Income tax

Is last date to apply ITR extending? – Know Here

According to the Income Tax Department, more than 5 crore persons have submitted their income tax returns (ITR) for the assessment year 2023–2024.

Nearly 4.5 crore of these ITRs have already undergone e-verification, indicating that the filing of tax returns this year will go much more smoothly. Because of this, the majority of tax specialists and chartered accountants think that the government won’t declare an extension.

Plans to extend deadline

Sanjay Malhotra, the revenue secretary, has stated that there haven’t been any plans to extend the deadline past July 31, 2023. People who haven’t submitted their ITR have been asked by the tax administration to do so before the deadline.

Therefore, while it is unlikely, it is still possible that the deadline will be extended.

Many taxpayers have been afflicted by widespread flooding and heavy rain, which may prevent them from filing their ITRs on time. There is a possibility that the administration will take the circumstance into account and grant a delay.

Furthermore, according to a LocalCircles study, a small proportion of taxpayers might forget to file their ITRs by the deadline on July 31. More than 14% of the 12,000 respondents will be unable to submit their ITRs by the deadline.

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The study also revealed that 27% of the respondents have not yet submitted their tax returns.

In contrast, the study found that 7 out of 10 people have already submitted their tax forms.

It further stated that 5% of the respondents had attempted to file their ITR but had run into problems. They said that it would take a lot of work on their part to submit their tax return before the due date. Additionally, 9% said it would be hard for them to submit their ITR before July 31.

Is it important to file ITR?

It is crucial to submit ITRs by July 31 in order to avoid late fines and harsh penalties and to allow taxpayers to prevent and correct key errors.

Missing the ITR filing deadline necessitates filing a belated return, which comes with a late cost of Rs 5,000 for anyone making more than Rs 5 lakh per year. For individuals making less than Rs 5 lakh, the cost is Rs 1,000. Taxpayers may occasionally be prosecuted, subject to severe fines, or possibly go to jail.

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