“More than 5.10 crore ITRs have been filed till 30th July, 2022. Over 57.51 lakh #ITRs were filed on 30th July, 2022 itself,” Income Tax India said in a Twitter post earlier this morning.
If you miss the July 31 deadline, you can still file the return by December 31, 2022. However, you will have to pay a late fee. It will also have some other financial consequences.
The late fee for the taxpayers whose annual income is up to Rs 5 lakh is Rs 1,000. If your annual income is more than Rs 5 lakh the late fine is Rs 5,000.
Under the new concessional income tax regime, the basic tax exemption limit stands at Rs 2.5 lakh, irrespective of the age of the taxpayers. Gross total income refers to the total income before taking into account the deductions under sections 80C to 80U of the Income Tax Act.
Apart from the late fee charges missing deadlines have several other implications. If you miss the deadline you will be required to pay interest on the late payment of taxes.