09 Aug
18 PER CENT OF TAXPAYERS DID NOT FILE ITR THE LAST CHANCE GIVEN BY THE MINISTRY OF FINANCE
18 PER CENT OF TAXPAYERS DID NOT FILE ITR; THE LAST CHANCE
GIVEN BY THE MINISTRY OF FINANCE
ITR Filing Update:
Taxpayers were waiting for an extension on the ITR filing deadline. Therefore,
it has come to light that a large number of taxpayers have not filed ITR. The
finance ministry had already clarified that it would not extend the deadline.
The deadline for taxpayers
to file income tax returns was 31st July. By this deadline, 5.83 crore people
have fulfilled their responsibility by filing income tax returns.
However, compared to last
year, 18 per cent of people still filed ITR, the finance ministry said. These
taxpayers have now been given a five-month deadline by the finance ministry to
file late ITRs. A taxpayer who fails to file ITR within this deadline will face
an income tax notice with a heavy penalty. Action will be taken against them under
Section 234F.
7.14 crore ITR last year
According to the Income Tax
Department, a total of 5.83 crore taxpayers have filed ITR till July 31, the
deadline for filing ITR for FY 2023. Whereas in the previous financial year
2022, 7.14 crore taxpayers filed ITR. Thus this time 18 per cent i.e. 1.31
crore taxpayers have not filed ITR.
Waiting for extension
Taxpayers were waiting for
an extension on the ITR filing deadline. Therefore, it has come to light that a
large number of taxpayers have not filed ITR. The finance ministry had already
clarified that it would not extend the deadline. However, as no announcement
was made in this regard, the taxpayers waited for the deadline to be extended.
5 months time for delayed ITR
The Income Tax Department
has provided the facility of late filing of ITR to taxpayers who missed filing
ITR before 31st July. Under this taxpayers can file ITR till 31st December.
That means taxpayers have got a total of five months. First, they have to pay a
fine, the amount of which is fixed differently for different income groups. At
the same time, the department has given only 30 days to verify the ITR. Last
financial year's verification time was 120 days.
Regards
Santosh Patil
Alliance Tax Experts
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