The Income Tax Department on Saturday revealed that more than 5 crore Income Tax Returns (ITRs) have been filed on the e-filing portal so far this fiscal year. The figure is 8 per cent more than what it was last year.
The IT Department further said that Infosys has been instructed to ensure uninterrupted services. The company has subsequently, assured uninterrupted services during the peak period of e-filing.
In a post on social media platform X, the IT Department said, "More than 5 crore ITRs for AY 2024-25 have already been received on the e-filing portal of the Income Tax Department till 26th of July 2024. This is 8 per cent more than the ITRs filed in the preceding year."
Over 28 lakh ITRs were filed on July 26 itself. It said that Infosys is the technology partner of the department for operating the e-filing portal. In the 2023-24 Assessment Year, over 8.61 crore ITRs were filed. The IT Department urged the taxpayers to file their ITRs for AY 2024-25 at the earliest to avoid last minute rush.
It is worth noting that the last date to file the ITR is July 31. After the last date, the taxpayers can still file their returns by December 31, 2024. However, it will attract penalties, which vary based on the income level of the taxpayer.
For individuals with net taxable income of more than Rs 5 lakh for the financial year 2023-24 (assessment year 2024-25), filing a belated return may attract a penalty of up to Rs 5,000. However, for an annual income of Rs 5 lakh and less, the maximum penalty for filing a belated ITR is limited to Rs 1,000.
Individuals whose taxable income is below the basic exemption limit and who file ITR only to claim a refund are exempted from the penalty for belated filing. The taxable income limit refers to the gross taxable income before applying deductions.
(With PTI Inputs)
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