Last date for filing ITR: The due date for filing Income Tax Return (ITR) is 31st July 2022, which means the earning person has just two days to file his ITR. However, some taxpayers expect the Income Tax Department to extend the last date for filing ITR. Such taxpayers, tax and investment experts waiting to extend the last date for filing ITR have advised to see the latest tweet of the Income Tax Department. He said that the Income Tax Department has asked taxpayers to file ITR by the given due date to avoid late fee, which means there is less chance of extending the last date for filing ITR. He said in the latest release of the Income Tax Department, it has been said that 4.09 crore ITRs have been filed (up to 28 July 2022) while the total number of audited ITRs filed in the year 2021-22 was around 5.7 crore. Hence, the prospects of this year’s ITR numbers lagging far behind the previous financial year also look bleak. So, instead of speculating about ITR filing last date extension, it is better to file ITR within the given due date.
As per the message of Income Tax Department ITR Filing“Till July 28, 2022, more than 4.09 crore ITRs have been filed and on July 28, 2022, more than 36 lakh ITRs have been filed.
due date for filing ITR for the year 2022-23 July 31, 2022.” The message from the IT department added, “Please file your ITR now, if not filed yet. Avoid late fees.
See Income Tax Department’s tweet below:
Will the last date for filing ITR be extended?
Decoding the latest message given by the Income Tax Department, Pankaj Mathpal, MD & CEO, Optima Money Managers said, “In the election year 2021-22, the total number of ITRs filed stood at 6.68 crores, while those filed till September 2021 The total number of ITRs audited was approx. 5.70 crores. If we look at the total number of ITRs filed till July 28, 2022, there is a difference of around 1.7 crores with the audited number of ITRs filed in the previous financial year. In case, this huge gap persists even after the due date for ITR filing, then the Government of India (GoI) may think of extending the due date of ITR filing, otherwise I will not find any valid reason for extension of due date. Get.”
Taking cues from the Income Tax Department’s tweet, Kartik Jhaveri, Director – Wealth Transcend Capital said, “The message from the IT department reads that the total number of ITRs filed on July 28 is around 36 lakhs. And three more to file ITRs. Days are left. So, this number is expected to easily cross 5 crores. As per past experiences, a big jump can be expected in ITR filing in last two days. If it happens again this year, So the ITR number we are talking about may go around 5.35 crores to 5.5 crores. If that happens, then the chances of extending the last date for filing ITR are slim.”
When asked whether the last date for filing ITR will be extended, SEBI registered tax and investment expert Jitendra Solanki said, “The only thing that can compel the Income Tax Department to extend the due date for filing ITR is Income Tax Portal Crash. But, Income Tax website is also doing fine till date and there have been very few cases of website crash. So, this angle also looks fine till date. Regarding extension of due date for filing taxpayer ITR Can also treat about the mood of the government as the Government of India is directing Infosys to be vigilant about the income tax portal and be prepared for sudden increase in traffic when the due date is over.”
Disclaimer: The views expressed above are those of individual experts or personal finance companies, not Mint.
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