Why is Income Tax Return trending? Will Govt Extend ITR Due Date for AY 2023-24? All Details
Income Tax Return Due Date AY 2023-24 Latest News: With just 6 days left before the July 31 deadline for filing Income Tax Return (ITR) for Assessment Year 2023-24, ‘IncomeTaxReturn’ topic has started trending on social media.
While social media users are posting about Income Tax Return, interestingly, unlike the previous year, there is no demand for extending the due date this year. This has much to do with the record number of returns filed this year and increasing awareness among taxpayers about the benefits of early ITR filing.
According to data on the Income Tax e-filing website, around 4 crore ITRs for AY 2023-24 were filed till July 23. Of these, the tax department has processed over 2 crore returns while taxpayers have verified more than 3.6 crore ITRs.
It is expected that the total number of ITRs filed this year will be more than the previous year. In FY 2022-23 also, the number of returns filed was higher than in FY 2021-22.
Also Read: Can you file a revised Income Tax Return (ITR) for AY 2023-24 after getting refund?
According to the Government, there was a 6.18% increase in the number of persons filing ITR last year compared to FY 2021-22.
“There has been a 6.18 % increase in the number of persons filing Income Tax Returns in F.Y. 2022-23 as compared to persons in F.Y. 2021-22,” Union Finance Minister Nirmala Sitharaman said in a written reply to a query in the Lok Sabha on July 24.
As per data shared by FM Sitharaman, over 7.4 crore ITRs were filed in FY 2022-23. In FY 2021-22, the total ITRs filed were around 6.94 crore.
No. There is no possibility of an extension of the July 31 deadline. July 31 is the due date to file ITR by taxpayers whose accounts don’t need to be audited.
Earlier this month, Revenue
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