returns by July 31.
If TDS has been deducted at source, then the person is required to file a return. Jogani said that the CBDT has urged taxpayers to download and check the annual information statement (AIS) and taxpayer information summary system (TIS) before filing the return.
Many people do not file the returns thinking that the process is tedious. However, there are several benefits of filing ITR. If the income exceeds the limit and TDS has been deducted, the taxpayer must file it.
Earlier, taxpayers could file even three years of returns, but now only one year return can be filed. Therefore, it is good to devel op the habit of filing it regu larly each year.
