The due date for filing income tax returns for those whose accounts don’t need to be audited is 31st July. The government has already clarified in their statement that they are not looking forward to any extension in the date for 31st July taxpayers. So, there is no requirement of waiting for any extension. 

Updates On ITR Filing

The 2 major updates in the world of ITR filing are as follows:-

Record Breaking Filings

As of July 27, the total number of filed returns indicates that taxpayers should not expect any deadline extensions. There are still four days remaining before the July 31 deadline. So, taxpayers who have not yet filed their returns should do so immediately. According to the data on the Income Tax e-filing website, more than 5 crore Income Tax Returns (ITRs) have been submitted by taxpayers until July 27.

Processed ITRs

This time the department has received 5 crore plus income tax returns this year. The department has already processed more than 2.69 crore income tax returns till now.  Apart from that, more than 4.45 crore income tax returns have been verified by the users. There is still a gap between the number of ITRs filed and the number of ITRs verified by the taxpayers. 

The taxpayers should know that verifying the returns is one of the most important post-filing tasks. Delay in verification may lead to penalties and even cancellation of the whole return. 

Conclusion

It’s a matter of worry if you still haven’t filed your income tax return. So, it’s time to hurry and complete your filing as soon as possible. Taking advice from tax experts will help you in saving taxes and ensure compliance. For ITR filing services, you can contact our tax experts at FileMyReturn.