Income Tax Return Due Date Extension for AY 2023-24 Latest News: What you should know on July 21
Income Tax Return Due Date Extension for AY 2023-24 Latest News (July 21): If you haven’t filed ITR till now and waiting for an extension of the due date, here’s some bad news for you. The Government is not considering any plan to extend due date for Assessment Year 2023-24, which is July 31, 2023.
There are only 10 days left before the end of the due date and more than 3.4 crore ITRs have already been filed till July 20.
As per information available on the Income Tax Return (ITR) e-filing website, more than 3.4 crore returns were filed till July 20. Data shows that as many as 3,42,14,584 returns have been filed till yesterday. Of these, over 3.13 crore returns have been verified by taxpayers while the Income Tax Department has processed over 1.78 crore returns filed for AY 2023-24.
Taxpayers are required to file returns for income earned in FY 2022-23 by July 31 if their accounts don’t need to be audited. Failing to file ITR by July 31 will lead to a penalty in the form of a late fee and penal interest (if applicable).
Also Read: Who should file a revised ITR? Is there a penalty?
Several tax experts with whom FE Money recently interacted have said that taxpayers should not wait for an extension of the due date. Instead, they should file ITR as soon as possible to avoid the last-minute rush and to receive early refunds, if applicable.
The Revenue Secretary recently confirmed that the Finance Ministry was not contemplating any extension of the ITR due date this year.
If you haven’t filed your return yet, you can go to the e-filing portal of the Income Tax Department and complete the tax-filing process. It may not take more than 30 minutes if you have all details related to your income, taxes paid etc in FY 2022-23 with
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