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The Indian Income Tax Department has announced a significant milestone in tax filing for the fiscal year 2023-24, with over seven crore income tax returns filed by the July 31 deadline. This figure surpasses last year's record of just under 6.8 crore filings, indicating a growing trend of tax compliance in the country. The achievement comes despite numerous complaints from tax practitioners regarding slowdowns on the online tax filing portal. The department, however, refuted these claims, stating that over 50 lakh returns were filed on the last day alone, signifying a smooth filing process for most individuals.
Despite the record-breaking number of filings, the department has decided against extending the deadline. The decision comes amidst reports of various technical glitches on the tax filing website, with some taxpayers experiencing login failures, unresponsive pages, and inconsistencies in calculations. These challenges, coupled with the urgency of filing by the deadline, led to calls for an extension from various chartered accountant associations. However, the department maintained that the deadline would not be extended unless significant technical issues arose, indicating a firm stance on timely tax compliance.
The Income Tax Department has consistently urged taxpayers to file their ITRs before the deadline to avoid penalties. For individual taxpayers who do not require account audits, the deadline for filing was July 31. Missing this deadline can result in penalties of up to Rs 5,000 under Section 234F, even if the individual has zero tax payable. However, certain conditions, such as exceeding basic exemption limits, necessitate filing the ITR, while some exceptions allow late filing without penalties. The department's continued emphasis on timely filing reflects its efforts to enhance transparency and accountability within the tax system.
Source: Income Tax Returns: Over 7cr I-T returns filed, surpass last year’s mark