Income tax e-filing:
The last date for filing income tax is now over. Now those who do not file ITR will be penalized.
Income Tax Department has been continuously requesting taxpayers to file returns to avoid late fees.
Those who have not filed the return till July 31 yesterday, will now face a heavy penalty while filing the return.
At present, the Income Tax Act of India allows all taxpayers to file ITR even after the expiry of the deadline.
For individuals, there is a late fine on ITR filed after the deadline. This penalty will be taken under section 234F.
If a taxpayer has filed ITR after July 31, then a late filing fee of Rs 5,000 will be levied.
A penalty of Rs 1,000 will be levied on e-filing after the deadline from taxpayers with taxable income of less than Rs 5 lakh.
A total of 67,97,067 returns were filed till 11 pm on July 31, the last day of filing income tax returns.
A total of 5.78 crore taxpayers had filed their ITR till 11 pm on July 31. Its figure has not been announced yet.
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