ITR Filing Deadline Is Approaching: Don’t Wait For The Last Minute

The deadline for filing Income Tax Returns (ITR) for the Assessment Year 2023-24 is July 31. This due date applies to taxpayers who do not require their accounts to be audited, which includes the majority of eligible taxpayers. 

Despite the impending deadline being only 20 days away, a significant number of taxpayers have not yet submitted their returns.

As per the fresh data from the Income Tax Website, as of July 9, only 1.89 Crores of Income Tax Returns (ITRs) have been filed. In comparison, during the Assessment Year 2022-23, more than 5.8 crore returns were filed by July 31. 

This indicates that there is a substantial number of over 4 crore taxpayers who are yet to file their returns within the next 20 days.

To ensure a smooth and hassle-free process, it is strongly advised to file your income tax return as soon as possible, considering the significant number of taxpayers who have not yet filed their returns. 

Filing early will help you to avoid any potential rush or problems that may arise on the e-filing website closer to the deadline. By taking prompt action, you can mitigate the risk of encountering any last-minute issues and ensure timely submission of your return.

Anticipating 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. However, there are multiple advantages to filing your ITR early that are worth considering. Let's explore them further:

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. 

Taxpayers who file their tax returns early of the provided deadline will be more chances of receiving early refunds. On the other side, those who file their returns late receive refunds lately as the income tax department gets a large data to process at once in the last few days of the ITR filing Deadline.

Summing it up, In conclusion, with the ITR deadline approaching, a significant number of taxpayers have not filed their returns yet. It is advisable to file early to avoid rush and complications. Anticipating a deadline extension is not recommended. Early filing helps rectify errors, avoids penalties, and increases the chance of early refunds. Act promptly to ensure a smooth process and peace of mind.

Also Read: On July 11, 2023: 50th GST Council Meeting Highlights

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