Today is the last date to file ITR, otherwise there will be a huge penalty! 6 crore people have already filed

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Today is the last date to file income tax. A belated return can be filed with penalty under section 234F for non-filing of return within the prescribed time limit for any assessment year under section 139(1) of the Income Tax Act. If the total income of the income tax payer is not more than 5 lakhs then he has to pay a penalty of 1000 rupees. If the income is more than 5 lakhs then there will be a penalty of 5,000 rupees. If the income is less than the exemption limit (2.50 lakhs), there will be no penalty.

Interest will also have to be paid along with the penalty

More than 6 crore returns have been filed till 30 July 2023. 26.76 lakh ITRs were filed till 6:30 pm yesterday. Penalty for non-filing of returns starts from the date after the due date i.e. 31 July 2023. So the longer the delay in filing the ITR, the higher the penalty will be. Interest will also be charged along with the penalty. If you do not file the return on or before the due date, interest under section 234A of the Income Tax Act will be payable on the outstanding tax at the rate of one percent for every month or part of a month. ITR cannot be filed if tax is not paid.

The Income Tax Department may issue a notice

If you don't file the ITR even by December 31, 2023, the Income Tax department can issue you a show cause notice. If your explanation is not found satisfactory, the Income Tax Department may initiate the process of action in the matter as per its statutory powers. The income tax payer concerned may be punished with imprisonment of up to seven years.

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