With just 5 days left from July 31 to file Income Tax Return (ITR) for the assessment year 2023-24, the topic of ‘Income Tax Return’ has started influencing social media.

As social media users file income tax returns, it is interesting to note that, unlike last year, they are seeking an extension of the due date this year. It has a lot to do with the record amounts filed this year and increased awareness of the benefits of early ITR filing.

According to the data available on the Income Tax e-filing website, almost 4 crore ITRs for AY 2023-24 have been filed till July 23. Of these, the tax department has processed over 2 crore cases and taxpayers have processed over 3.6 crore ITRs.

The total number of ITRs filed this year is expected to be higher than last year. The number of surveys submitted in FY 2022-23 is also higher than in FY 2021-22.

According to the government, the number of ITR filings last year registered a 6.18% increase as compared to FY 2021-22.

“There has been a 6.18 % increase in the number of persons filing Income Tax Returns in F.Y.2022-23 as compared to persons in F.Y.2021-22,” Nirmala Sitharaman, Union Finance Minister said in a written reply to a question in the Lok Sabha on 24 July.

According to data shared by FM Sitaraman, over 7.4 lakh ITRs were filed in FY 2022-23. The total ITRs for FY 2021-22 are Rs 6.94 crore.

Also read: ITR Filings – Definition, Types, Documents, Steps To File With FileMyReturn 

Will the Government Prolong the ITR Deadline for 2023-24?

No, the July 31 due date will not exceed. July 31 is the deadline for taxpayers who do not need their accounts verified to file their ITR. 

Earlier this month, the finance secretary had confirmed that the finance ministry was not considering extending the due date for filing income tax returns.

What should you do?

File your ITR before the deadline. Not filing ITR by 31st July will lead to penalties and notices.

Conclusion:

The topic of ITR for the assessment year 2023-24 has created a sensation on social media, as many taxpayers are seeking to extend the July 31 limit. However, based on the official statement, it looks like there will be no extension, taxpayers are advised to file their ITR before the deadline to avoid penalties and notices. 

With a record number of ITRs processed this year and greater awareness of the benefits of early tax filing, taxpayers must act promptly and meet their tax obligations to ensure compliance system properly and comply with tax laws.
For more information and assistance filing your ITR, you refer to the experts at Filemyreturn.