ITR Filing Due Date Extension: Here is what you should know

Taxpayers are running out of time, as the deadline to file income tax returns (ITR) for FY 2022-23 (AY 2023-24) is just 8 days away. While some may be hoping for a deadline extension, current sources indicate that the Centre is unlikely to issue any more extensions beyond July 31, 2023.

The income tax department is regularly urging people via SMS and email to submit their forms on time to prevent any hassles. With the deadline approaching, it is critical for taxpayers to act quickly and complete their tax responsibilities within the allotted time window.

Previously, Revenue Secretary Sanjay Malhotra stated in an interview, “We expect the filing to be higher than last year…. we are hopeful that it will be higher than last year.”

As the deadline approaches, taxpayers are recommended to gather their financial records and submit their ITRs as soon as possible in order to meet the government’s deadline. Avoiding any last-minute hurry helps ensure a smooth and trouble-free filing process.

As of July 19, 2023, a significant increase in Income Tax Return (ITR) filing for Assessment Year (AY) 2023-24 has been recorded. Over 3 crore ITRS have already been filed, outnumbering the entire number of filing made by the same day last year, which stood at 3 crore ITRs filed by July 25, 2022.

An impressive 2.81 crore ITRs have been e-verified out of the 3.06 crore ITRs filed as of July 18, 2023, accounting for more than 91% of all submissions. This reflects an increasing preference for the electronic verification procedure among taxpayers, reflecting the simplicity and convenience it provides.

Furthermore, more than 150 crore ITRs have already been processed from the e-verified ITRs. This suggests that the income tax department has a quick and effective processing procedure in place to ensure prompt evaluation of taxpayers’ returns.

“Grateful to our taxpayers and tax professionals for helping us reach the milestone of 3 crore Income Tax Returns (ITRs) 7 days earlier this year, compared to the previous year!”, tweeted the Income Tax Department. Those who have not yet submitted their returns can do so by visiting the Income Tax Department’s e-filing site to begin and complete the tax-filing procedure.