Missed to file ITR: You may get jailed for up to seven years. Check details
ITR filing 2023: If you have failed to file your income tax return (ITR) for the Financial year 2022-23 by July 31, you can still file a belated return till 31 December, but that comes with a cost. The last date to file ITR passed on July 31, and as expected the government did not extend the deadline for the same. While data showed that the total number of ITR filers has scaled a peak with over 6.50 crore ITR fillings till 6 pm Monday.
Of the total, about 36.91 lakh ITRs have been filed today till 6 pm, Income Tax Department said in a tweet on July 31. ITR filing after the due date will attract penalties depending upon the income tax slab in which the individual taxpayers fall. They can even land in jail for such income tax return violations and the jail sentence can be to the tune of a minimum of three years and a maximum of seven years.
“The consequences of missing the deadline could result in penalties. Taxpayers who fail to file their ITR by the deadline may incur a penalty of ₹5,000 under Section 234F. However, for individuals with an income of less than ₹5 lakh, the penalty will be a reduced amount of ₹1,000," said Abhishek Soni, CEO and Co-founder Tax2win.
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