Income Tax Return / Last date for filing ITR is 31st July, after the deadline there will be a fine of up to Rs 5000

Income Tax Return: 31 July 2024 is the last date for filing ITR. According to the Income Tax Department, 13 lakh returns are being filed every day. As of July 14, about 2.7 crore ITRs have been filed, which is 13% more than the returns filed during the same period last year. The milestone of one crore ITRs for the financial year 2023-24 was reached on June 23. At the same time, the milestone of 2 crores was crossed on July 7. Comparing it with last year, in the financial year 2022-23, one crore ITRs were filed till June 26 and 2 crore ITRs till July 11.

A total of 6.91 crore returns were filed for the financial year 2022-23 till July 31, 2023. By March 31, 2024, this number increased to 8.62 crores. For the first time this year, the tax department allowed taxpayers to file returns on the first day of the new financial year.

Tax collection of Rs 5.74 lakh crore

Last week, the IT department had said that direct tax collection has registered a growth of 19.54% in FY 2025. It was Rs 5.74 lakh crore till July 11. Direct tax collection in the same period of FY 2024 was Rs 4.80 lakh crore.

Refund of Rs 70,902 crore issued

According to the tax department, in the financial year 2024-2025, a refund of Rs 70,902 crore has been issued. In the financial year 2023-24, it was Rs 43,105 crore. That is, there has been an increase of 64.49% in the refund.

Late fee of Rs 5,000 for filing ITR after the deadline

According to tax expert Chartered Accountant (CA) Anand Jain (Indore), filing ITR on time not only saves you from penalty, but it also has 4 more benefits.

1. You will be saved from penalty

If you do not file ITR within the stipulated date, you may have to pay a penalty. If the annual income of an individual taxpayer is more than Rs 5 lakh, then he will have to pay a late fee of Rs 5,000. If the annual income of the taxpayer is less than Rs 5 lakh, then he will have to pay Rs 1,000 as late fee. This penalty can be avoided by filing ITR on time.

2. There will be no fear of notice

Now the Income Tax Department gets information about your income from many sources, if you do not file ITR on time, the Income Tax Department can send you a notice based on that information. To avoid the hassles of notice, it is beneficial to submit ITR on time.

3. Saving of interest

According to the income tax rules, if a taxpayer has not paid tax or has paid less than 90% of the total tax due on him, then he will have to pay 1% interest every month as penalty under section 234B. In this way, by filing returns on time, you can save interest on income tax.

4. Loss can be carried forward

According to the income tax rules, by filing ITR by the due date, you can carry forward your loss for the next financial years. That is, you can reduce the tax liability on your income in the next financial years.

For example, if there is a loss on the sale of shares, then it can be carried forward for 8 years, however, if the return is not filed on time, then the loss cannot be carried forward and this benefit will not be available.