The last date to file Income Tax Returns (ITR) for Assessment Year 2023-24 is Monday, July 31, 2023. As of now, there is no indication from the government that the deadline will be extended.
Over 5.83 crore tax returns have been filed so far, much higher than the number filed in the same period last year. The Income Tax Department has been urging taxpayers to file their returns early and avoid the last-minute rush. They have also said that the average processing time for returns is now just 16 days, so there is no need to wait until the last minute to file.
If you fail to file your return by the deadline, you will be liable to pay a late fee of ₹1,000 (if your income is between ₹2.5 lakh and ₹5 lakh) or ₹5,000 (if your income is more than ₹5 lakh). You will also lose out on certain privileges, such as the ability to carry forward losses and claim refunds. So, if you haven’t filed your ITR yet, please do so as soon as possible. The deadline is approaching quickly, and you don’t want to miss out on any important benefits.