The Income Tax India handle on Twitter revealed that 5.83 crore tax returns have been filed for income earned in the 2022-23 fiscal. This number is higher than the number of ITRs filed till 31 July last year. 31st July 2023 is the last date for filing income tax returns for the 2022-23 fiscal year by salaried class and those people whose accounts need not be audited. For the unaware, accounts not required to be audited mean the total income through earnings or sales or turnover or gross receipts do not exceed Rs 2 crore in the financial year.
“5.83 crore #ITRs have been filed till 1 pm today (30th July) crossing the number of ITRs filed till 31st July, last year,” the IT department wrote on Twitter. The department also revealed that “10.39 lakh ITRs have been filed up to 1 pm today & 3.04 lakh ITRs have been filed in the last 1 hour,” at 2:03 pm. You can check the tweet here.
It is very essential to file income tax returns for any person who is working in any industry and falls under the salaried class. Also, people who do business and do not fall under the GST class have a separate form for filing income tax returns.
All the people whose aggregate income from all the sources is more than the exemption limit should file their income tax returns every year by 31 July. If a person misses the last date of filing tax returns, then taxpayers are entitled to face penalty. For example, a taxpayer filing income tax returns after the due date will have to pay Rs. 5,000 fine if the return is filed after 31 July and before 31 December. If the taxpayer files the returns after 31 December, then he has to pay Rs. 10,000 penalty.
Thus, it is advised by the government and income tax department to pay the taxes and file the ITR on time to avoid facing penalties. Once you have filed your income tax returns, ensure that you e-verify the return within 30 days of filing. You will get a success message on your mobile phone along with a transaction ID. An email will also be sent to your registered email address as a confirmation.
In case you have doubts when you are filing your income tax returns, then you can approach the 24*7 helpline. The helpline is available to solve the issues via calls, live chats, Webex, and also social media platforms.
In July this year, finance minister Nirmala Sitharaman said that tax-filing reforms have led to the quick filing and processing of income tax returns. Also, there is a 100% increase in the total percentage of ITRs that are processed in a day’s span of their filing as compared to last year. Tax experts believe that the refund processing system has become quite quicker compared to previous years.
So, it is recommended that you file your tax returns early rather than waiting till the deadline of July. This will help you get the refund easily and faster compared to waiting at the last minute and facing hassles.