ITR Filing Deadline Ends Tomorrow

Taxpayers who are not required to undergo a tax audit have only one day left to file their Income Tax Returns (ITR) for the assessment year. With the July 31 deadline approaching, a large number of taxpayers are rushing to complete the filing process. According to the Income Tax Department, nearly 30 lakh returns were filed on Wednesday alone, highlighting the last-minute surge. As of July 29, more than 5.02 crore ITRs had been filed, of which 4.69 crore were verified and 2.33 crore had already been processed.

Although taxpayers can still file belated returns until December 31, a late filing fee will apply. Individuals with annual income up to ₹5 lakh must pay a ₹1,000 late fee, while those earning above ₹5 lakh will have to pay ₹5,000. Those with income below the taxable limit are exempt from the late fee, but any outstanding tax dues will attract interest. Tax experts warn that delayed filing could result in refund delays and the loss of certain carry-forward tax benefits. Taxpayers must also complete e-verification within 60 days of filing through Aadhaar OTP, net banking or a digital signature; otherwise, the return will be treated as invalid.