Taxpayers can file ITR even after deadline but with penalty

Tax department charges ₹1,000 penalty for filing delayed ITR if one's taxable income is up to ₹5 lakh and a penalty of ₹5,000 if the income is more than ₹5 lakh

- SACHIN KUMAR

WITH the deadline to file Income Tax Returns (ITR) ending on Monday, the country has witnessed a rush of taxpayers to file returns in the last few days. This year, the number of taxpayers missing the deadline to file ITRS is likely to be higher. With heavy rains and floods wreaking havoc in many parts of the country, many taxpayers will be unable to file ITRS before July 31. However, the returns can be filed even after the deadline, but taxpayers will have to pay the penalty.

Many taxpayers may miss ITR deadline

A recent survey has shown that over 14% of individual income taxpayers will be unable to meet the July 31 deadline for filing income tax returns. A survey conducted by LocalCircles found that individual taxpayers in flood-affected states, including Maharashtra, Telangana, Gujarat, Uttarakhand, Himachal Pradesh, and Delhi NCR, have been unable to file their income tax returns due to extreme weather conditions. The survey conducted by the community-based social media platform was based on over 12,000 responses from citizens located in 315 districts across the country.