ITR filing deadline today. Know the consequences of missing

Attention all taxpayers! The deadline for filing your income tax returns (ITR) for the assessment year 2023-24 is today. As per the latest information, over 6 crore ITRs have already been filed until 6:30 PM on July 30. The Income Tax department urges all taxpayers to complete the filing process promptly, as there will be no extensions to the deadline this year. Failure to file the returns before the deadline may result in penalties and other consequences.

Here are the consequences of failing to file your ITR before the deadline:

1. Late Fees: Taxpayers still have the option to complete the tax filing process after the initial deadline, but there will be a late fee of ₹5,000. Ensure that all such ITRs are filed before December 31. However, if your total income does not exceed ₹5,00,000, the penalty will be restricted to ₹1,000. Taxpayers whose total income is below the basic exemption limit will not incur any late filing fees.

2. Interest on Taxable Amount: In case of delay in filing the return, the Income Tax department charges interest at a rate of 1 per cent per month on the taxable amount. This interest applies to the net taxable income after deducting TDS, TCS, advance tax, and other applicable reliefs or tax credits. Even a single-day delay can result in interest charged for a whole month.

3. No Carry Forward of Losses: Failing to file the tax return by the due date will lead to a loss of the ability to carry forward losses to future years, except for losses under the "income from house property" header or unabsorbed depreciation, which can still be carried forward.

4. Fine and Imprisonment: Apart from monetary fines, failure to file tax returns can lead to imprisonment. Late filing of returns where the tax payable or evaded is more than ₹25,000 may result in imprisonment ranging from 6 months to 7 years, along with a fine.

5. Delay or Loss of Refund Claims: Taxpayers can claim their refund for excess tax deducted only after filing income tax returns. Timely adherence to the prescribed schedule for filing the return allows taxpayers to receive interest on such excess deductions. Not filing the ITR on time may result in a prolonged wait or loss of the tax refund.

It is crucial to take these consequences seriously and complete the ITR filing process before the deadline to avoid any penalties or complications. Ensure you meet the deadline to stay compliant with the tax regulations