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News INCOME TAX

  • Jul 23, 2022
  • No plan to extend deadline for filing income tax returns: Revenue Secretary

    The government is not considering extending the last date for filing income tax returns as it expects most returns to come in by the due date of July 31, a top official said on Friday. Revenue Secretary Tarun Bajaj said over 2.3 crore income returns were filed by July 20 for fiscal 2021-22 and the numbers are picking up.

    Last fiscal (2020-21), about 5.89 crore ITRs (Income Tax Returns) were filed by the extended due date of December 31, 2021.

    "People thought the routine now is that dates will be extended. So they were a little slow in filling the returns initially but now on a daily basis, we are getting between 15 lakhs to 18 lakh returns. This will slightly go up to 25 lakh to 30 lakh returns," he told PTI.
    Typically, return filers wait till the last day to file returns.

    "Last time 9-10 per cent filed on last day. Last time, we had over 50 lakh (filing returns on the last date). This time, I have told my people to be ready for 1 crore (returns being filed on the last day)," he said.

    As per I-T rules, the deadline for filing ITRs of a fiscal by individual taxpayers who do not need to get their accounts audited is July 31 of the subsequent financial year.