ITR Filing 2023: Over 4 crore Income Tax Returns filed till 24th July. “The Income Tax Department is thankful to taxpayers and tax experts for assisting them in reaching the milestone of 4 crore Income Tax Returns (ITRs) this year, 4 days earlier than last year!”, the twitter handle of Income Tax Department tweeted.
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In comparison to July 28 of last year, as of July 24 this year, almost 4 crore ITRs for AY 2023–24 have already been filed. Out of the 4.22 billion ITRs filed up to July 24, 2023, 3.81 billion have been e-verified, accounting for more than 90% of all ITRs filed.
To prevent the last-minute rush, we implore everyone who hasn’t yet filed their ITR for AY 2023–24 to do so as soon as possible.
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What happens if taxpayers miss filing income tax returns by the due date?
Over 4 crore taxpayers have already submitted their returns as the deadline for ITRs for FY 2022-23 (AY 2023-24) comes near on July 31, 2023. Despite some taxpayers hoping for an extension, But it is doubtful that the government will give any additional deadlines.
Taxpayers who fail to submit their ITR by the deadline Penalties may be imposed of 5000 under Section 234F. However, persons with incomes under 5 lakh rupees will only be subject to a 1,000 rupee penalty.
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Not filed an ITR? You might also get arrested
The maximum term under current income tax laws is seven years in prison with a minimum prison of six months. The department does not have the authority to bring penalties against you for every incident of ITR failure. Only when the amount of tax sought to be avoided exceed 10,000 can the income department file a lawsuit.
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