ITR Filing 2023: Income Tax Department Says Over 5 Crores ITRs Filed By 27th July

ITR Filing 2023: According to the latest data, over five crore ITRs have already been filed, with more than 88% being e-verified. Out of the e-verified ITRs of 4.03 Crores, an impressive 2.69 crore have already been processed, as tweeted by the Income Tax Department on Friday. 

The taxpayers who miss the last date 31st July of filing their tax returns will likely face penalties. Failure to file by the deadline may lead to penalties. Taxpayers who miss the deadline could face a penalty of Rs. 5,000 under Section 234F. However, for individuals with an income of less than Rs. 5 lakhs, the penalty is reduced to Rs. 1,000,

If an individual earning income misses the ITR filing deadline, they can still do so by paying a late fee. The late fee is Rs. 5,000 for an annual taxable income of Rs. 5 lakhs or more, and Rs. 1,000 for taxable income below Rs. 5 lakhs. Hence, if you yet have not filed your ITR, do it as soon as you can. 

The IT Department further explained “We are providing a 24x7 helpdesk to solve the issues and queries faced by the taxpayers via chat, calls, and web sessions. However, this helpdesk is only available up to 31st July 2023 (Including Weekends).

On July 16, Revenue Secretary Sanjay Malhotra urged all taxpayers to file their returns before July 31, as the government has no plans to extend the deadline. He expressed gratitude to income tax return filers for the faster pace of filing compared to last year. 

He advised taxpayers not to wait till the last moment and not to expect any deadline extensions. To avoid any rush, he emphasized filing tax returns at the earliest, as the July 31 deadline is rapidly approaching. According to PTI, Malhotra stated, "I would advise them to file their tax return at the earliest because the deadline of July 31 is approaching fast.

Also Read: Record-Breaking ITR Filings Result In Fast Processing Time: Income Tax Refunds Within 12 Hours