Shillong, July 31: ITR Filing FY 2022–23: The last date to file income tax returns (ITR) for the financial year 2022–23 is today (Monday, July 31) for all salaried individuals and non-audit cases.

What will happen if you fail to file the ITR?

If you are someone who missed filing the ITR before the deadline, then you don’t need to be worried about or disturb your blood pressure; you can still file the Income Tax belated return with late fees of 50–200 percent of tax dues, but you won’t be able to carry forward losses or avoid prosecution notices.

What will happen if the taxpayers don’t file their ITR?

If you are someone who hasn’t filed the ITR, then you won’t be able to carry forward the losses incurred in the current AY if they do not file their ITR at all.

Also, you will have to pay a penalty equal to 200 percent of the tax payable on the under reported income, levied as per Section 270A, if taxpayers miss filing their income tax returns.

What if someone doesn’t file the ITR willingly?

If someone wilfully fails to file their ITR despite getting notices from the I-T department, then the individual or taxpayer may also face prosecution.

Steps to file an ITR Online?

-Visit the Income Tax Portal website
-Now log in to it
-Click on the right ‘Assessment Year’
-Select status
-Select the ITR type
-Choose the reason for filing the ITR
-Add your Bank Account Details and Other information.
-Click on e-Verify ITR

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