Income Tax Return Due Date 2023 Update: More Than 5 Crore ITRs Filed, Await Extension Status

Income Tax Return Filing Due Date for AY 2023-24 (No Extension) Updates on July 28: File Now to Avoid Tax Hassles

As the July 31 deadline for filing Income Tax Returns (ITRs) approaches, taxpayers are reminded that there will be no extension granted beyond this date. The government has made it clear that the due date will not be extended for taxpayers whose accounts do not require auditing. With just four days remaining, it is crucial for taxpayers to act promptly and complete the filing process to avoid any potential tax complications in the future.

Latest Updates on ITR Filing Due Date (as of July 28):
– Total Income Tax Returns Filed: As of July 27, over 5 crore ITRs have already been filed by taxpayers. This indicates that there is no need to wait for an extension, and individuals who haven’t filed their returns yet should do so without delay.
– ITRs Processed and Verified: The tax department has processed more than 2.69 crore ITRs, with over 4.45 crore ITRs verified by taxpayers as of July 27.

Filing ITR for Senior and Super Senior Citizens:
– Senior and super senior citizens, whose income exceeds the basic exemption limit in a financial year, are required to file income tax returns in India. They are not exempt from filing ITR.

False Claims in ITR Can Have Consequences:
– The Ministry of Finance is cracking down on fake claims of deductions under Income Tax returns. Taxpayers are being cautioned against making false claims, and any erroneous filings may lead to trouble.

Where to File ITR and Key Points to Keep in Mind:
– Taxpayers have the option to file their returns directly on the e-filing website of the Income Tax Department or through authorized tax-filing websites that charge a nominal fee for the service.
– Seeking assistance from a Chartered Accountant (CA) is also a viable option for filing the return.

Importance of Accuracy and Revised Returns:
– Taxpayers are advised to avoid common mistakes while filing their returns. However, in case of any error, a revised return can be filed without any additional cost, even after the July 31 deadline, provided the mistake is rectified in time.

In conclusion, taxpayers should not rely on the possibility of an extension and must act promptly to fulfill their filing obligations before the due date. Filing the return accurately and on time is crucial to ensure compliance with tax regulations and avoid potential penalties or complications in the future.

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