The last date to file your income tax return (ITR) for the financial year 2022-23 is today, July 31, 2023. If you miss the deadline, you can still file a belated return, but you will have to pay a late fee.
The amount of the late fee depends on your total income. For individuals with a total income exceeding Rs. 5 lacks, the late fee is Rs. 5,000. For individuals with a total income of less than Rs. 5 lacks, the late fee is Rs. 1,000.
In addition to the late fee, you may also have to pay penal interest on any tax due. The penal interest rate is 1% per month or part of a month, from the day after the due date until the actual return filing date.
If you miss the ITR filing deadline, you will also lose out on some benefits. For example, you cannot claim a refund for any excess taxes deducted. You will also not be able to carry forward any losses for future use.
Here are some tips to help you avoid missing the ITR filing deadline:
Start preparing your ITR early.
Use an online ITR filing service to make the process easier.
If you do miss the deadline, don't panic. You can still file a belated return and pay the late fee.
However, it is important to file your ITR as soon as possible to avoid any further penalties.
Here are some additional things to keep in mind if you miss the ITR filing deadline:
You may be required to appear for an audit.
You may be barred from filing your ITR for future years.
It is important to file your ITR on time to avoid any of these consequences.
If you have any questions about ITR filing, you should consult with a tax professional.