Over 5.9 Crore Income Tax Returns Filed by July 31 Deadline, I-T Dept Confirms

The Indian Income Tax Department has announced that approximately 5.9 crore income tax returns (ITRs) were successfully filed by individual taxpayers and Hindu Undivided Families (HUFs) by the stipulated deadline of July 31 for the current assessment year. This substantial figure underscores the widespread compliance among salaried individuals and non-audited cases across the nation, forming a crucial part of the government's revenue collection efforts.

While the number of filings is significant, it is noteworthy that this year's total is slightly lower when compared to the figures recorded during the previous assessment year, which saw an extended filing period. The last financial year also introduced several major tax concessions and changes to the tax regime, factors that may have influenced the filing patterns and overall compliance behaviour among various segments of taxpayers.

For those who were unable to meet the July 31 deadline, the Income Tax Department provides a window to file belated returns. Taxpayers can still submit their ITRs until December 31 of the current year. However, these late submissions will attract a penalty, with the late filing fee typically ranging from ₹1,000 to ₹5,000, depending on the taxpayer's total income. It is crucial for taxpayers to complete this process to avoid further legal implications and higher penalties.

It is important to clarify that the July 31 deadline primarily applies to individuals and HUFs whose accounts do not require an audit. For categories such as businesses and professionals whose accounts need to be audited, or for companies, the deadlines for filing income tax returns are generally extended. These extended deadlines, often until October 31, are provided to allow ample time for thorough financial reporting, auditing, and accurate submission of tax documents.