Categories: Income tax Return

Can I file income tax Return after 31st July 2023

What will be you will do, If your ITR hasn’t been file till 31st July 2023?

  • Deadline date to file the salary ITR for the FY 2022-23 was 31st July 2023. In case we misses the timeline, Income tax payer / assessee can still file a ‘belated Income tax return‘. If the income tax return is submitted after deadline date, which is called a ‘belated return’ under Income tax Law
  • If you did not file your ITR by 31st July 2023, you now have until March 31, 2024 to do so. You should, however, pay a penalty for this. In order to make up for the deferral, late filers must pay penalties.

What is the circumstances where income tax return is not submitted before Timeline date?

  • Taxation Expert M/s Rajput Jain & Associates Chartered Accountants, if your Income is exceeds five lakhs, while filing your Income tax return, you must pay a penalty of Rs 5,000/- and if your income is less than five lakhs, the penalty will be 1,000 rupees.
  • Any Person who has filed income tax return after the timeliner date will have to pay a late fee of INR 5k if taxable income is excess INR 5 lakhs. Then penalty is INR 1k for people with total taxable income less than INR 5 lakhs. There are many benefits that Assessee will miss out on for filing Incom e tax return after the deadline.

How many Income tax Return’s have been Filed & Submitted till 31st December 2021?

  • It is quite important that about 5.89 crore ITRs were filed on the new Income tax e-filing portal before the Dec 31 deadline for Financial Year 2020-21 (finishing March 2021).
  • Approximately 46.11 lakh ITRs were filed On the 31st of December itself.
  • According the CBDT “Approximately 5.89 Cr ITR’s have been recorded on the new Income tax e-filing site of the Income Tax Dept until December 31, 2021,”
  • Out of the 5.89 crore Incom e tax returns petitioned for the appraisal year 2021-22 (Financial Year 2020-21), 49.6% ITR Form -1 (2.92 Cr), 9.3% ITR Form -2 (54.8 lakh), 12.1% ITR form -3 (71.05 lakh), 27.2 % ITR Form-4 ( 1.60 Cr), 1.3% ITR Form -5 (7.66 lakhs). Aside from this 2.58 lakh ITR form-6 & 0.67 lakh ITR Form 7 were Filed.

Highest No of ITR filing in a day on 31st July 2022 i.e 72,42,156

  • As per source 42.92% of total ITR Returns were processed within a span of 24 Hr of filling of Tax return

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Tags: E-filing Income Tax Returns
4 years ago
Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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