– Today, 31st July is the last date for filing Income Tax Returns (ITR) for the financial year 2023-24
– Around 6 crore taxpayers have already filed their returns, with no indication of deadline extension
– 70% of taxpayers have opted for the new tax regime
– Failure to file ITR can lead to penalties and even jail time
– Late filing of ITR can result in penalties of up to Rs. 5000 and interest on tax dues
– Taxpayers may receive notices and face penalties ranging from 50% to 200% if they fail to file ITR by December 31, 2024
– Non-filing of ITR can lead to imprisonment for 6 months to 7 years under Income Tax laws, with certain conditions
– Income Tax department is urging taxpayers to file their returns promptly