If you too filed ITR after the deadline, the numbers in this news might come as a surprise to you. Even if you have paid a penalty of Rs 1,000 or Rs 5,000 for filing a late ITR, the government has made a lot of money out of this. The Income Tax Department had set the last date for filing ITR as July 31, 2024. Till date, 7.28 crore taxpayers had filed their tax returns. But many taxpayers could not file their ITR till the deadline due to some reason, and now they are filing ITR late. However, for this they also have to pay surcharges or penalties. Which will go to the government exchequer.
As per the data released by the Revenue Department, 7.4 crore (7,42,75,307) people have filed their ITR in 22 days. Taxpayers who file ITR late will have to pay a penalty. It depends on the tax amount. Let us know how much the government has earned…
13.94 lakh RTIs filed in 22 days
As per the data released by the department, over 13.94 lakh ITRs were filed between August 1 and August 22, 2024. But the department has not provided any information regarding the type of ITR filed out of these 13.94 lakhs. It is quite possible that some of these returns have the due date/cut-off date for filing ITR as October 31 or November 30.
Penalty imposed for late ITR
As per rules, a penalty of up to Rs 5,000 is levied for late filing of ITR after the due date. Small taxpayers with income tax liabilities up to Rs 5 lakh have to pay a penalty of only Rs 1,000. People filing regular Income Tax returns can file them till December 31, provided they are required to pay a penalty.
Estimated profit of Rs 3,48,74,72,500
The Economic Times has tried to estimate how much money the government will earn from the penalty. The data shows that if 50% of the 13.94 lakh ITR filers have filed ITR late, the government stands to earn Rs 3,48,74,72,500 from the penalty for filing ITR late. If the number of taxpayers filing ITR late is more, the penalty will also be higher.
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