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Close to deadline, daily filing of income tax returns (ITR) has reached 13 lakhs, the Income Tax Department has said. For assessment year 2024-25 (fiscal year 2023-24), the department has enabled taxpayers to file returns on the first day of the new financial year, saying this is a first in recent times.
“Over 2.7 crore ITRs have been filed as on 14 July 2024, which is 13 per cent more compared to returns filed during the same period last year,” an update on the e-filing website said.
Further, while the milestone of one-crore ITRs for AY 2024-25 was achieved on June 23, the two-crore mark came on July 7, compared to June 26 and July 11, respectively, last year. During AY 2023-24, over 6.91 crore returns were filed till July 31, 2023, and the number rose to 8.62 crore by March 31, 2024.
The due date for filing returns by individual and entities with non-audited accounts is July 31. Beyond this date, the assessee must pay interest of 1 per cent per month or part month on the unpaid tax amount. Late filing will attract a fee of ₹5,000 (₹1,000 for income below ₹5 lakh). There is no late filing fee for revised returns. Deadline for late and revised filings is December 31.
For losses from sources like the stock market, mutual funds, properties, or businesses, the assessee can carry them forward and offset against income in the subsequent year. This provision substantially reduces tax liability in future years. However, the losses cannot be carried forward if the return is not filed within deadline.
Simplified process
Finance Act 2020 has simplified income tax return filing by allowing individuals to pay Income-tax at lower slab rates in the absence of specified exemptions and incentives. For convenience, they have been given pre-filled returns, with details such as salary income, bank interest, dividends, and so on.
Taxpayers can update returns within two years from the end of the assessment year, including admitting omissions or mistakes and paying additional tax. The new form 26AS, with effect from June 1, 2020, contains information on deduction or collection of tax, specified financial transaction (SFT), payment of taxes, demand and refund, and pending and completed proceedings.
Annual information available against a PAN is displayed in form 26AS in advance, before the compliance date for ITR filing. The key objective is to promote voluntary compliance and enable seamless pre-filing of ITR.
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