Over eight crore Income Tax Returns have been filed in the Assessment Year 2023-24, surpassing previous year s 7,51,60,817 mark, according to the I-T department.
Those who were not able to file their income tax return (ITR) on July 31, 2023 can now submit belated ITRs until December 31, 2023, with associated penalties.
Missing the December 31 deadline for filing income tax returns (ITR) can have consequences such as penalties, interest on taxes owed, and a delay in receiving potential refunds.
Most changes in the forms are minor, but since the new, minimal exemptions regime is the default one this time, you will have to specifically opt out of it if you wish to avail of tax benefits under section 80C, 80D, 80G, and so on.