Don’t Miss ITR Filing As It May Cost You Rs 5,000 Fine

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Today is the last day to file your Income Tax Return (ITR). More than 60 million ITRs have been filed till July 30, out of which about 2.67 mullion ITRs were filed till 6.30 pm yesterday, with more than 13 million successful logins. The number of ITR filings has already crossed the number of ITRs filed till July 31 last year.

This has been a remarkable number considering more than 66.3 million ITRs were filed for AY 2021-22 as on March 15, 2022, which was the due date for filing of ITRs by companies and other taxpayers who were required to file Tax Audit Report. “Out of the [66.3 million] ITRs filed for AY 2021-22, 46% are ITR-1, 9% are ITR-2, 15% are ITR-3, 26% are ITR-4, 2% are ITR-5, ITR-6 and ITR-7. This reflects an increase of over [1.67 million] ITRs over total filing of ITRs for AY 2020-21 till 15.03.2021,” said a press release issued by the finance ministry.

Hence, if you have filed your ITR do it today as not filing your return on time will invite the following:

Late Fees:

Filing your taxes late can lead to penalties, depending on your total income. Individuals with a total income exceeding Rs 5 lakh will be charged a penalty of Rs 5000, while those with income up to Rs 5 lakh will face a penalty of Rs 1000. It can also result in the loss of tax deductions and exemptions, leading to higher tax liability. For ITR filed after December 31st, late  fees is Rs 10,000.

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