The central government will not be giving exemptions to those who fail to file their income tax return (ITR) before the deadline of July 31. The Income Tax Department tweeted on their official Twitter handle, “Dear taxpayers, Do remember to file your ITR if you haven’t filed yet. The due date to file ITR for AY 2022-23 is July 31, 2022. No time to spare #FileNow. Pl visit: http://incometax.gov.in.”
A clean track record in Income Tax Returns is useful as it is easier to get loans. There are various other benefits of filing income tax returns on time, like avoiding penalties, legal action, easy loan approval, carrying forward losses and quicker visas for international travel.
On July 21, a Local circles survey said about 54 percent of individual income taxpayers are yet to file their return. Those people have to pay a penalty too as this year the penalty is rigid and for those who fail to honour the time limit for filing the ITR.
A delay in filing ITR can lead to a penalty of Rs 10,000. Through ITR, a person is supposed to submit to the Income Tax Department of India information about the income and the taxes to be paid on it during the year.
