ITR filing due date news: With the Government apparently denying Income Tax Return filing last Date extension for AY 2022-23, there has been a rush for return filing as the due date ends today. According to the Income Tax Department’s website, more than 57 lakh ITRs were filed on 30 July. With this, the total ITRs filed for AY 2022-23 till today are set to cross the 5 crore mark. (Read ITR filing Live News Updates)
Around 43 lakh ITRs were filed on Friday (July 29). It was expected that nearly 50 lakh returns would be filed today. The number of tax returns filed on the last day is generally higher.
For the last many days, a number of professionals on social media have been urging the Government to extend the due date this year. However, the Government has made it clear early that it was not considering due date extension as most of the returns were expected to be filed by the due date. The due date for ITR filing this year is tomorrow (July 31) for salaried individuals and Hindu Undivided Families (HUFs) whose accounts don’t need to be audited.
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Perks of filing ITR before the Due Date
The rush for ITR filing is also because of the many benefits taxpayers get when they file their ITRs before the due date.
“The last date for filing ITR is on the corner. Thus, taxpayers must submit their ITR before the deadline to avoid any fine or penalty. Also having a clean record with the IT department makes getting loans approved by lenders easier. The Income Tax rules allow forwarding the losses to the next financial year in case of ITR filing before the due date,” says Dr Suresh Surana, Founder of RSM India
Some of the perks of filing ITR before the due date are as follows:
- Savings in Interest u/s 234A, 234B and 234C
- Avoidance of Late fees u/s 234F
- Allowability of Set off and carry forward of all losses
- No restrictions on claiming deductions under Chapter VI-A
- Faster processing of the refund, if any
If you haven’t filed your returns yet then this is the time for your to rush complete ITR filing today itself instead of waiting till the last date.
(This article was first published on 30 July 2022)