There are still seven days to submit your Income Tax Return (ITR) for the fiscal year 2022–2023 (AY 2023–2024). If you haven’t yet, file your return as soon as possible. On the other hand, some people anticipate an extension of the deadline for reporting ITRs. It is known from the Ministry of Finance’s most recent report that the Central Government will not grant additional extensions past July 31, 2023. The Income Tax Department aggressively reminds people to finish their files by SMS and email in order to avoid any inconvenience.
There will be more ITR filings than the previous year.
It is critical for taxpayers to take action fast and fulfill their tax obligations within the allotted time limit because the deadline of July 31 is just around the horizon. Sanjay Malhotra, the secretary of revenue, has previously stated in an interview “We expect the filing to be more than last year.” It should increase from the previous year. Taxpayers are urged to gather their financial records as the final deadline draws near and file their ITRs right away in order to meet the government-imposed deadline.
3 billion ITR were submitted by July 25, 2022
The number of Income Tax Returns (ITR) filed for Assessment Year (AY) 2023–24 has significantly increased. ITRs have already been submitted in excess of 3 crores. It has already surpassed the amount from last year. Up till July 25, 2022, 3 crore ITRs had been submitted. However, this time the threshold was reached on July 19th. 2.81 crore ITRs have been e-verified out of the 3.06 crore ITRs that have been filed as of July 18, 2023. which represents more than 91% of all filings. This highlights the fact that taxpayers are increasingly choosing the electronic verification process due to its simplicity and convenience.
‘Grateful to our taxpayers and tax professionals
for helping us accomplish the objective of 3 crore Income Tax Returns (ITR) 7 days earlier this year than the previous year,’ the Income Tax Department tweeted. On the other hand, the Advocates Tax Bar Association (ATBA) has urged that the ITR reporting date for the financial year 2022–23 be extended in light of the flooding situation in numerous states. In light of the country’s flood crisis, the government was urged by the association to take note of this request for the convenience of taxpayers. In addition, the Sales Tax Bar Association, the oldest and biggest association of tax experts in the nation, asked the Finance Minister in a letter to extend the deadline for reporting ITR.
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