The government is estimated to have earned up to Rs 627 crore from late ITR filing fee till August 22, 2024
income tax return for FY 2023-24 (AY 2024-25) for individuals not liable for tax audit, expired on July 31, 2024. If you have missed filing your ITR by July 31, 2024, you can file a belated ITR by paying a penalty. According to the Income tax department's press release dated August 2, 2024, more than 7.28 crore (7,28,80,318) ITRs for FY 2023-24 (AY 2024-25) were filed till July 31, 2024.
However, according to the latest data on the income tax e-filing portal, about 7.4 crore (7,42,75,307) income tax returns (ITRs) were filed as of August 22, 2024, at 3.06 pm.
Source: Income tax e-filing ITR portal as on August 22, 2024, 3.06 pm
This means that more than 13.94 lakh ITRs (7.42 crore minus 7.28 crore) were filed between August 1, 2024, and August 22, 2024. The majority of these are likely to be belated ITRs filed by individuals who missed the July 31, 2024, deadline to file. As the figures, as presented on the income tax website, appear to be comparative, therefore the assumption that most of these would be ITRs filed for FY2023-24 appears reasonable. There is no deadline for filing of ITRs for previous years near about July 31 or in August, so this increases the likelihood of these 13.94 lakh ITRs being belated ITRs for FY2023-24 (AY 2024-25).
According to income tax rules, a late filing fee of up to Rs 5,000 is levied for filing a belated ITR after the due date. Small taxpayers with taxable income up to Rs 5 lakh are required to pay a late filing fee of Rs 1,000 only. There is no late filing fee for taxpayers
