ITR filing: If you miss deadline for AY 2022-23; know penalty amount here

By Team Newsable | First Published Jul 26, 2022, 10:53 AM IST

ITRs must be submitted by July 31 for individual taxpayers who do not need their accounts audited.

It's time to file your Income Tax Return (ITR) for Assessment Year 2022-23. And as per PTI, the government is not considering extending the deadline for filing income tax returns because it expects most returns to be filed by the July 31 deadline.

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On Monday, the Income Tax Department announced that over three crore returns had been filed through the e-filing portal for the fiscal year 2021-22. For the fiscal year 2021-22, approximately 5.89 crore ITRs were filed by the extended deadline of December 31, 2021.

PTI quoted Bajaj saying, "People assumed that dates would be extended as is now the norm. So they were a little slow filling the returns at first, but now we are getting between 15 lakhs and 18 lakh returns daily. This will gradually increase to 25 lakh to 30 lakh returns."

"Last time, 9-10 per cent filed on the last day. We had over 50 lakh people last time (filing returns on the last date). This time, I've told my staff to prepare for one crore (returns due on the last day)," he continued.

Individual taxpayers who do not need their accounts audited have until July 31 to file ITRs.

"Dear Citizens, If you haven't already, remember to file your ITR. "The deadline for filing ITR for AY 2022-23 is July 31, 2022," the Income Tax Department stated in a tweet.

If you miss the deadline, know the penalty,

Those who fail to file their ITR by the July 31 deadline must pay a fine-cum-late fee of Rs 5,000 if their taxable income exceeds Rs 5 lakh and Rs 1,000 if their taxable income is less than Rs 5 lakh.

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