Over 6.5 crore income tax returns (ITRs) were filed for the financial year 2022-23 till July 31 evening — the last day of ITR filing.
Going by a recent survey by LocalCircles, around 14 per cent of the total taxpayers might not have filed their ITRs till the last date.
In case you have missed the ITR filing deadline, you can do it now till December 31, 2023, by paying a late fee, along with a 1 per cent penal interest per month on taxes.
If you have filed your ITR till July 31, you can revise it without any late fees till December 31, 2023.
Though taxpayers can now file their income tax returns, there are some limitations on claiming deductions or carrying forward losses.
A belated return may result in limitations on claiming certain deductions and carrying forward losses, except for loss from house property.
To file a belated return, visit the income tax department’s e-filing portal, select the appropriate ITR form, provide accurate information, pay outstanding taxes, and wait for processing.
If you have filed your ITR till July 3, you can e-verify it within 30 days without any penalty, failing which will reject your income tax return.
E-verification can be done through Aadhaar OTP, bank account, ATM, net banking and demat account.