ITR Filing: The deadline for filing Income Tax Return for the assessment year (Assessment Year 2023-24) is 31 July 2023. Taxpayers should file their ITI (ITR Filing) by 31st July.
ITR Filing: The deadline for filing Income Tax Return for the assessment year (Assessment Year 2023-24) is 31 July 2023. Taxpayers should file their ITI (ITR Filing) by 31st July. Because the government is not considering extending the deadline for filing ITR. Revenue Secretary Sanjay Malhotra said that the Finance Ministry is not considering extending the July 31 deadline for filing Income Tax Return (ITR). He also asked the taxpayers to file their returns as soon as possible.
Malhotra said, we expect that this year more returns will be filed than last year… We expect it to be more than last year. About 5.83 crore IT returns were filed last year till July 31, which was the last day for filing returns for assessment year 2022-23.
Don’t wait for the last date
He said, we would like to thank the Income Tax Return filers, as the pace of ITR filing is very fast as compared to last year and we would advise them not to wait till the last moment and do not miss any deadline. Don’t expect too much detail.
Therefore, I would advise them to file their tax returns as soon as possible, as the July 31 deadline is fast approaching, he added. Regarding the tax collection target, Malhotra said that it is more or less in line with the target of 10.5% growth.
Malhotra said that as far as the increase in Goods and Services Tax (GST) is concerned, it is 12% so far. However, on the excise front, the growth rate is less than 12% due to the rate cut. In fact it is negative now and once the effect of tax rate cut wears off, the target is expected to be achieved, he said. According to the General Budget 2023-24, the government is expected to collect gross tax of Rs 33.61 lakh crore in the current financial year.
