No ‘Extend Due Date Immediately’ demand for AY 2023-24; Four crore ITRs filed, 2 crore processed

Income Tax Return (ITR) Filing Due Date AY 2023-24: Unlike last year when ‘Extend Due Date Immediately’ was one of the top trends on social media in the run-up to the July 31 deadline, there is no such demand this year. Total ITRs filed till date indicate that more number of returns may be filed this year before the due date compared to the previous year.

Data on the e-filing website shows as many as 3,99,94,809 returns were filed till July 23. Of these, more than 3.6 crore returns were verified by taxpayers while the tax department had processed more than 2.12 crore ITRs till July 23.

The due date of ITR filing for taxpayers whose accounts don’t need to be audited is July 31. Around 2 crores more taxpayers are expected to file their returns by the deadline.

Till 31st July 2022, over 5.8 crore ITRs were filed while the tax department had issued refunds worth over Rs 5000 crores. Most of these returns were filed in the last few days before the due date as taxpayers awaited an extension of the due date. But the date was not extended.

Also Read: Can you file a revised Income Tax Return (ITR) for AY 2023-24 after getting refund?

The Income Tax Department, tax experts and media have been proactive this year in raising awareness about early ITR filing. The total ITR filed data till July 23 shows they have been successful to some extent.

Generally, the Income Tax Department avoids extending due dates. During the Covid-19 pandemic, the deadline was extended as taxpayers faced several difficulties. This year, the Government confirmed very early that the Finance Ministry was not contemplating any extension of the July 31 deadline.

What should you do?

If you haven’t yet filed your ITR for income earned in FY 2022-23, you should do it as soon as possible. While individuals having income over the basic exemption limit are required to file returns, you should file an ITR even if your income is less.

It is important not to miss the due date as it can lead to a penalty in the form of late filing fees and penal interest (if applicable).