Income Tax Return Due Date 2023 News: No Extension, File ITR Now!
With only one day until the July 31 deadline for filing Income Tax Returns (ITRs), taxpayers are reminded that there will be no extension this year. The Income Tax Department’s e-filing portal, www.incometax.gov.in, has seen a surge in submissions as taxpayers rush to meet the deadline. Over 5.35 crore returns have already been filed, breaking the previous year’s record. This article provides an overview of the current ITR filing status and emphasizes the importance of timely filing to avoid penalties.
No Extension For Income Tax Return Due Date 2023, No Waiting:
The Income Tax Department has confirmed that the ITR filing deadline will not be extended this year. To avoid penalties and interest on late filing, taxpayers must complete the filing process before the July 31 deadline. The government made this decision in order to maintain efficiency and ensure a smooth tax collection process.
Record ITR Filing in 2023:
Taxpayers filed their returns for Assessment Year (AY) 2023-24 (Financial Year 2022-23) with remarkable promptness. Over 5.35 crore returns have already been filed as of July 28, representing a significant increase over the previous year. This accomplishment surpassed the 5 crore mark set three days earlier in the previous fiscal year. According to the Income Tax Department, the number of returns filed today will exceed 30 lakhs.
Timely Filing Matters:
It is important to file your ITR before the due date to avoid any negative consequences. Late filing may result in penalties and interest, negatively impacting your financial situation. As the deadline approaches, taxpayers who have yet to file their returns should do so as soon as possible to ensure compliance with tax regulations.
Avoid the Last-Minute Rush During Income Tax Return Due Date 2023:
With the deadline approaching, taxpayers should file their ITR as soon as possible. The e-filing portal is experiencing increased traffic, and leaving it until the last minute may result in technical glitches or delays. File your ITR as soon as possible to ensure a smooth and error-free submission.
Relevant Tips for Filing ITR:
Taxpayers should prepare their financial documents and information ahead of time to ensure a smooth filing experience. Check all entries twice to avoid errors that could result in discrepancies in tax calculations. To clear up any confusion, use the Income Tax Department’s online resources, such as video tutorials and FAQs.
Conclusion:
As the AY 2023-24 Income Tax Return Due Date approaches, taxpayers must act quickly to file their returns and meet the deadline. Due to the lack of an extension for the Income Tax Return Due Date this year, timely filing is critical to avoid penalties and interest. The record number of returns filed thus far demonstrates taxpayers’ commitment to complying with tax regulations. Taxpayers can contribute to a smooth and efficient tax collection process while ensuring financial well-being by submitting their ITRs on time.
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