ITR Filing Due Date Extension: The tax season is here and all taxpayers are rushing to file their income tax returns (ITRs) for FY 2023 so that they do not land up paying fine by missing the last date. The deadline for filing ITR for the assessment year 2023-2024 is July 31, 2023. After Revenue Secretary Sanjay Malhotra said that an extension of the date was unlikely, taxpayers have no other option rather rush to complete the task in the next five days.
As of now, over four crore Income Tax Returns (ITRs) have been filed, and 50% of these returns have already been processed by the government. Additionally, more than 80 lakh refunds have been issued to taxpayers.
“Despite the significant number of returns filed, there are still many taxpayers who have not yet filed their ITRs. Unlike last year, there is no current proposal under consideration to extend the ITR filing deadline. Therefore, it is crucial for taxpayers to avoid a last-minute rush and promptly file their ITRs to meet the July 31 deadline,” said Abhishek Soni CEO and Co-founder Tax2win.
A significantly high number of ITRs have been filed based on the data released by the government. Even though a lot of people do file in the last few days, there’s little chance that the deadline will be extended, said Archit Gupta, Founder and CEO, Clear
“This will also be good for the ecosystem of the CAs and other experts engaged with ITR filing who may have other pending items to pursue after 31st July. People who have complex returns such as capital gains/loss or business returns or foreign income are advised not to wait until the last minute,” Gupta added.
Monsoon mayhem impacting ITR filing
Chartered accountants believe that amid this rain fury and floods in several states, taxpayers are facing difficulty in filing ITRs, and the income tax department and the finance ministry might consider extending the deadline in these states.
“Many taxpayers in these flood-affected states are facing hardships . There is a case for an exemption to these regions,” says Amit Gupta, MD, SAG Infotech.
‘IncomeTaxReturn’ started trending on social media
Income Tax Return was trending on social media on Tuesday. Interestingly, unlike the previous year, there is no demand for extending the due date this year.
The number of entities, including individuals, who filed income tax returns increased by 6.18 per cent in 2022-23 to over 7.40 crore, of which about 5.16 crore declared zero tax liability, Finance Minister Nirmala Sitharaman. “There has been a 6.18 per cent increase in the number of persons filing Income Tax Returns in F.Y. 2022-23 as compared to persons in F.Y. 2021-22,” she said in the Lok Sabha on Monday.
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Updated: 26 Jul 2023, 12:39 PM IST