No plan to increase deadline for submitting earnings tax returns: Revenue Secy Tarun Bajaj

The authorities will not be contemplating extending the final date for submitting earnings tax returns because it expects most returns to come back in by the due date of July 31, a high official mentioned on Friday.

Revenue Secretary Tarun Bajaj mentioned over 2.3 crore earnings returns had been filed by July 20 for fiscal 2021-22 and the numbers are selecting up.

Last fiscal (2020-21), about 5.89 crore ITRs (Income Tax Returns) had been filed by the prolonged due date of December 31, 2021.

“People thought the routine now is that dates will be extended. So they were a little slow in filling the returns initially but now on a daily basis, we are getting between 15 lakhs to 18 lakh returns. This will slightly go up to 25 lakh to 30 lakh returns,” he advised PTI.

Typically, return filers wait until the final day to file returns.

“Last time 9-10 per cent filed on last day. Last time, we had over 50 lakh (filing returns on the last date). This time, I have told my people to be ready for 1 crore (returns being filed on the last day),” he mentioned.

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 following monetary 12 months.

Through ITR, an individual is meant to undergo the Income Tax Department of India. It comprises details about the particular person’s earnings and the taxes to be paid on it through the 12 months.

The Income Tax Department has prescribed 7 sorts of ITR types, whose applicability will depend upon the character and quantity of earnings and the kind of taxpayer.

The tax division’s new earnings tax submitting portal is now very sturdy to take the elevated hundreds.

“So far, there is no thinking of extending the last date of filing,” he mentioned.

Bajaj mentioned the suggestions being acquired from taxpayers is that the return type has grow to be 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 mentioned 2.3 crore individuals have already filed returns with none complaints.

“Previously 50,000 people were filing returns daily and now this number has gone up to 20 lakh. I am confident that returns will go up in the next few days and people will file their returns,” he mentioned.

Over the final two monetary years, the federal government had prolonged the deadline for submitting ITRs to ease compliance for taxpayers battling covid pandemic.