Countdown to the Deadline
The clock is ticking, and taxpayers across India have only two days left to complete their income tax return (ITR) filings for Assessment Year 2023-24. As the deadline of July 31, 2023, approaches, the Income Tax Department has issued a fresh reminder to all assesses, urging them to promptly file their returns to avoid penalties and comply with tax regulations.
The Countdown Begins: Last-Minute Reminder
The Income Tax Department took to social media to deliver an urgent message: “Time is running out. Only 2 days left to file your #ITR. #FileNow if you haven’t filed your return for AY 2023-24 yet. Due date to file your ITR is 31st July 2023.”
Avoid Penalties: File Before the Deadline
It is crucial for individuals whose total income from all sources exceeds the exemption limit to file their income tax returns within the stipulated time. Missing the deadline will lead to penalties, with a fine of ₹5,000 for returns filed after July 31 but before December 31. For those filing after December 31, the penalty increases to ₹10,000.
Act Now: No Extension Expected
To prevent any last-minute rush and potential difficulties, taxpayers are strongly advised to file their ITRs at the earliest. As of now, the government has not indicated any intention to extend the filing deadline, making timely compliance essential.
E-Verify for Completion: Don’t Overlook This Step
Filing the ITR is just the initial step; the process is only complete after the return is e-verified within 30 days. This verification is critical, as it signifies that the filing process is finalized. Once verified, taxpayers will receive a success message and a transaction ID on their mobile phones, along with a confirmation email to their registered email address.
Data Insights: Filing Status So Far
As of July 27, the Income Tax Department reported that over five crore returns had been filed. Out of these, 4.46 crore returns had been e-verified. The department had processed more than 2.69 crore e-verified returns by that date.
Round-the-Clock Support: Helpline Assistance
For taxpayers encountering any challenges during the filing process, the Income Tax Department offers a 24×7 helpline. Support is available through calls, live chats, Webex, and social media platforms to promptly address queries and resolve any issues faced.
Conclusion: Act Swiftly to Comply
With only two days remaining to file income tax returns for AY 2023-24, eligible taxpayers must act swiftly to meet the deadline. Ensuring timely compliance is essential to avoid penalties and to fulfill tax obligations responsibly. Don’t overlook the crucial step of e-verification, as it finalizes the filing process. For any questions or assistance, taxpayers can rely on the Income Tax Department’s dedicated helpline, available round-the-clock. By promptly fulfilling these responsibilities, taxpayers can ease the filing process and maintain smooth compliance with tax regulations.