ITR: What are the penalties for late filing of returns?
As the FY draws to a close, it is time for taxpayers across the country to initiate their annual ritual of filing their ITR. As per reports, the total number of income tax returns filed during the AY 2022-23 reached 7.51 crores, which is a significant increase from 6.63 crores in AY 2021-22. And in the AY 2023-24, more than 8.18 crores returns were filed.