Wednesday, November 29, 2023

Before July 31, the government gave this news to income taxpayers!

There is good news for income taxpayers. Everyone is aware that the deadline for submitting your ITR this year is July 31, 2023. 12 days are still left for you to file your ITR (Income Tax Return). Before that happens, the Income Tax Department has excellent news for taxpayers. If you don’t pay your taxes on time, you will face severe penalties.

income taxpayers

Over 3 crore ITRs have been submitted.

Let us inform you that, as of this writing, more than three crore Income Tax Returns (ITR) for the income earned in the fiscal year 2022–23 have been filed, with around 91 percent of these returns having undergone electronic verification. The Income Tax Department stated that a total of 3.06 crore ITRs have been submitted as of July 18 in a tweet on Wednesday. More than 91 percent of them, or 2.81 crore returns, have been electronically checked.

income taxpayers

Compared to last year, the goal was accomplished early.

Additionally, the Income Tax Department reported that more than 1.50 crore of the electronically validated returns have been processed. According to the government, three crore ITRs were submitted this year seven days sooner than they were the previous year.

income taxpayersThe deadline is July 31st.

The financial year 2022–2023’s ITR must be submitted by the 31st of July. The deadline for filing taxes has typically been extended, but the Income Tax Department has denied that happening this time.

income taxpayers

They are exempt from paying taxes

Up to Rs 7 lakh of income is tax-free under the new tax system. Similarly to this, if a person chooses the previous tax system, their exemption is Rs. 2.5 lakh for those under 60 and Rs. 3 lakhs for those over 60.

Read More: Huge update for ITR filers has been provided by the Income Tax Department!

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