Should the income tax limit be raised?
If you have not filed your income tax return yet, then this news might come in handy for you. Actually, the deadline for filing Income Tax Return is July 31 and you have only 8 days left to get this work done. In such a situation, if you have not filed ITR yet, do it as soon as possible. This is because the Income Tax Department is not in the mood to extend the deadline this time and those who file ITR after July 31 may have to spend a huge amount as penalty. Let us know how much penalty you will have to pay after filing ITR after July 31.
Return files of over 3 crore rupees
On the dashboard available on the Income Tax filing portal, it has been said that so far over 12 crore taxpayers have registered on the portal. Around 3 crore and 10 lakh income tax returns have been filed so far. Of these, over 2 crore and 90 lakh returns have been verified by taxpayers. The Income Tax Department has also processed 94.53 lakh returns.
What will be the penalty for not submitting?
According to current regulations on personal income tax returns, the return can be filed this season until December 31. Filing the personal income tax return is free until July 31, 2024. Once the deadline has passed, the taxpayer has until December 31 to file the late return, but must pay a fine for doing so.
The amount of penalty depends on the taxpayer’s annual income. For example, if a taxpayer’s annual income is up to Rs 5 lakh or less, he will have to pay a penalty of Rs 1,000 for filing a late return. Whereas if the taxpayer’s annual income is more than Rs 5 lakh, he will have to pay a penalty of Rs 5,000. Apart from this, the taxpayer will also have to pay interest on his tax amount.
Why should the deadline be extended?
The deadline for filing income tax returns for the financial year 2023-24 is July 31. As the deadline approaches, the pace of filing returns is increasing. Problems are also being faced due to increased traffic on the Income Tax Department’s return filing portal. Many taxpayers are continuously writing their complaints on social media. Many taxpayers are demanding an extension of the deadline alleging that the portal is slow and gets stuck in the middle. Apart from this, taxpayers are also facing problems in password reset, OTP and verification.
