Over one crore ITRs filed till 26th June 2023

The Income Tax Department announced on Tuesday that over 1 crore ITRs had been filed as of June 26, hitting the milestone faster than last year. For salaried taxpayers and assessees who do not require their accounts audited, the deadline for filing tax returns for income obtained in the financial year 2022-23 is July 31st, 2023.

The IT department in a tweet on their official twitter handle stated, “We appreciate our taxpayers for early filing of Income Tax Returns (ITRs)!. Over 1 crore ITRs have been filed till 26th June this year compared to 1 crore ITRs filed till 8th of July last year. The 1 crore milestone reached 12 days early this year compared to corresponding period in the preceding year. The Department reiterates its commitment to enhance taxpayer facilitation & ease of filing. We also urge our taxpayers to keep up the momentum & file their ITRs early so as to avoid last minute rush.”

The income tax return (ITR) deadline for the financial year 2022-23 (AY 2023-24) is July 31, 2023. Even if you have no taxes to pay, missing this deadline might cost you. Until the financial year 2019-20, the highest penalty a taxpayer may face for missing the ITR filing deadline was Rs. 10,000.

However, effective of FY 2020-21 (AY 2021-22), the penalty amount has been lowered by half, implying that a person submitting a Belated ITR would have to pay a maximum penalty of Rs.5,000.