As the clock ticks down, the Income Tax Department has issued a final reminder to all taxpayers, urging them to file their Income Tax Returns (ITRs) for the Assessment Year 2023-24 at the earliest. With just two days remaining, individuals with an aggregate income surpassing the exemption limit are required to submit their returns before the deadline on July 31, 2023. Taxpayers must be mindful of the repercussions of missing the deadline, as penalties will be imposed for late filings. Those who file their returns between August 1 and December 31 will incur a fine of ₹5,000, while returns filed after December 31 will face a higher penalty of ₹10,000. To avoid a last-minute rush and potential penalties, it is essential to promptly file the ITRs, as the government has expressed no intentions of extending the deadline.
However, the process doesn’t end with the filing; the next crucial step is to e-verify the returns within 30 days of submission. Once this verification process is completed, taxpayers will receive a success message on their mobile phones, along with a transaction ID. Additionally, an email confirmation will be sent to their registered email address. The Income Tax Department shared recent statistics on return filings, revealing that over five crore returns had been filed as of July 27, with 4.46 crore returns successfully e-verified. Among the e-verified returns, more than 2.69 crore had already been processed.
For taxpayers facing challenges during the filing process, the Income Tax Department offers a 24×7 helpline for assistance. Support is accessible through calls, live chats, Webex, and social media, ensuring that taxpayers can get their queries resolved promptly. In conclusion, taxpayers are urged to act swiftly and responsibly by filing their income tax returns before the impending deadline. Staying within the deadline will help them avoid penalties and any unnecessary hassle. By promptly e-verifying their returns, taxpayers can complete the process and receive the confirmation of a successfully filed ITR. Remember, the clock is ticking, and the time to act is now.