[ad_1]
ITR filing last date: The due date for Income Tax Return (ITR) filing is 31st July 2022, which means earning individual have just two days in hand to file their ITR. However, some taxpayers are expecting that income tax department will extend the last date for ITR filing. Such taxpayers waiting for ITR filing last date extension, tax and investment experts have advised to go through the latest tweet of the income tax department. They said that the income tax department has asked taxpayers to file ITR by the given due date to avoid late fee, which means chances of ITR filing last date extension is bleak. They said that the latest release of the income tax department says that 4.09 crore ITRs have been filed (by 28th July 2022) whereas total number of audited ITRs filed in AY 2021-22 was around 5.7 crore. So, chances of this year’s ITR numbers falling far behind previous fiscal year is also looking bleak. So, it’s better to file the ITR within the given due date rather speculating about the ITR filing last date extension.
As per the income tax department message on ITR filing, “Over 4.09 crore ITRs filed till 28th July, 2022 & more than 36 lakh ITRs filed on 28th July, 2022 itself.
The due date to file ITR for AY 2022-23 is 31st July, 2022.” The I-T department message went on to add, “Please file your ITR now, if not filed as yet. Avoid late fee.”
See income tax department’s tweet below:
Will ITR filing last date be extended?
Decoding the given latest message of the income tax department, Pankaj Mathpal, MD & CEO at Optima Money Managers said, “In AY 2021-22, total number of ITRs filed were 6.68 crore whereas total number of audited ITRs filed by September 2021 was around 5.70 crore. If we look at the total number of ITRs filed by 28th July 2022, there is a bog gap of near 1.7 crore with the audited number of ITRs filed in the previous fiscal. In case, this big gap remains even after the due date for ITR filing, then Government of India (GoI) may think of extending the ITR filing due date, otherwise I don’t find any valid reason for extension of the due date.”
Taking cue from the income tax department’s tweet, Kartik Jhaveri, Director — Wealth at Transcend Capital said, “The I-T department message reads that total number of ITRs filed on 28th July is around 36 lakh. And there are three more days left for ITR filing. So, the number is expected to cross 5 crore with ease. As per out previous experiences, a big leap in the ITR filing can be expected in last two days. If this happens this year again, the ITR numbers we are talking about may go around 5.35 crore to 5.5 crore. If this happens, then in that case chances of ITR filing last date extension looks bleak.”
On whether ITR filing last date would be extended, SEBI registered tax and investment expert Jitendra Solanki said, “Only thing that can force income tax department to extend ITR filing due date is income tax portal crash. But, the income tax website is also doing fine till date and very few cases of website crash have been reported. So, this angle is also looking fine till date. Taxpayers can also take a cure about the government’s mood in regard to ITR filing due date extension as the GoI has been instructing Infosys to remain vigilant about the income tax portal and be prepared for the abrupt rise in traffic when the due date would be about to expire.”
Disclaimer: The views expressed above are those of individual experts or personal finance companies, and not of Mint.
Download The Mint News App to get Daily Market Updates.
[ad_2]
(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
Source link
