Tax Returns Hit 6.5 Crore as August 31 Deadline Nears

Returns filed after the deadline lose certain benefits. Taxpayers who do not e-verify their ITR within 30 days of filing risk having the return treated as invalid, the department’s guidelines state. The e-verification step is mandatory for the return to be processed.

Choosing the wrong ITR form can create problems. The department may treat the return as defective under Section 139(9) and issue a notice requiring correction within a specified time. Refunds get delayed while the correction is pending. The department may also start additional verification if income details do not match its records.

The portal offers a “Help me decide” tool that displays eligibility conditions for each form based on the taxpayer’s status. No direct penalty applies for an honest mistake if the error is corrected in time. An incorrect form that leads to underreporting of income or inaccurate disclosures can trigger interest, penalties, or scrutiny proceedings.

The Aug. 31 deadline is the last date for filing returns for the current assessment year for non-audit cases. Taxpayers who miss the cutoff can still file a belated return by Dec. 31. They will lose the ability to carry forward certain losses, including capital losses and losses from business or profession. A late-filing fee under Section 234F of up to ₹5,000 for returns filed after the due date also applies.