As many as 1,953,581 Income Tax returns have been filed up to 1300 IST on Sunday and out of which 467,902 were filed just in the last one hour.Sunday was the last day for income tax return (ITR) filing for the financial year 2021-22 or assessment year 2022-23. “More than 5.10 crore ITRs have been filed till 30 July, 2022. Over 57.51 lakh #ITRs were filed on 30 July itself,” Income Tax India tweeted on Sunday morning.
If you miss the 31 July deadline, you can still file the return by 31 December. 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 over 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
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