ITR Filing Due Date Extension 2023: Why you should not wait for extended last date, file now
ITR Filing Due Date AY 2023-24: The Income Tax Return (ITR) filing due date for AY 2023-24 is July 31 for taxpayers whose accounts don’t need to be audited. Most of the eligible taxpayers are in this category. However, even as only 20 days are left before the due date, not many taxpayers have filed their returns.
The latest data available on the Income Tax Website shows that only 1.89 crore ITRs have been filed till July 9. More than 5.8 crore returns were filed in AY 2022-23 till July 31, which means over 4 crore taxpayers will be filing their returns in the next 20 days.
Given the large number of taxpayers who are yet to file their returns, it is important for you to do it as soon as possible to avoid the rush and any other last-minute complications on the e-filing website.
Also Read: Income Tax Return and ITR Refund for AY 2023-24 processed or not? How to check status
It is also important not to wait for ITR due date extension as it may not happen this year. Even in the previous year, the ITR due date was not extended beyond July 31 for taxpayers whose accounts didn’t need to be audited. That said, there are several benefits of filing an ITR early that you should know. Let’s have a look:
By filing your ITR early, you can avoid the last-minute rush, which means no stress and no deadline pressure.
Early refund: By filing ITR early, you will have increased chances of getting your refunds early. Late filers generally face delays in refunds as the Income Tax Department takes a lot of time to process the large volume of returns filed in the last few days before the due date.
Error correction: If you file returns early, you get more time to rectify errors, if any, and file revised returns in time.
Avoid penalty: You can
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