ITR Due Date 2023 News Updates on July 30: Only two days are left before the end of July 31 deadline for ITR filing. It is expected that there will not be any extension of the ITR due date by the Income Tax Department this year. Therefore, if you have not filed yet, you should try to file your return as soon as possible before the end of the deadline.
According to data shared by the Income Tax Department, a record number of taxpayers have already filed their ITRs for FY 2022-23 (AY 2023-24). Also, a large number of taxpayers have already received refunds. In recent weeks, reports have confirmed that the Government is not contemplating any extension of the due date beyond July 31. Taxpayers, whose accounts don’t need to be audited, are required to file their returns by tomorrow.
Not filing ITR before the due date can have several consequences. Therefore, it is recommended to file returns before the end of the due date. This blog provides recent updates on ITR filing Due Date till July 30 and relevant last-minute tips to help you file your returns correctly.
Income Tax Return (ITR) Filing Due Date for AY 2023-24 Updates on July 30
The Income Tax Department today said a new milestone of ITR filing has been achieved this year. Till 30th July (6.30 pm), more than 6 crore returns have been filed, which is higher than the total returns filed till July 31 last year.
“A new milestone! More than 6 crore ITRs have been filed so far (30th July), out of which about 26.76 lakh ITRs have been filed today till 6.30 pm! We have witnessed more than 1.30 crore successful logins on the e-filing portal till 6.30 pm, today,” the Income Tax Department tweeted.
“To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & social media. We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven't filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last minute rush,” it added.
The Income Tax Department has told taxpayers that the e-filing portal is working fine. If they are facing any issue with the site, they should retry after clearing the browser cache. In case the issue remains, taxpayers can also mail to the Income Tax Department on orm@cpc.incometax.gov.in with details. Read full story here
Amid complaints from taxpayers about slow e-filing website, the Income Tax Department has said that the tax portal is working fine. You should not wait for any extension and try to file as soon as possible to avoid the late fee and other consequences of missing the due date.
5.83 crore ITRs have been filed till 1 pm today (30th July) crossing the number of ITRs filed till 31st July, last year, the Income tax Department said today.
“We have witnessed more than 46 lakh successful logins till 1 pm today and more than 1.78 crore successful logins on the e-filing portal yesterday. 10.39 lakh ITRs have been filed upto 1 pm today & 3.04 lakh ITRs have been filed in the last 1 hour,” the Income Tax department tweeted from its official handle.
If you miss the deadline and file return after the due date, you will have to pay a late fee. Non-furnishing or late furnishing of return of income attracts interest under section 234A. Also, delay in furnishing return of income attracts fees under Section 234F, which varies from Rs 1,000 to Rs 5,000.
No, on the contrary by not filing your return inspite of having taxable income, you will be liable to the penalty and prosecution provisions under the Income-tax Act, the Income Tax Department says on its website.
There are several advantages of filing ITR even when your income is below the basic exemption limit. Read details here
Return Form ITR - 1 (SAHAJ) cannot be used by an individual:
• Who is a Non-resident or Not Ordinarily Resident
• Who is a Director of a company
• Whose total income exceeds Rs. 50 lakhs
• Who has income from more than 1 house property
• Who has held unlisted equity shares at any time during the previous year
• Who claims deduction under section 80QQB or section 80RRB in respect of royalty from patents or books
• Who is a person in whose case tax has been deducted under section 194N.
• Who is a person in whose case payment or deduction of tax has been deferred under section 191(2) or section 192(1C)
• Who claims deduction under section 10AA or Part-C of Chapter VI-A
• Who has brought forward loss or losses to be carried forward under any head
• Person claiming deduction under section 57 from income taxable under the head 'Other Sources'(other than deduction allowed from family pension)
• Who wants to claim relief under section 90 or section 91
• Who wants to claim credit of tax deducted at source in the hands of any other person.
• Who has any assets (including Financial Interest in an entity) located outside India.
• Who has signing authority in any account outside India
• Who has any income to be apportioned in accordance with provisions of section 5A
• Who has any of the following income:
a) Income from Business or Profession
b) Capital Gains
c) Income taxable under the head 'Other sources' which is taxable at special rate
d) Dividend income exceeding Rs. 10 lakhs taxable under section 115BBDA
e) Unexplained income (i.e., cash credit, unexplained investment, etc.) taxable at 60% under section 115BBE
f) Agricultural Income exceeding Rs. 5,000
g) Income from any source outside India
Source: Income Tax website
Return Form ITR - 1 (SAHAJ) can be used by an individual whose total income includes:
(1) Income from salary/pension; or
(2) Income from one house property (excluding cases where loss is brought forward from previous years); or
(3) Income from other sources (excluding winnings from lottery and income from race horses, income taxable under section 115BBDA or Income of the nature referred to in section 115BBE).
Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this return form can be used only when such income falls in any of the above categories. Source: Income Tax Department
A taxpayer claimed on Twitter that the e-filing portal has not been working properly for the last 5 days. He also requested the Income Tax Department to extend the ITR due date for 30 days due to issues faced by taxpayers on the e-filing portal. Responding to the taxpayer’s request, the Income Tax Department said the e-filing portal was working fine. Read full story here
Income Tax Refund can sometimes get delayed because of several reasons. ITR filers become eligible for Income Tax Refund if they have paid excess taxes in the relevant financial year. In the case of ITR filing for Assessment Year 2023-24, the relevant Financial year is FY 2022-23 and the due date to file returns for taxpayers whose accounts don’t need to be audited is July 31. Read about the top reasons for refund failure here
More than 4.9 crore ITRs have been verified by taxpayers while the tax department has processed over 3.18 crore returns till July 29.
There is no point in waiting for due date extension. Data on the Income Tax e-filing website shows that more than 5.73 crore ITRs have already been filed by taxpayers till July 29.