ITR submitting due date: Why revenue taxpayers predict deadline extension

ITR submitting due date: Just two days left till the July 31 deadline for submitting revenue tax returns for FY 2023, so it’s essential for taxpayers to not overlook this essential due date. The authorities has already steered that the deadline won’t be prolonged this 12 months.  Over 5 crore tax returns have been filed for revenue earned within the 2022-23 fiscal, which ended March 31.

“Out of the 5.03 crore ITRs filed until twenty seventh July 2023, about 4.46 crore ITRs have been e-verified i.e. greater than 88 per cent ITRs filed have been e-verified!” the revenue tax division tweeted.

ITR submitting 2023 deadline

The final date for submitting ITRs by salaried staff and people who should not have to get their accounts audited for evaluation 12 months 2023-24 is July 31.

ITR submitting July 31 deadline: 14% taxpayers may miss deadline; 27% but to file their return attributable to monsoon floods, says survey

Over 14 per cent of particular person revenue taxpayers admitted that they won’t be able to satisfy the July 31 deadline, confirmed a survey by LocalCircles on Friday. Out of 12,000 individuals who responded to this survey, 27 per cent admitted that they’re nonetheless left to file their revenue tax returns.

The survey requested the query “How are you positioned to have the ability to file your particular person revenue tax return for FY 2022-23 by the present deadline of July 31, 2023?” Of the over 12,000 who responded to this query 27% admitted that they are still to file their income tax returns. The data shows that while 7 in 10 have already filed their income tax returns; 5% of the respondents have tried but had difficulty in filing and will try again to file by July 31; 8% of those surveyed admitted that they haven’t filed their returns yet but will comfortably do so before month end; 5% admitted they haven’t filed it and it will take a significant effort to do so before the deadline and 9% indicated that it will be impossible for them to file the income tax returns by July 31. In effect, 14% of respondents admitted that they will likely be unable to file their income tax returns by the deadline.

Chartered accountants believe that amid this rain fury and floods in several states, taxpayers are facing difficulty in filing ITRs, and the income tax department and the finance ministry might consider extending the deadline in these states. “Many taxpayers in these flood-affected states are facing hardships . There is a case for an exemption to these regions,” says Amit Gupta, MD, SAG Infotech.

If you occur to overlook the July 31 due date, you may file a belated return till December 31, however needless to say a late charge will likely be imposed.

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Updated: 29 Jul 2023, 09:11 AM IST