Over 63.47 lakh ITRs filed on last day of filing returns

1 Aug 2022 , 08:21 AM

On Sunday at 10 p.m., the final day for salaried persons to file an ITR for the fiscal year 2021—2022, more than 63.47 lakh returns were submitted, according to the income tax department. For the fiscal year that concluded on March 31, 2022, the deadline for taxpayers who do not need to have their accounts audited was Sunday.

More than 5.1 crore tax returns were submitted up to July 30. After accounting for the 63.47 lakh returns submitted on the final day, 5.73 crore ITRs for the 2021—22 fiscal year have been submitted as of 10 p.m. The deadline for ITR filing is midnight, beyond which time tax return filers must incur a late filing charge.

If an individual files their ITR by December 31 of the assessment year and has an annual income of more than Rs5 lakh, they are required by tax law to pay a late charge of Rs5,000.

For late return filing, anyone with yearly incomes under Rs5 lakh would be required to pay Rs1,000 late charges. Additionally, individuals who have unpaid taxes that are still owing will be charged an extra 1% interest every month for filing late. Taxpayers whose income is below the taxable limit are exempt from the late charge.