ITR 2023 Filing Updates: More than 6 crore ITRs filed, no extension in deadline.

The deadline for filing ITRs is today; failure to do so will result in a fine or the loss of returns. This fiscal year, the Income Tax Department received a record number of ITR returns; as of July 30, more than 6 crore ITRs for FY 2022–23 (AY 2023–24) had been filed. Numerous taxpayers have already received refunds. Recent reports have confirmed that there are no plans by the government to postpone the payment deadline past July 31.

The deadline for submitting income tax returns is July 31st, 2023. Many CA professionals want the government to extend the deadline due to technical difficulties and rain havoc in various Indian states.

Individuals who fail to submit their ITRs by the deadline are subject to a different penalties and interest charges from the Income Tax Department. Missing the deadline will result in paying interest under Section 234A, which can be up to 1% per month on any unpaid tax amount. Additionally, there will be a late fee of Rs 5,000 under Section 234F, but this fee will only be Rs 1,000 if your overall income is less than Rs 5 lakh.

Form 16, TDS Certificate, Rent receipt, Investment proof, Insurance Premium, Bank statements, Donation receipts are the essential documents required for ITR filing.

Department processes refunds after an ITR has been filed within 20 to 45 days. A taxpayer must periodically check the status of their tax department’s IT refund.

To check the status of ITR, first visit the Income Tax e-filing portal and then login with user ID, password, date of birth/date of incorporation and captcha. Then go to My Account and click on Refund/Demand status.