– Today, July 31st is the last date for filing Income Tax Returns (ITR) for the financial year 2023-24.
– Over 6 crore taxpayers have already filed their returns, with the deadline not expected to be extended.
– 70% of taxpayers have chosen the New Tax Regime over the Old Tax Regime.
– Late filing of ITR can result in penalties and interest on tax dues, with a deadline of December 31, 2024.
– Failure to file ITR can lead to penalties, fines, and even legal action, with imprisonment for up to 7 years in extreme cases.
– The Income Tax Department is urging taxpayers to file their returns promptly to avoid any consequences.