Why Extend Due Dates Immediately Campaign May Fail

Income tax Return Filing 2022-23 Last Date: Will the’ Extend Due Date Immediately campaign’ fail? Here’s what the latest ITR filing 2022 data suggests

Why Extend Due Dates Immediately Campaign May Fail
Representative image

Even as tax professionals and many individuals have been urging the Government to extend the last date of filing Income tax Return (ITR) for AY 2022-23, there is very little chance that Government will extend the due date.

The last date to file ITR for salaried employees and Hindu Undivided Families (HUF) whose accounts don’t need to be audited is July 31, 2022. Professionals have been running “#Extend_Due_Date_ Immediately” campaign on Twitter for the last many days to urge the Government to extend the due dates. (Read ITR filing news live updates)

However, the Government has earlier said that the due date extension won’t be necessary because most of the returns will be filed by July 31. Latest ITR filed data suggest that the Government may be right in its assessment.

DateITR Filed (approx)
28-07-202236 Lakh
27-07-202233 Lakh
26-07-202240 lakh
Calculation of total ITR filed on a day based on data publicly shared by Income Tax Department in the last 3 days.

As of 28th July 2022, more than 4.09 crores of ITRs were filed, which was over 36 lakhs more than the total 3.73 crore returns filed by the previous day (July 27). By July 26, more than 3.4 crore returns were filed, according to the tax department’s data.

In the last three days, an average of 33 lakhs ITRs have been filed per day. If the same trend continues, nearly 1 crore ITRs would be filed by July 31. Generally, the number of returns filed increases as the due date comes closer. Hence the final count may be higher.

ALSO READ | Why you should not wait till last date to file ITR

By the end of the ITR deadline, a total of more than 5 crores of ITRs are likely to be filed.

In the previous assessment year (2021-22), around 6.63 ITRs were filed, including taxpayers whose accounts need to be audited. The last date to file ITR for such taxpayers whose accounts are audited is October 31, 2022. So if more than 5 crore returns are filed by July 31 then the total ITRs (audited + non-audited) would easily cross the 6 crore mark this year.

It might not be necessary to extend the due dates and the ongoing campaign will most probably fail. taxpayers should therefore file their returns by the due date to avoid penalties.

“Salaried employees should avoid late filing of tax returns as the interest u/s 234A, late filing fees u/s 234F, etc would be applicable. Further, set off and carry forward of losses (except house property loss) as well as claiming of certain deduction under Chapter VI-A under will not be allowed in case of filing of Belated Return,” said Dr. Suresh Surana, Founder of RSM India.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Photos