Will the I-T department extend the last date of ITR filing? Here's what we know so far

ITR filing 2023: There are just three days left for the deadline for filing ITR for the assessment year 2023-2024 (FY2022-23). So far, July 31, 2023, Monday, is the last date to file the income tax returns (ITRs).  

Till the middle of this week, over 5 crore tax returns have been filed for income earned in the 2022-23 fiscal, as per government data. The Income Tax department in a tweet said that of the 5.03 crore ITRs filed till July 27 (Thursday), about 4.46 crore ITRs have been e-verified, which is about 88 per cent of the total ITRs filed so far. More than 2.69 returns have been processed till July 27.

"We express our gratitude to the taxpayers & tax professionals for helping us reach the milestone of 5 crore Income Tax Returns (ITRs), 3 days early this year, compared to the preceding year! Over 5 crore ITRs for AY 2023-24 have already been filed till 27th of July this year as compared to 30th of July last year. Out of the 5.03 crore ITRs filed till 27th July, 2023, about 4.46 crore ITRs have been e-verified i.e. more than 88 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 2.69 crore ITRs have already been processed," the I-T department said in a tweet.

Extension plea

The Centre has clarified in recent weeks that it is not contemplating any extension of the due date, i.e. July 31 for taxpayers whose accounts don’t need to be audited.

Last week, Revenue Secretary Sanjay Malhotra urged people who owe income taxes to file their returns as soon as possible because the finance ministry has no plans to extend the July 31 deadline.

The Income Tax department in a tweet asked taxpayers to file the returns and avoid the last-day rush.

“The IT department has clearly stated in multiple bulletins that there will be no extension for FY2022-23, just as there were no extensions in the previous fiscal year. This decision sets an important precedent for future years, benefiting taxpayers, tax software firms, and CAs, as it allows for better planning and preparation,” said Raghuram Trikutam, CEO, Descrypt.

On social media, several users have been appealing to the Government to extend the due date. Many have even complained that they have faced errors on the e-filing website when trying to file their returns.

 

 

 

 

Many taxpayers and CA associations have requested an extension of the ITR filing deadline in certain states due to heavy rains and floods.  

In 2018, the CBDT extended the date from August 31 to September 15, 2018, in the wake of the Kerala floods.

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"A significantly high number of ITRs have been filed based on the data released by the government. Even though a lot of people do file in the last few days, there's little chance that the deadline will be extended. This will also be good for the ecosystem the CAs and other experts engaged with ITR filing who may have other pending items to pursue after 31st July. People who have complex returns such as capital gains/loss or business returns or foreign income are advised not to wait until the last minute," said Archit Gupta, Founder and CEO, Clear. 

A survey by LocalCircles also showed that over 14 per cent of individual income taxpayers were facing problems and said that they will not be able to meet the July 31 deadline.  

Out of 12,000 people who responded to this survey, 27 per cent admitted that they are still left to file their income tax returns.

The survey further stated 5 per cent tried to file ITR but were facing difficulties, 8 per cent were waiting until the last week to file ITR, and 9 per cent said impossible to file ITR by July 31.

This year, due to harsh weather conditions in 7-8 states and their impact on certain people's life. The survey said that it is likely that 14 per cent of individual income taxpayers will be unable to meet the July 31st deadline for filing income tax returns.

Also read: With tax filing being simplified, income tax authorities have become more vigilant; here are I-T notices to be aware of

Also read: ITR filing 2023: My spouse and I shared rental income for FY 2022-23. Can we both claim tax exemption while filing ITR?

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Also read: 14% taxpayers could miss ITR filing deadline due to heavy monsoon and floods: Survey