Today, July 31, is the last date for salaried individuals and non-audit cases to file income tax returns (ITR) for FY 2022-23.
The Income Tax department has received an overwhelming response, with more than 5.83 crore returns filed until 1 pm on July 30, surpassing last year's filings till July 31.
Filing ITR before the deadline helps taxpayers avoid late penalties and the stress of last-minute rush.
Taxpayers who file their ITR after the due date may face a maximum penalty of Rs 5,000, while those with total income not exceeding Rs five lakh may incur a maximum penalty of Rs 1,000 for belated filing.
Non-filing of ITR can result in the inability to carry forward losses incurred in the current assessment year and may lead to prosecution if taxpayers willfully fail to file despite receiving notices from the Income Tax department.
Filing ITR is not just a legal obligation but also a civic responsibility, contributing to the nation's growth and development.
Timely filing enables individuals to accurately assess their tax liability and plan their finances for the next financial year.
Accurate tax declarations, including income, deductions, and exemptions, are essential to avoid scrutiny and legal consequences.
Maintaining proper financial records throughout the year is crucial for smooth ITR filing and efficient tax planning.