Highlights
- Over 5 crore ITRs have been filed as of 8:36 pm yesterday.
- At this time is the deadline to file Earnings Tax Returns.
- It is vitally unlikely that the federal government will lengthen this deadline.
Earnings Tax Return submitting: The Earnings Tax division on Saturday knowledgeable that over 5 crore Earnings Tax Returns (ITRs) have been filed for the evaluation yr 2022-23 as much as 8.36 pm on its portal, and urged others to #FileNow, as at the moment is the due date to file the ITR. Whereas many individuals are nonetheless searching for an extension of this deadline, it is extremely unlikely that the federal government will accomplish that.
The division issued a public message by way of its official Twitter deal with asking taxpayers, largely people and salaried class, to file their returns inside the due date of July 31. “#FileNow to keep away from late charge,” it stated.
What occurs if you happen to miss the deadline?
Anybody who hasn’t filed an ITR but, ought to accomplish that at the moment. However in case you miss the July 31 deadline, you possibly can nonetheless file the return by December 31, 2022. Nevertheless, you’ll have to pay a late charge. It should even have another monetary penalties. The late charge for the taxpayers whose annual earnings is as much as ₹ 5 lakh is ₹ 1,000. In case your annual earnings is greater than ₹ 5 lakh the late effective is ₹ 5,000.
Nevertheless, in case your gross complete earnings doesn’t exceed the essential exemption restrict, you’ll not be liable to pay a penalty for the late submitting. Below the previous earnings tax regime, the essential tax exemption restrict stands at ₹ 2.5 lakh for taxpayers under 60 years of age. For folks between 60 and 80 years of age, the essential exemption restrict is fastened at ₹ 3 lakh. For folks above 80 years of age, the exemption restrict stands at ₹ 5 lakh.
Will the deadline to file ITR be prolonged?
Amidst the requests for an extension within the deadline, the hashtag “#Extend_Due_Date_Immediately” was trending on Twitter. Regardless of such requests, it’s anticipated that there will likely be no extension of the due date this yr just like the earlier two years. The Earnings Tax division additionally knowledgeable that Aaykar Seva Kendras (ASKs) or Earnings Tax assist centres throughout the nation will stay open at the moment and extra receipt counters will likely be opened, wherever required, to “facilitate submitting of tax returns by the taxpayers.
Officers stated the finance ministry and the Central Board of Direct Taxes (CBDT), which frames coverage for the tax division, are repeatedly monitoring the ITR submitting train.
A “battle room” of technical consultants engaged on the portal and the social media workforce of the CBDT that’s gathering particular person and public responses to the submitting are working collectively 24×7, a senior officer instructed information company PTI.
(With inputs from PTI, ANI)