Over 5 crore Income Tax Returns Filed Till July 26 As Deadline Nears

New Delhi: The Income Tax Department on Friday said that over 5 crore Income Tax Returns (ITRs) have already been filed for Assessment Year 2024-25 till July 26 this year as compared to July 27 last year. 

In a post on X(formerly Twitter), the Income Tax Department has urged everyone to file their ITR to avoid last minute rush.

"We express our gratitude to the taxpayers and tax professionals for helping us reach the milestone of 5 crore Income Tax Returns (ITRs). Over 5 crore ITRs for AY 2024-25 have already been filed till 26th of July this year as compared to 27th of July last year," the Income Tax Department said.

Deadline To File ITR Nears

The post added, "We urge all those who haven't filed ITR for AY 2024-25, to file their ITR at the earliest to avoid last-minute rush".The due date to file ITR for AY 2024-25 is July 31 2024.

As the date for the filing of Income Tax Return (ITR) nears, taxpayers have started facing glitches in the filing process. The deadline to file the ITR is July 31. It is a crucial duty for the taxpayers to file ITR. Taxpayers can face consequences if ITR is not filed within the specific time frame.

Penalties for late filing

According to the Income Tax act, if your net taxable income is up to Rs 5 lakh, the maximum penalty for a belated tax return is Rs 1,000. For incomes exceeding Rs 5 lakh, the penalty is Rs 5,000. No penalty is levied if an individual’s total income falls below the basic exemption limit. 

The deadline for filing ITRs is July 31. If you miss this date, you can still submit a late return, known as a 'Belated Return'.