Is There Any Possibility of ITR Due Date Extension For AY 2023-24? Everything You Must Know…

Income Tax Return Due Date AY 2023-24: With only 4 days remaining until the July 31 deadline for filing Income Tax Returns (ITR) for Assessment Year 2023-24, the topic of 'IncomeTaxReturn' has become a trending subject on social media.

Despite the discussions surrounding Income Tax Returns on social platforms, an interesting observation is that, unlike the previous year, there is no significant demand for extending the due date this time around. 

This shift in sentiment can be attributed to the remarkable increase in the number of returns filed this year and the growing awareness among taxpayers about the advantages of early ITR filing.

According to the sources, On the Income Tax e-filing website, approximately 4 crore Income Tax Returns (ITRs) for Assessment Year 2023-24 have been filed until July 23. Out of these filings, the tax department has already processed over 2 crore returns, and taxpayers have successfully verified more than 3.6 crore ITRs.

As per the Government's statement, there was a notable increase of 6.18% in the number of individuals filing Income Tax Returns (ITRs) last year compared to the financial year 2021-22.

Union Finance Minister, Nirmala Sitharaman, conveyed in a written response to a query in the Lok Sabha on July 24, that there was a significant rise in the number of persons filing ITRs during the financial year 2022-23 in comparison to the preceding financial year 2021-22.

According to the data provided by FM Sitharaman, the total number of ITRs filed in FY 2022-23 surpassed 7.4 crore, while in FY 2021-22, the total ITR filings were approximately 6.94 crore.

Will Govt. Extend the ITR Due Date 31st July For AY 2023-24?

No, there will be no extension of the July 31 deadline for filing ITR. Taxpayers whose accounts do not require auditing are required to file their ITR by July 31.

The Revenue Secretary had already confirmed earlier this month that the Finance Ministry has no plans to consider extending the Income Tax Return due date.

Expecting an extension of the ITR due date this year is not advisable, as it may not occur. In the previous year as well, the due date for taxpayers not requiring account audits was not extended beyond July 31.

Downsides of Not Filing Income Tax Return On Time 

Not filing an Income Tax Return (ITR) on time can have several drawbacks and consequences. Below are some of the major drawbacks:

Penalties and Late Fees: The primary drawback of not filing ITR on time is the imposition of penalties and late fees by the tax authorities. The longer the delay, the higher the penalties, which can significantly increase the tax liability.

Loss of Interest on Refunds: If you are eligible for a tax refund, filing ITR late means you will receive the refund later than expected. This delay results in a loss of interest on the refund amount.

Non-Compliance and Legal Consequences: Non-filing or delayed filing of ITR can lead to non-compliance with tax laws, making you subject to legal actions, including notices and audits by the tax department.

Steps to e-file your Income Tax Returns

1.  The first step is to visit the official website of the income tax department and be redirected to the login page. Fill in relevant your ID & password then click “continue”.

2.  After login into the account, click on the tab “e-File” choose Income tax Returns there and click on “File Income Tax Return”.

3.  Then On the next page, you need to select the relevant Assessment Year and click on Continue.

4.  After this, you need to select the method to file your returns whether online or offline. Make sure you choose for online (Which is also recommended) way to file income tax returns.

5.  You need to select whether you want to file your income tax returns as an individual, Hindu Undivided Family (HUF), or others. Select “Individual”.

6.  After that, choose the applicable income tax returns form to file. For instance, Individuals and HUFs (Hindu Undivided Family) can file ITR (who don't have income from business or profession). Similarly, in the case of an individual, they can choose the option ITR-1 or ITR-4. Here you will have to press on the tab 'Proceed with ITR1'.

7.  The next step, you need to answer some of the questions related to the reason for filing your returns above the basic exempted limit or because of the seventh provision under Section 139(1). According to the section, the person can file their income tax returns if the aggregate amount of an individual is more than Rs.1 crore in one or more current accounts during the same year, exceeds Rs.2 lakh on a foreign trip, or if payment of more than          Rs.1 lakh is paid on electricity bills. 

8.  On the next page, you need to fill in your bank account. (pre-validate it) If you have already provided the details of your bank account.

9.  Then you will be on a new page to file your ITR. This current page will include much information filled (Pre-filed). Make sure all the details mentioned are correct & relevant. Validate the summary of your returns. The last step is to verify your returns and send a hard copy to the Income Tax Department.

Also Read: Consequences of Missing the July 31 Deadline for ITR Filing: Penalties and Other Outcomes

Leave a reply