ITR Filing Last Date July 31 What Govt Said On Extending Income Tax Return Deadline



ITR Filing: Many taxpayers are yet to file their income tax return while hoping that the government may extend the ITR filing deadline as it has done in the past. The last two financial years saw government extending the deadline for filing ITRs as COVID pandemic wrecked havoc. In a notification, the Centre on Saturday urged all taxpayers to file their income tax return by July 31.Also Read – Income Tax Return Filing 2022: You Can File ITR Even Without Form 16. Check Here How

“Dear taxpayers, Do remember to file your ITR if you haven’t filed yet. The due date to file ITR for AY 2022-23 is 31st July, 2022. No time to spare #FileNow. Pl visit:

Income Tax Return filing: What govt said on extending ITR deadline

Over the last two financial years, the government had extended the deadline for filing ITRs to ease compliance for taxpayers battling COVID pandemic. This time, however, the 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, Revenue Secretary Tarun Bajaj said.

Bajaj said over 2.3 crore income returns were filed by July 20 for fiscal 2021-22 and the numbers are picking up. Last fiscal (2020-21), about 5.89 crore ITRs (Income Tax Returns) were filed by the extended due date of December 31, 2021.

“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. “So far, there is no thinking of extending the last date of filing,” he said.

Income Tax Return filing – Key Points

  • As per I-T rules, the deadline for filing ITRs of a fiscal by individual taxpayers who do not need to get their accounts audited is July 31 of the subsequent financial year.
  • Through ITR, a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year.
  • The Income Tax Department has prescribed 7 types of ITR forms, whose applicability will depend on the nature and amount of income and the type of taxpayer.
  • The tax department’s new income tax filing portal is now very robust to take the increased loads.

Brief: Taxpayers need to file their ITR by July 31 as the government is not considering extending the last date for filing income tax returns.





Source link

Add a Comment

Your email address will not be published.