Attention Taxpayers. Income Tax Return Filing Deadline Will Not be Extended Beyond July 31

ITR Filing 2022 Latest Update: Attention taxpayers. If you have not filed your Income Tax Return (ITR) yet, here’s a big update for you. The deadline to file ITR 2022 will not be extended beyond July 31, Revenue Secretary Tarun Bajaj made the announcement on Friday. He said the Central government is not considering extending the last date for filing income tax returns as it expects most returns to come in by the due date of July 31.Also Read – Explained: How to File ITR and Tips to Prepare Before Filling ITR – Watch Video

The Revenue Secretary further added that over 2.3 crore income returns were filed by July 20 for fiscal 2021-22 and the numbers are picking up. Also Read – ITR Filing 2022: Taxpayers Can File Income Tax Return Through SBI’s YONO App | Check Step-by-step Guide

The taxpayers must note that in the last fiscal (2020-21), about 5.89 crore ITRs (Income Tax Returns) were filed by the extended due date of December 31, 2021. Also Read – ITR Filing 2022: Here’s How to Change Income Tax Portal Profile Password Using Aadhaar OTP. Step-by-step Guide

“People thought the routine now is that dates will be extended. So they were a little slow in filling the returns initially but now on a daily basis, we are getting between 15 lakhs to 18 lakh returns. This will slightly go up to 25 lakh to 30 lakh returns,” he told PTI.

Typically, return filers wait till the last day to file returns. “Last time 9-10 per cent filed on last day. Last time, we had over 50 lakh (filing returns on the last date). This time, I have told my people to be ready for 1 crore (returns being filed on the last day),” he said.

The taxpayers need to understand that the last date of income tax return varies from one taxpayer to another based on various categories. Salaried employees, who do not need an audit, need to file the ITR by July 31. And those taxpayers who need to get their accounts audited, need to file the ITR by October 31.

Through ITR filing, a salaried individual needs to submit to the Income Tax Department of India the information about income and the taxes to be paid on it during the year.

In this regard, the Income Tax Department has issued 7 types of ITR forms, whose applicability will depend on the nature and amount of income and the type of taxpayer.

Tarun Bajaj further added that the feedback being received from taxpayers is that the return form has become very easy to file and that refunds are also being made in a very quick time.

“Previously 50,000 people were filing returns daily and now this number has gone up to 20 lakh. I am confident that returns will go up in the next few days and people will file their returns,” he said.

In the two financial years, the Centre had extended the deadline for filing ITRs to ease compliance for taxpayers battling covid pandemic.