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More than 35 lakh returns have been till 6 pm on Saturday, the Income tax department said as the ITR filing deadline for the financial year 2021-22 is set to end tomorrow, July 31.

The Income Tax Department issued a public message through its official Twitter handle asking taxpayers to file their ITRs before the due date.

It said 4,48,676 Income Tax Returns were filed in the last one hour (Between 6-7 pm) on Saturday.

The I-T department asked taxpayers to connect on orm@cpc.incometax.gov.in for any assistance.

Until yesterday, more than 4.52 crore taxpayers filed Income Tax Returns while over 43 lakh ITRs were filed on July 29.

The e-filing of ITRs by various categories of taxpayers is done at the web portal -- incometax.gov.in".

About 5.89 crores ITRs were filed during the last time or 2020-21 fiscal by the extended due date of December 31, 2021.

What will happen if someone failed to file ITR?

Only a few hours are left for the taxpayers to file their income tax returns for AY 2022-23. The I-T department has been requesting earning individuals to fuel their I-T return within the given due date and avoid late fees or penalties.

As per the rules, on missing the ITR filing due date, earning individuals will have to pay up to 5,000 late fee whereas they may be prosecuted for 6 months to a 7-year jail term as well.

Besides, they won't be able to carry forward or set off losses against the profit or income of the year.

Mumbai-based tax and investment expert Balwant Jain told Livemint that an individual whose taxable income is 5 lakh or more will have to pay a late fee of 5,000 if he/she misses filing ITR by tomorrow, July 31.

While the late fee would be 1,000 if the taxable income is below 5 lakh.

Jain added that the Central government has the power to initiate prosecution against the earning individual who has missed to file ITR by the given last date i.e. 31st December 2022 for AY2022-23.

"Current income tax rules prescribe a minimum sentence of 6 months of imprisonment and a maximum sentence of 7 years of imprisonment. The income department can launch prosecution only in case the amount of tax sought to be avoided exceeds 10,000," he said.

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