ITR Filing Update: The government is not contemplating to extend the July 31 deadline for filing the income tax return, according to Revenue Secretary Tarun Bajaj on Friday (ITR). Those who do not need to have their income accounts audited must file an ITR by July 31 for the assessment year 2022–2023.
For the fiscal year 2021–2022, more than 2.3 crore income tax returns had been submitted as of July 20. In the previous year, 5.9 crore ITRs were submitted by the extended deadline of December 31, 2021.
“People believed that dates will be extended as was the custom presently. Therefore, they were originally a little slow to fill out the forms, but now we receive between 15 lakh and 18 lakh returns daily. This will marginally increase to 25 lakh to 30 lakh returns,” Bajaj quoted while saying in a PTI report.
Depending on the category, the due date for filing an income tax return varies from one person to the next. The ITR must be submitted by July 31 for salaried employees, other people, and Hindu Undivided Families who do not require an audit. However, those taxpayers, including a working partner of a partnership and a company, who must have their accounts audited, must submit the ITR by October 31.
The number of persons filing returns everyday has increased from 50,000 to 20 lakh, according to Bajaj. “I am certain that the number of returns will increase in the coming days and that people will file their returns.”
These tax deductions and exemptions no longer exist under the current system. Income of less than Rs 5 lakh is tax-free through a refund under this generous tax system. In contrast to the previous system, this one offers more tax slabs and lower tax rates.
In each assessment year, salaried people and retirees have the option of choosing between the previous tax regime and the new concessional tax regime.
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