ITR Filing: Will July 31 deadline for income tax filing be extended? Heres what we know so far
According to the Income Tax Department data, more than 6 crore ITRs have been filed by July 30. As already a significant number of ITRs have been filed so far the government is not expected to extend the July 31 deadline. But all have to wait till evening today (July 31), whether the government comes up with a notification to extend the deadline.
The due date for filing Income Tax Return (ITR) for the financial year 2022-23 (AY 2023-24) is July 31. As only three days are left ahead of the deadline there is a rush to file ITR.
According to the Income Tax Department data, more than 6 crore ITRs have been filed by July 30. If you have not filed your I-T Return so far it’s advisable to complete the process as soon as possible. There is no indication of the government extending the deadline for ITR filing. If you fail to file ITR by July 31 it may attract fine and also notice from the department.
Will there be any extension?
As it currently stands, an extension of the July 31 deadline for ITR filing for FY 2022-23 is unlikely. Thus, taxpayers should expedite their filing process to avoid penalties, late fees, and potential complications that could arise from a missed deadline.
However, there is a prevailing sentiment among chartered accountants that the Income Tax Department and the Finance Ministry should give thoughtful consideration to extending the deadline for individual taxpayers and small businesses in flood-affected states. These include states such as Uttarakhand, Himachal Pradesh, Delhi, and even certain regions of Gujarat. Such a provision would accommodate those who have been adversely affected by these unforeseen natural disasters.
Government unlikely to extend deadline
Earlier this month, Revenue Secretary Sanjay Malhotra suggested that taxpayers should file their ITR soon without waiting in the hope of any extension to the deadline.
Nevertheless, the government has shown no plans to extend the deadline, despite reported errors on the Income Tax e-filing portal. Tax experts and professionals are also urging taxpayers to file their I-T returns at the earliest to avoid last-minute rushes.
As already a significant number of ITRs have been filed so far the government is not expected to extend the deadline. There is also no announcement by the Central Board of Direct Taxes (CBDT) regarding advancing the July 31 deadline.
Can you file ITR after the July 31 deadline?
In the event that the deadline is missed, taxpayers can still file a belated ITR. However, this attracts a late filing penalty and interest under Section 234A, which can be Rs 5,000 or Rs 1,000 if the total income is below Rs 5 lakh. Moreover, incurred losses can only be carried forward and offset against future income if the return is filed before the deadline.
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