The tax season has arrived and all taxpayers are rushing to file their income tax returns (ITR filings) for FY23, so that they do not have to pay a penalty if they miss the last date. The deadline for filing ITR for assessment year 2023-2024 is July 31, 2023. Recently, Revenue Secretary Sanjay Malhotra said that the deadline for ITR filing will not be extended now. That is, taxpayers have only five days left to file ITR.
So far, four crore ITRs have been filed
Over four crore Income Tax Returns (ITRs) have been filed so far, and 50% of these returns have already been processed by the government. Apart from this, more than 80 lakh refunds have been issued to taxpayers. Abhishek Soni, CEO and co-founder of Tax2Win, said, “Despite filing a large number of returns, there are still many taxpayers who have not yet filed their ITR. Like last year, there is no existing proposal under consideration to extend the deadline for filing ITR this year. Therefore, it is important for taxpayers to avoid last minute rush and file their ITR immediately to meet the July 31 deadline. ”
A large number of ITRs have been filed on the basis of data released by the government. Archit Gupta, founder and CEO of Clear, said, “Although a lot of people have filed in the last few days, there is little chance that the deadline will be extended.
Monsoon may have an impact
Chartered accountants believe that taxpayers are finding it difficult to file ITRs amid rains and floods in many states and the Income Tax Department and the Finance Ministry may consider extending the deadline in these states. Many taxpayers in the flood-affected states are facing difficulties.
‘Income Tax Returns’ started trending on social media
Here, income tax returns were trending on social media on Tuesday. Interestingly, unlike last year, there is no demand to extend the due date this year.
