July 31, 2023, is the ITR filing last date to submit your FY 2022–2023 Income Tax Return (ITR). In order to avoid penalties and other annoyances, taxpayers are required to submit their ITR before the deadline. Taxpayers who have already submitted their forms can check the status of their refunds online. The Income Tax Department has a specific component on its web platform to check the ITR refund status in order to let people trace the status of their refunds.
As of July 31, more than 6.5 crore returns for the fiscal year 2022–23 have been filed, surpassing the number of returns filed at the same period the previous year. In order to avoid the last-minute rush and late fees, the I-T Department has advised taxpayers to file their forms as soon as possible.
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If you are surpass ITR filing last date , how much penalty ?
Even while it’s best to file ITRs on time, if you forget and need to file one after the deadline, you can do so. They would have to pay the late filing penalty, though. If a taxpayer submits their ITR after the surpass ITR filing last date, they may be subject to a fine of up to Rs 5,000. For people whose annual total income does not exceed Rs. 5 lakh, the maximum fine for filing a belated ITR is Rs 1,000.
How to check ITR refund status ?
- For checking ITR refund status go to official website of income tax department portal click here
- Click on the Income Tax Return (ITR) status menu.
- Then click on the ‘check Refund status’ option .
- Then enter the PAN number and select fiscal year for which you file your ITR.
- Enter the Captcha code which appears on your screen.
- Lastly click on submit button and check refund status.
If the taxpayers fail to submit ITR filing last date at all, they will not be allowed to carry over the losses they suffered during the current FY . If they intentionally disregard notifications from the I-T department and still fail to file their return, they may also be prosecuted. In order to prevent delays and guarantee that all tax information is submitted precisely by the deadline or the ITR filing last date , the Income Tax Department has asked taxpayers to finish ITR filing obligations well before July 31.
How to Pay tax after the due date of Itr filing last date?
If you miss the last date of Income tax then you will also get to file a income tax but the penalty or fine should be charged.They would have to pay the late filing penalty, though. If a taxpayer submits their ITR after the surpass ITR filing last date, they may be subject to a fine of up to Rs 5,000. For people whose annual total income does not exceed Rs. 5 lakh, the maximum fine for filing a belated ITR is Rs 1,000.
How to Loss adjustment in ITR?
You have the choice to carry losses forward and deduct them from your income in the next year if you have losses from investments such as the stock market, mutual funds, real estate, or any of your enterprises. Your tax obligation in the following years will be significantly reduced by this provision. If you fail to submit your ITR by the due date, you will not be permitted to carry these losses forward.
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