ITR Filing Last Date: Can you file tax return after July 31?

As the clock struck midnight on July 31, 2023, the Income Tax Return (ITR) filing period came to an end, with a record-breaking figure of over 6 crore ITRs filed by taxpayers across the country. Despite mounting pressure and appeals, the government decided not to extend the deadline further.

The Income Tax Department's online portal witnessed unprecedented traffic as taxpayers rushed to fulfill last-minute filing requirements. The surge in filings indicates increased compliance and digital adoption. Although the deadline remains elusive, the surge in numbers reflects the commitment of citizens to meet their tax obligations, ensuring the country's economic growth and stability.

As the July 31 deadline for filing Income Tax Return (ITR) approaches, taxpayers may wonder if they can still file their returns after this date. Answer Yes, you can file your ITR after 31st July, but with some consequences. Late filing attracts penalties and taxpayers may face penalties of up to Rs. 10,000, depending on the period of delay. In addition, interest may be charged on any tax owed.

However, taxpayers whose income is below the tax threshold are exempted from the penalty. It is advisable to file ITR as early as possible to avoid penalty and interest. Remember, timely filing ensures a smooth tax compliance process and prevents unnecessary hassles with the tax authorities.