Revenue Secretary: No Plan to Extend Deadline for Filing Income Tax Returns

Sanjay Malhotra-Revenue Secretary: Advised taxpayers not to wait for the extension ITR filing deadline which is 31st July 2023. Ensure to file your tax returns as early as possible.

The Revenue Secretary, Sanjay Malhotra, stated that the Union finance ministry has no intention to extend the deadline for filing income tax returns. He emphasized the importance of taxpayers filing their returns and clarified that there will be no extension, unlike the previous year. 

He encouraged taxpayers to file their returns as soon as possible, disregarding any potential extensions due to floods and heavy rains in northern India.

During an interview with Business Today, Malhotra advised taxpayers to submit their income tax returns on time, emphasizing the importance of avoiding any last-minute rush. He stated that it is beneficial for the IT system to have a staggered filing process. The deadline for filing income tax returns for the fiscal year 2022-23 is July 31.

The number of tax returns filed by July 12 has significantly increased compared to last year, with over 10 million more returns filed. By July 13, the total number of returns filed for Assessment Year 2023-24 reached 23.4 million, with 21.7 million returns verified and 8.48 million processed. 

Due to this positive trend, there is no apparent need to extend the deadline. However, some requests for an extension have been made, citing floods and the coinciding deadline for filing goods and services tax returns on July 31. It is important to file returns on time to avoid a penalty of up to Rs 5,000.

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