New Delhi. The Income Tax Department said on Friday that a record 7.28 crore income tax returns were filed by the deadline of July 31. The tax department said in a statement that a record number of income tax returns (ITRs) have been filed for the assessment year 2024-25. This is a new record of returns filed. Last year 6.77 crore ITRs were filed. According to the statement of the department, “Out of the total 7.28 crore ITRs filed for the assessment year 2024-25, 5.27 crore returns have been filed under the new tax regime. At the same time, the number of returns filed under the old system is 2.01 crore.”
The last date for filing ITR for salaried taxpayers and other non-tax audit cases was July 31, 2024. More than 69.92 lakh returns were filed on the last day of this deadline i.e. July 31. The number of first-time return filers was 58.57 lakh, which is a good sign of expansion of the tax base.
What to do if you haven’t filed your return yet
If you have not been able to file your return yet, then you can file belated ITR. Belated ITR means a return filed late. You can file this return even till the last month of this year. However, you will have to pay a penalty for this.
How much will be the penalty
If your income is Rs 5 lakh or less, then you will have to pay a fine of Rs 1000 for filing ITR late. On the other hand, if your income exceeds Rs 5 lakh, then you will have to pay a fine of Rs 5000. If a taxpayer does not file ITR even by the last day of this year, then the Income Tax Department can send him a notice. Along with this, a penalty of 50 to 200 percent of the tax amount can also be imposed on him. In some cases, a case can be registered against the taxpayer. There is a provision of punishment of 6 months to 7 years for this crime.
(with language input)
Tags: Business news, Income tax
FIRST PUBLISHED : August 2, 2024, 15:44 IST