If a taxpayer happened to miss the December 31 deadline of filing income tax return (ITR), they can request for the condonation of delay on the e-filing portal to avoid the imposition of penalty.
Income Tax News Latest: India, with a population of approximately 140 crore, faces a striking paradox in its income tax landscape. Recent statistics reveal that merely 6.65 crore individuals, constituting a mere 4.8% of the total population and 6.3% of the adult population, contribute to the country s personal income tax collection. This situation raises concerns as a mere 5% of taxpayers shoulder a significant 76% of the total income tax revenue generated by the government.