The federal government will not be contemplating extending the final date for submitting earnings tax returns because it expects most returns to return in by the due date of July 31, a high official stated on Friday. Income Secretary Tarun Bajaj stated over 2.3 crore earnings returns had been filed by July 20 for fiscal 2021-22 and the numbers are selecting up.
Final fiscal (2020-21), about 5.89 crores ITRs (Revenue Tax Returns) had been filed by the prolonged due date of December 31, 2021. “Folks thought the routine now could be that dates will probably be prolonged. So that they had been a little bit gradual in filling the returns initially however now each day, we’re getting between 15 lakhs to 18 lakh returns. It will barely go as much as 25 lakh to 30 lakh returns,” he informed PTI.
Usually, return filers wait until the final day to file returns. “Final time 9-10 % filed on final day. Final time, we had over 50 lakh (submitting returns on the final date). This time, I’ve informed my individuals to be prepared for 1 crore (returns being filed on the final day),” he stated. As per I-T guidelines, the deadline for submitting ITRs of a fiscal by particular person taxpayers who don’t have to get their accounts audited is July 31 of the next monetary 12 months.
By way of ITR, an individual is meant to undergo the Revenue Tax Division of India. It incorporates details about the individual’s earnings and the taxes to be paid on it throughout the 12 months. The Revenue Tax Division has prescribed 7 forms of ITR types, whose applicability will rely upon the character and quantity of earnings and the kind of taxpayer. The tax division’s new earnings tax submitting portal is now very strong to take the elevated hundreds.
“Thus far, there is no such thing as a considering of extending the final date of submitting,” he stated. Bajaj stated the suggestions being acquired from taxpayers is that the return kind has change into very straightforward to file and that refunds are additionally being made in a really fast time. On some complaining about issue in submitting returns, he stated 2.3 crore individuals have already filed returns with none complaints.
“Beforehand 50,000 individuals had been submitting returns day by day and now this quantity has gone as much as 20 lakh. I’m assured that returns will go up within the subsequent few days and other people will file their returns,” he stated. Over the past two monetary years, the federal government had prolonged the deadline for submitting ITRs to ease compliance for taxpayers battling the covid pandemic.
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