– Today, July 31, is the last date for filing Income Tax Returns (ITR) for the financial year 2023-24.
– Approximately 6 crore taxpayers have already filed their returns, with no indication of an extension in the deadline.
– 70% of taxpayers have chosen the New Tax Regime over the Old Tax Regime.
– Failure to file ITR can result in penalties and possible jail time, with late filing fees up to Rs. 5000.
– Taxpayers have until December 31, 2024, to file their ITR, after which penalties up to 200% of the tax amount can be imposed.
– Non-filing of ITR can result in interest charges and potential legal action, with penalties ranging from 50% to 200% of the tax amount.