Over 35 Lakh Income Tax Returns Filed On Last Day, Deadline Till Midnight

Today, July 31, marks the final day for filing income tax returns for the assessment year 2023-24. The Income Tax department has urged taxpayers to complete the filing process promptly, emphasizing that there will be no extensions in the deadline this year.

As per the latest data, more than 6.50 crore Income Tax Returns (ITRs) have been filed so far, with about 36.91 lakh ITRs submitted on this last day until 6 pm. This year's numbers surpass the previous year's filings, as only about 5.83 crore ITRs were submitted by July 31 last year.

The Income Tax Department tweeted, celebrating the achievement, stating that they have witnessed more than 1.78 crore successful logins on the e-filing portal until 6 pm today. They expressed gratitude to taxpayers and tax professionals for their contributions and encouraged those who haven't filed their ITR for AY 2023-24 to do so promptly.

The Centre has clarified that there will be no extension of the due date. Failure to file the ITR within the deadline will result in a penalty of Rs 5,000. However, individuals with a total income not exceeding ₹5 lakh in a fiscal year will face a maximum penalty of ₹1,000 for filing a belated ITR.

Taxpayers are reminded that failing to file the tax return on time will disallow the carrying forward of any losses under "profits and gains of business or profession" or "capital gains" to the next year.

To file the ITR, taxpayers need several important documents, including PAN and Aadhaar card, Form 16, and Form 26AS from the employer, bank account details and statements, and information on investments, rent, loans, and capital income.

The process for filing income tax online includes logging in to the Income Tax online portal using the PAN/Aadhaar and password, selecting the 'Income Tax Return' option, entering the required details, choosing the appropriate ITR form, reviewing tax details, e-verifying, and submitting the ITR. The deadline for filing ITR is until midnight tonight.