Quick Summary
With the deadline approaching, the daily filing of income tax returns (ITR) has surged to an impressive 13 lakhs, the Income Tax Department reported. For the assessment year (AY) 2024-25, covering the fiscal year 2023-24, taxpayers were enabled to file returns from the first day of the new financial year, marking a first in recent times. Record-Breaking Filings As of July 14, 2024, over 2.7 crore ITRs have been filed, a 13 per cent increase compared to the same period last year. Notably, the
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FAQ :
As of July 14, 2024, over 2.7 crore Income Tax Returns (ITRs) have been filed for the assessment year 2024-25.
There has been a 13 per cent increase in ITR filings compared to the same period last year.
The due date for filing ITRs by individuals and entities with non-audited accounts is July 31.
After July 31, taxpayers must pay 1 per cent interest per month on unpaid tax. A late filing fee of ₹5,000 applies (₹1,000 for income below ₹5 lakh).
Yes, late and revised filings can be submitted until December 31. There is no late filing fee for revised returns.
Filing your ITR on time allows you to carry forward losses from sources like stock markets or properties to offset future tax liabilities.
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