ITR Filing Last Date 2022: As the Income Tax Return (ITR) Filing Last Date for AY 2022-2023 comes close, tax professionals and several other taxpayers have been urging the Government to extend the due date using “#Extend_Due_Date_Immediately” on Twitter for the last many days. Till now, more than 25,000 tweets with this hashtag have been posted on the social media platform.
The last date to file ITR for salaried individuals and HUFs whose accounts don’t need to be audited is 31st July. Till now, more than 3.73 crore ITRs have been filed, according to the latest data on the Income Tax website. (Check ITR Filing Latest Data)
For AY 2021-22, the Government had extended the due date till 31st December in view of difficulties faced by taxpayers due to the new e-filing website and the Covid-19 pandemic.
Chartered accountants and tax professionals have pointed out on Twitter that the number of ITRs filed this year till now is less. A large number of taxpayers may end up paying a late filing penalty if the ITR filing last date is not extended.
Will ITR filing last date be extended this year?
There is no indication from the Government about ITR filing last date extension till now. It is expected that there won’t be any extended deadline for return filing this year. Earlier, Union Revenue Secretary Tarun Bajaj had said the Government was not considering any plan to extend the deadline.
Also Read | How and where to file free ITR
Tax experts say that the new Income Tax portal is still facing minor technical lag issues, often due to irregular traffic. Therefore any extension of the ITR deadline will depend on how the new e-filing portal handles the web traffic pressure in the run-up to the due date.
“The ITR filing deadline for Individual taxpayer (not subject to any Tax Audit) w.r.t. FY 2021-2022 (AY 2022-23) is 31st July 2022. However, it has been observed that a large number of taxpayers await till the last moment to file their ITRs anticipating an extension. Amid the coronavirus pandemic and glitches in the newly launched income tax portal, the deadlines for ITR filing and other Income Tax-related things were considerably extended in a row for the last two years. However, the functioning of operations has substantially improved over the last 2 years and things are back to normal as were before the pandemic,” said Dr Suresh Surana, Founder of RSM India.
“One thing to note here is that the new Income Tax portal which was launched last year has still been facing minor technical lag issues and this last week preceding the 31st July deadline would be critical to watch out for. Further, on July 2, 2022, the income tax department on its official Twitter handle said that software provider Infosys is taking “proactive measures” to deal with the ‘irregular traffic’ on the portal. In view of the same, though right now there is no consideration for extension of the deadline, any further extension would purely be a factor of how efficient the tax return filing portal would function in this last week of July, when the web traffic is expected to increase exponentially,” he added.
What should taxpayers do?
As the Income Tax Return filing last date is unlikely to be extended this year, you should file your returns for July 31 if not filed yet. It is always good for tax filers to avoid filing belated ITRs, according to tax experts.
“When it’s about filing income tax return (ITR), it’s earlier is better. We should never delay the filing of the income tax returns,” Sujit Bangar, Founder, Taxbuddy.com, told FE PF Desk.
According to Bangar, there are at least four types of negative consequences taxpayers face if they fail to file their return by the due date.
- First major consequence of late filing is a penalty. One needs to pay a penalty for filing a belated return.
- Second, if there is tax to be paid, you will be charged interest at the rate of1% per month after the end of the due date till you pay taxes and file ITR.
- Third, one cannot carry forward losses.
- Fourth, late filing of ITR will result in late processing and your refund, if any, will get further delayed.
As only three days are left for the ITR filing due date, you should speed up now to submit your ITR now.