ITR Filing: Malhotra advised taxpayers to file Income Tax Return (ITR) well in time to avoid any last minute rush and panic. He said, ‘It is better for our IT system. The last date for filing Income Tax Return (ITR) for the financial year 2022-23 is 31 July.
Income Tax Return: If you have not yet filed Income Tax Return (ITR) this year, then a big update has come for you. This update is more useful for those people who are thinking that the date of filing ITR will be extended by the Ministry of Finance. A top official of the Finance Ministry made it clear that this time there is no plan to extend the last date of ITR. This time the last date for filing ITR is 31 July.
Taxpayers advised to file ITR on time
Revenue Secretary Sanjay Malhotra was asked whether there is a plan to extend the ITR deadline in view of floods and heavy rains in North India. On this, he clearly said that no proposal regarding this is under consideration and we have no intention. He said that my advice to all taxpayers is that they should file their tax returns on time. Like last year, this time also there will be no change in the time limit. The sooner they file ITR, the better.
Last date 31st July
In the interview, Malhotra advised taxpayers to file Income Tax Return (ITR) well in time to avoid any last minute rush and haste. He said, ‘It is better for our IT system. The last date for filing Income Tax Return (ITR) for the financial year 2022-23 is 31 July. This time till July 12, more than 10 million tax returns have been filed as compared to the same period last year. By July 13, the number of ITRs filed for assessment year 2023-24 had increased to 23.4 million. While the number of verified returns for the assessment year was 21.7 million.
8.48 million verified ITRs for AY 2023-24 were also processed. However, the process of filing returns has been smooth to a large extent. But there have been some requests to extend the deadline by at least a month due to the floods. Apart from this, some tax experts have noted that the deadline for filing GST tax returns is also July 31. You may have to pay a penalty of up to Rs 5,000 for not filing ITR by the last date.
