ITR Filing Update: Taxpayers from all walks of life have been pleading with the government to postpone the ITR reporting deadline for AY 2022-23 over the past few days. ITR filing deadline is July 31st.
The hashtag #Extend_Due_Date_Immediately has been used in more than 20,000 tweets on Twitter so far. However, the Government has not yet provided any information regarding an extension of the deadline for reporting ITRs.
According to the Income Tax department’s official website, 2.7 crore ITRs were verified as of July 26, 2022, and 3.4 crore returns were filed. By July 31, approximately 2.5 crore tax returns had not yet been submitted, based on the total number of ITRs filed the previous year.
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“Up till July 25th, 2022, more over 3 crore ITRs for AY 2022–23 were filed on the e-Filing platform. The Tax Department tweeted on Monday to remind taxpayers that the deadline to file their ITRs for the AY 2022–23 is July 31st, 2022.
Union Revenue Secretary Tarun Bajaj stated to FE last week (July 23) that the Government had no intentions to extend the deadline for filing ITRs since it was anticipated that the majority of returns will be filed before the deadline.
This ITR Filing Update can be considered as the biggest update because taxpayers must face a fine of up to Rs 5000 for filing their ITR after July 31 even though they have till December 31, 2022, to file their taxes for AY 2022-23 (FY 2021-22). In addition to the penalty, late filing causes the income tax department to postpone issuing the refund and adds 1% interest to the amount still owed in taxes.
“You must avoid filing your ITR after the deadline because doing so could cost you a lot of money. The charge for late filers with incomes up to Rs 5 lakh is Rs 1,000, while those with incomes over Rs 5 lakh are penalised Rs 5,000, according to Archit Gupta, founder and CEO of Clear (formerly Cleartax).
“In addition to the late fee, the taxpayer must pay interest at the rate of 1% per month on the outstanding tax balance. Late filers are not eligible to carry forward losses, such as company losses or capital losses, to offset future incomes, the speaker continued.
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