Waiting for ITR submitting final date extension? Experts decode this I-T dept message

ITR submitting final date: The due date for Income Tax Return (ITR) submitting is thirty first July 2022, which suggests incomes particular person have simply two days in hand to file their ITR. However, some taxpayers expect that revenue tax division will prolong the final date for ITR submitting. Such taxpayers ready for ITR submitting final date extension, tax and funding consultants have suggested to undergo the most recent tweet of the revenue tax division. They stated that the revenue tax division has requested taxpayers to file ITR by the given due date to keep away from late price, which suggests probabilities of ITR submitting final date extension is bleak. 

Tax and funding consultants went on so as to add that the most recent launch of the revenue tax division says that 4.09 crore ITRs have been filed (by twenty eighth July 2022) whereas complete variety of audited ITRs filed in AY 2021-22 was round 5.7 crore. So, probabilities of this yr’s ITR numbers falling far behind earlier fiscal yr can be wanting bleak. So, it is higher to file the ITR inside the given due date somewhat speculating in regards to the ITR submitting final date extension.

As per the revenue tax division message on ITR submitting, “Over 4.09 crore ITRs filed till 28th July, 2022 & more than 36 lakh ITRs filed on 28th July, 2022 itself.

The due date to file ITR for AY 2022-23 is 31st July, 2022.” The I-T division message went on so as to add, “Please file your ITR now, if not filed as yet. Avoid late fee.”

See revenue tax division’s tweet beneath:

Will ITR submitting final date be prolonged?

Decoding the given newest message of the revenue tax division, Pankaj Mathpal, MD & CEO at Optima Money Managers stated, “In AY 2021-22, total number of ITRs filed were 6.68 crore whereas total number of audited ITRs filed by September 2021 was around 5.70 crore. If we look at the total number of ITRs filed by 28th July 2022, there is a bog gap of near 1.7 crore with the audited number of ITRs filed in the previous fiscal. In case, this big gap remains even after the due date for ITR filing, then Government of India (GoI) may think of extending the ITR filing due date, otherwise I don’t find any valid reason for extension of the due date.”

Taking cue from the revenue tax division’s tweet, Kartik Jhaveri, Director — Wealth at Transcend Capital stated, “The I-T department message reads that total number of ITRs filed on 28th July is around 36 lakh. And there are three more days left for ITR filing. So, the number is expected to cross 5 crore with ease. As per out previous experiences, a big leap in the ITR filing can be expected in last two days. If this happens this year again, the ITR numbers we are talking about may go around 5.35 crore to 5.5 crore. If this happens, then in that case chances of ITR filing last date extension looks bleak.”

On whether or not ITR submitting final date could be prolonged, SEBI registered tax and funding professional Jitendra Solanki stated, “Only thing that can force income tax department to extend ITR filing due date is income tax portal crash. But, the income tax website is also doing fine till date and very few cases of website crash have been reported. So, this angle is also looking fine till date. Taxpayers can also take a cure about the government’s mood in regard to ITR filing due date extension as the GoI has been instructing Infosys to remain vigilant about the income tax portal and be prepared for the abrupt rise in traffic when the due date would be about to expire.”

Disclaimer: The views expressed above are these of particular person consultants or private finance corporations, and never of Mint.

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