The Income Tax department claimed that over 6.7 crore income tax returns were filed for the FY 2022-23 (AY 2023-24). However, filing the ITR is only one part of the process; taxpayers must also verify their income tax return (ITR) to complete the filing.

If an individual earning income misses the ITR filing deadline, they can still do so by paying a late fee. The late fee is Rs. 5,000 for an annual taxable income of Rs. 5 lakhs or more, and Rs. 1,000 for taxable income below Rs. 5 lakhs.

In the next step, the taxpayer is required to summarize his TDS amount from the TDS certificates (Form 26AS) received by him all 4 quarters of the assessment year.

To avoid such penalties and fees, it's advisable to file your returns promptly, preferably before the July 31 deadline. Once all your data is ready, don't delay in filing. Understanding the costs and consequences of late tax return filing is essential to maintain compliance and financial well-being.