Breaking News

Exciting Update: Over 6.24 Crore ITRs Filed! Income Tax Return Deadline for AY 2023-24 Steadfast, Last Date Extension Request Declined.

Today, July 31, marks the deadline for Income Tax Return (ITR) filing for taxpayers whose accounts don't require auditing. If you haven't filed your ITR for AY 2023-24 (FY 2022-23) yet, it's crucial to complete the process by the end of the day to avoid any consequences. Despite speculations about a possible extension, it now appears unlikely as a significant number of taxpayers have already filed their returns just before the deadline.

Data released by the Income Tax Department reveals that a remarkable 6.13 crore ITRs have already been filed until July 30, surpassing last year's count by around 30 lakhs. This indicates that a substantial number of taxpayers have taken the initiative to fulfill their tax obligations on time. Additionally, many individuals have also received refunds after filing their returns.

As we approach the deadline, some taxpayers have reported encountering errors on the e-filing portal while attempting to submit their ITRs. However, despite such challenges, the government remains firm on not extending the due date beyond July 31.

Keeping a copy of your filed returns is essential, as legal proceedings under the Income-tax Act may arise for past years. The advent of e-filing has made it easier to maintain copies of income tax returns for record-keeping purposes.

While there have been demands for an extension until August 31, the government has not entertained the idea, and taxpayers are encouraged to complete their filings before the original deadline. ClearTax has partnered with various companies, including OYO, to offer employee benefit programs and resources to aid taxpayers with their compliance and tax-related queries during the ITR season.

With the introduction of the new tax regime in the Budget 2020, there has been confusion among individuals regarding how to opt for or opt out of this regime and its compliance requirements. Understanding these details is crucial for taxpayers who wish to switch to the new tax system.

Despite the mandatory requirement to file ITRs for income below the taxable threshold, experts advise individuals earning less than Rs 2.5 lakh (Rs 3 lakh for senior citizens) to file a Nil ITR due to the various benefits associated with doing so.

As the deadline approaches, it is important to avoid common mistakes during the ITR filing process to ensure a smooth experience.

The increasing number of ITRs filed each year has been attributed to various factors, which Finance Minister Nirmala Sitharaman has recently explained.

On July 30, more than 1.3 crore taxpayers logged in on the ITR e-filing portal, indicating the high volume of users eager to complete their filings.

For those who are yet to file their returns, it is advisable to do so without any further delay, as the due date extension is not anticipated. The Income Tax e-filing website reflects that over 6.13 crore ITRs have already been filed by taxpayers until July 30.

In conclusion, today's article provides comprehensive updates on the Income Tax Return filing process for AY 2023-24, highlights the importance of adhering to the deadline, and addresses various aspects related to ITR filing, including challenges, benefits, and compliance requirements. As taxpayers gear up to meet the deadline, it's essential to stay informed and avoid last-minute rush and errors to ensure a successful and hassle-free return filing experience.

No comments

Thanks For Visiting