Over 5.54 crore Income Tax Returns (ITRs) have been filed till 1800 hours on Sunday, the due date to submit for Assessment Year 2022-23 (AY23). This, as compared to nearly 5.89 crore returns filed as of December 31, 2022 — the extended due date for AY22. Though ‘extend the due date’ was trending on social media, there was no indication from the Income Tax department about such a move, till the time of going to press.
Data shows filing at zero hour continues. For instance, over 5 lakh returns were filed between 5 and 6 pm on the day and over 4.67 lakh 12 and 1 pm. Cumulatively, around 44 lakh returns were filed on Sunday itself. While over 57.51 lakh returns were filed on July 30, it was 43 lakh on July 29, and over 36 lakh on July 28.
A penalty will be imposed on assessees till who do not file before the due date. Assesses having ₹5 lakh annual income will have to pay ₹5,000 and those with less that ₹5 lakh annual income will have to pay ₹1,000 till December 31. Interest at the rate of 1 per cent per month becomes applicable if return is filed after the due date. Taxpayers would not be eligible to carry forward their losses under any head (except under the head ‘Income from House Property’) in case they furnish ITR after the due date as prescribed under the IT Act.
Taxpayers may furnish an updated return under within 24 months from the end of the AY, that is for AY23, taxpayers can file an updated return till the end of AY 2024-25 subject to certain conditions and payment of additional tax.