Income Tax Return not filed till 31st July? How can I file late ITR? Business News | Jagran Business

The Income Tax Department tweeted yesterday that it had been notified that more than 6.50 crore Income Tax Returns (ITR) have been filed for the fiscal year 2022-23 (AY 2023-24) as of the evening of July 31. According to some media sources, approximately 14% of total taxpayers did not file their ITR by the due date, July 31st.

What is the fine?

If you were unable to file your ITR, you can now do so under Section 234F with a penalty. If your annual income is less than Rs 5 lakh, you may be fined Rs 1000; if your annual income is more than Rs 5 lakh, you may be fined Rs 5000. Late tax payment will also result in an interest penalty under sections 234A, B, and C of the Income Tax Act of 1961. However, if you submitted a Nil ITR, you can update it until December 31 without incurring any late fees or penalties. The interest rate for late tax payments is 1% per month.