The deadline for filing the income tax returns is coming closer, Revenue Secretary Sanjay Singh has requested income taxpayers to file their returns as the earliest. Finance Minister Nirmala Sitaraman is not contemplating an extension of the July 31 deadline, according to the top officials.
"We would like to thank income tax return filers as ITR filing has been at a much faster pace than last year and we would advise them not to wait to the last moment and also not to hope for any extensions." So, I would advise them to file their tax return at the earliest because the deadline of July 31 is approaching fast," he said in an interview with news agency PTI.
The government gives a 4-month window every assessment year for taxpayers to consolidate their income details for the financial year.
What happens if you miss the deadline to file ITR?
Taxpayers are required to pay a penalty if they missed the deadline to file ITR. A penalty of Rs 5,000 will be levied if the taxpayers file ITR after July 31 but before December 31, 2023.
Although there’s a relief given to small taxpayers if their total income doesn’t exceed Rs 5 lakh, the penalty for those will be Rs 1,000.
If someone willfully fails to file a return even after receiving notices, the income tax officer may start legal action against them. Three months to two years of imprisonment are possible, along with a fine.
If the tax you owe to the department is higher than Rs 25,00,000, then the persecution may extend the punishment to 7 years.
According to Cleartax, interest will be charged under Section 234A at 1% per month thereof on tax due until the payment of taxes.
