Only 5.83 million income tax returns (ITRs) have been filed for tax year 2022-23 (AY23) as of July 31 this year, the last filing date for returns. This figure is lower than returns filed in tax year 2021-22 (AY22).
In the last financial year (2020-21), around 5.89 crore of RTI was deposited before the extended due date of December 31, 2021, according to the report by news agency PTI.
Out of 5.83 crore ITR deposited for AY 2022-23, 50% of them are ITR-1 (2.93 crore), 11.5% are ITR-2 (67 lakh), 10.9% are ITR- 3 (63.35 lakh) and 26% are ITR-4 (1.54 crore).
Over the past month, the IT department has been pushing taxpayers to file their ITRs for the 2021-22 fiscal year to avoid being levied late fees. The department had also asked taxpayers to seek assistance with ITR filing by sending emails to orm@cpc. incometax.gov.in or by calling helpline numbers 1800 103 0025 and 1800 419 0025.
According to the tax laws, a late fee of Rs 5,000 would be payable by those whose annual income is above Rs 5 lakh when filing late returns.
Also, those with unpaid taxes will have to pay an additional 1% interest per month for late filing. Late fees will not apply to taxpayers whose income is below the taxable limit.
–With PTI inputs