ITR: Govt not contemplating extension of July 31 deadline, says Revenue secretary Sanjay Malhotra

livemint.com:

ITR filing has been at a much faster pace than last year and we would advise them not to wait to the last moment and also not to hope for any extensions."So, I would advise them to file their tax return at the earliest because the deadline of July 31 is approaching fast," he said in an interview with news agency PTI. With regard to the tax mobilisation target, Malhotra said, it is more or less in line with the target growth rate, which is 10.5 per cent. Meanwhile, over 2 crore income tax returns (ITRs) have been filed so far this year for the assessment year 2023-24.

In a tweet Income Tax department said over 2 crore ITRs for AY 2023-24 have already been filed till July 11, this year, as compared to 2 crore ITRs filed till July 20, last year. "...taxpayers have helped us reach the 2 crore milestone 9 days early this year, compared to the corresponding period in the preceding year..." the I-T department tweeted. The tax department also urged those, who haven't filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last minute rush.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler Forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having income upto Rs. 50 lakh and who receives income from salary, one house property, other sources (interest etc.) and agricultural income upto Rs.

5 thousand. Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) being a resident having total income upto Rs. 50 lakh and income from business and profession computed under sections 44AD, 44ADA or 44AE.