Income Tax Return (ITR) Filing Due Date AY 2023-24 Lates Updates (July 15): Only 16 days are left before the end of the due date to file Income Tax Returns for Assessment Year 2023-24. July 31 is the due date of ITR filing for taxpayers whose accounts don’t need to be audited. Most of the salaried employees are in this category. They have to file returns for income earned in Financial Year (FY) 2022-23.
Will there be ITR due date extension?
No. There is no expectation of any extension of ITR filing due dates for AY 2023-24. To date, the Income Tax department’s e-filing website has witnessed record ITR filing compared to the last year. If the trend continues, most of the taxpayers would have filed their returns by July 31. If you haven’t filed yet, you should do it now and not wait for ITR due date extension.
Total ITR filed
Over 2.4 crore ITRs have been filed till July 14. As per data on the e-filing website, as many as 2,47,23,785 income tax returns were filed till July 14.
Total ITRs processed
More than 1 crore returns have been processed by the Income Tax Department. Data shows as many as 1,02,92,445 verified returns for AY 2023-24 were processed till July 14.
Total ITRs verified
More than 2.2 crore returns have been verified by taxpayers. The Income Tax department’s data shows as many as 2,28,65,420 returns for AY 2023-24 were verified till July 14.
Also Read: Income Tax Return and ITR Refund for AY 2023-24 processed or not? How to check status
Latest ITR updates on July 15, 2023
– Finance Minister Nirmala Sitharaman on Friday (July 14) said under the new regime, there is no income tax to be paid for annual income up to Rs 7 lakh, which effectively increases to Rs 7.27 lakh with marginal relief provisions.
– The Income Tax Department on Friday (July 14) reminded taxpayers having foreign bank accounts, assets and income to not forget Foreign Asset Schedule in their ITRs.
“Holders of foreign bank accounts, assets, and income! Please don’t forget to fill the Foreign Asset Schedule in your Income Tax Return (ITR) for Assessment Year 2023-24. Please ensure you disclose all Foreign Assets (FA) and Foreign Sources of Income (FSI) if you possess foreign bank accounts, or assets, or receive income from abroad,” the Income Tax Department tweeted.
– It further said that the failure to disclose foreign assets/income can result in a penalty of Rs 10 Lakh under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
– The Government’s gross direct tax collections for FY 20023-24 up to July 9 had reached Rs 5.17 lakh crore, which is 14.65% more than the corresponding period of previous year.
– Refunds Issued: The Income Tax Department has issued tax refunds worth Rs 42,000 crore till July 9, 2023.