Sanjay Malhotra, Revenue Secretary in an Interview said that the due date for filing income tax returns (ITRs) is July 31, 2023, and the government has no intention of extending it. As of July 2023, the Income Tax Department has already claimed that more than 2 crore ITRs had been filed.
As per the announcement from the Revenue Secretary, the government is expecting to receive 5.83 crore returns by July 31st, 2023. Taxpayers are strongly advised against delaying the filing of their forms or relying on the possibility of a deadline extension.
Currently, the situation regarding tax collections is not favourable. The Revenue Secretary has highlighted that after the initial impact of the tax rate reduction diminishes, an improvement in excise charge collection is anticipated.
While the Goods and Services Tax (GST) aspires for a growth rate of 12 per cent, the income tax is expected to grow at a rate of 10.5%. During the 50th GST Council meeting, a number of tax rates were changed, some of which had a good effect on the economy and encouraged development in the financial and entrepreneurial sectors.
Important ITR Due Dates
Given that no deadline extensions will be granted it’s critical to be informed of the upcoming significant dates for submitting income tax returns (ITR):
- Individuals, Hindu Undivided Families (HUFs), associations of people, or bodies of people (BOIs) whose books of accounts are exempt from auditing must submit their income tax returns(ITR) by July 31.
- Businesses must file their returns by October 31, 2023.
- Businesses/Partnership Firms that are required to provide transfer pricing reports (Audit Form 3CEB for foreign or certain domestic transactions) must do so by the deadline of November 30, 2023.
- The last day for Revised Return is December 31, 2023.
- For Delayed Returns, the current expiration date is December 31, 2023.
The Income Tax Department has also reminded individuals with foreign accounts, assets, or sources of income to include this information in their filed Income Tax Returns (ITRs). Failure to disclose these foreign assets and foreign sources of income may result in a fine of Rs. 10 lakhs.
It is advised that you file your taxes as soon as possible with the help of a tax expert given the continuous server downtime concerns on the Income Tax Portal. Early filing will lessen any potential issues brought on by server issues with the portal.
