Will the Government Extend the Last Date of Income Tax Return for AY 2023-24? ITR Due Date Extension Update

If you have been waiting for an extension of the due date to file your ITR for Assessment Year 2023-24 beyond July 31, it is recommended to stop waiting and file your return now. The Government has clarified that there will be no extension for filing ITR for AY 2023-24.

According to Revenue Secretary Sanjay Malhotra, as reported by news agency PTI, income taxpayers are advised to file their returns as soon as possible, as the finance ministry is not considering any extension of the July 31 deadline.

Number of Income Tax Returns (ITRs) Filed

As of July 16, a total of 2.7 crore ITRs have been filed. According to the data available on the e-filing website, a significant number of 2,73,12,434 income tax returns were submitted by July 16.

Verified Income Tax Returns (ITRs)

Taxpayers have verified over 2.5 crore income tax returns. Based on the data provided by the Income Tax department, a substantial number of 2,50,88,817 returns for Assessment Year 2023-24 were successfully verified by taxpayers as of July 16.

Why Is it Necessary To File ITR Before 31st July

Filing your Income Tax Return (ITR) by the July 31 deadline is crucial for several reasons. Firstly, it helps you avoid penalties that may be imposed by the tax authorities for late filing. By submitting your return on time, you can prevent unnecessary financial burdens.

Filing your ITR before the deadline is also advantageous if you are eligible for a tax refund. By submitting your return early, you increase the likelihood of receiving your refund in a timely manner. Delaying the filing may result in a delay in receiving your refund as well.

Moreover, filing your ITR by the due date demonstrates your compliance with tax regulations and showcases your responsible approach as a law-abiding citizen. It reinforces your commitment to fulfilling your tax obligations and maintaining transparency in your financial affairs.

Lastly, filing your ITR early provides you with a clear understanding of your tax liabilities, enabling you to plan your finances effectively. It allows you to make informed decisions regarding investments, savings, and other financial matters based on your tax situation.

ITR Filing Deadline Is Approaching

If you file your Income tax return on time, it will help to mitigate the risk of last-minute rush issues as well as the stress of not filing ITR timely.

Filing a return early of the deadline provides you enough time to rectify the mistake and make corrections wherever necessary.

You can avoid the late filing penalty or charges by filing your tax returns before the deadline ends. 

Also Read: Beware of Mistakes in ITR Filing: Incorrect Deductions and Exemptions in Tax Returns Can Cause Problems

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