HomeCURRENT AFFAIRSBUSINESSITR Filing Update: Is the government going to extend the deadline?

ITR Filing Update: Is the government going to extend the deadline?

ITR Filing Update: The Income Tax Department announced on Saturday that, as of 8:36 p.m. on its website, more than 5 crore Income Tax Returns (ITRs) for the assessment year 2022–23 had been submitted. The department urged others to #FileNow because today is the deadline for submitting an ITR. It is highly doubtful that the government will extend this deadline, despite the fact that many individuals are still asking for one.

Through its official Twitter account, the department sent out a public appeal to taxpayers, mostly individuals and members of the salaried class, urging them to submit their returns by the deadline of July 31. It read, “#FileNow to prevent late fees.”

If you haven’t already, you should submit an ITR right away. However, if the July 31 deadline is missed, you still have until December 31, 2022, to file the return. However, there will be a late fee. There will be further financial repercussions as well. For taxpayers with an annual income up to 5 lakh rupees, there is a 1,000 rupee late fine. The late fee is 5,000 if your annual income is greater than 5 lakh rupees.

This ITR Filing Update can be considered as the biggest update because you won’t be required to pay a late filing penalty if your gross total income is less than the basic exemption amount. For taxpayers under the age of 60, the basic tax exemption level under the previous income tax system is set at 2.5 lakh. The fundamental exemption threshold for those aged 60 to 80 is set at 3 lakh. The exemption threshold for those over 80 is set at 5 lakh.

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The Twitter hashtag “#Extend_Due_Date_Immediately” was trending amid pleas for a deadline extension. Despite these requests, it is anticipated that the due date won’t be extended this year, unlike the prior two. Aaykar Seva Kendras (ASKs), or income tax support centres, will remain open today across the nation, and additional receipt counters will be opened, where necessary, to “ease filing of tax returns by the taxpayers,” according to the income tax department.

The Central Board of Direct Taxes (CBDT), which sets policies for the tax agency, and the finance ministry, according to officials, are regularly monitoring the ITR filing process.

The social media team of the CBDT, which is compiling individual and public comments to the file, is collaborating 24 hours a day with a “war room” of technological experts working on the portal.

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