‘No thinking on extending due date for filing income tax returns’

Our Bureau | | Updated on: Jul 22, 2022
“Returns are coming in abundance,” Revenue Secretary, Tarun Bajaj said.

“Returns are coming in abundance,” Revenue Secretary, Tarun Bajaj said. | Photo Credit: Supannee U-prapruit

Returns are coming in abundance, says Revenue Secretary Tarun Bajaj

The government on Friday said that as on date, there is no thinking on extending due date for filing Income Tax Returns (ITR). Last date of filing returns without late fee for Assessment Year 2022-23 (Fiscal Year 2021-22) by individuals (Including salaried) is July 31.

“Returns are coming in abundance,” Revenue Secretary Tarun Bajaj told BusinessLine. Data from Income Tax e filing portal www.incometax.gov.in shows around two crore ITR filed for AY 23, out of which over 1.66 crore have been verified and over 1.28 crore have already been processed. It may be noted that as on March 15, more than 6.63 crore Income Tax Returns (ITRs) were filed for AY 2021-22.

According to Press Trust of India), Bajaj said that 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 lakh and 18 lakh returns. This will slightly go up to 25-30 lakh returns,” he said.

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.

On some complaining about difficulty in filing returns, he said 2.3 crore people have already filed returns without any complaints. “Previously, 50,000 people were filing returns daily and now this number has gone up to 20 lakh. I am confident that returns will go up in the next few days and people will file their returns,” he said.

An individual (up to age of 60 years), whose annual income is Rs 2.50 lakh or more is required to file ITR. Returns are required to file by individual, whose income is less than the threshold, but if one needs to get refund.  An individual, mandated to file return, has two options for filing ITR – file ITR by July 31 without late fee and then file with late fee till the end of assessment year (March 31 2023, in case of AY 2022-23).

Apart from such individuals, businesses need to file ITR. There are total of seven ITR forms for different category of assesses and different dates for filing without any late fee.

This fiscal, Government has made some changes for return filing. For example, An individual has to file returns, If his total sales, turnover or gross receipts in the business exceeds ₹60 lakh during the previous year, or if his total gross receipts in profession exceeds ₹10 lakh, or if the aggregate of TDS and TCS is ₹25,000 or more, or if the person’s deposit in one or more savings bank accounts is ₹50 lakh or more during the previous year.”

Also, the Finance Act 2022 prescribes taxpayers can update (revise) the return within two years from the end of asssesment year but with some conditions. Updating of tax return as per the new provisions, prescribed by Finance Act 2022 will attract additional liability of 25 per cent (50 per cent in second year). This will help taxpayers make voluntary compliance and declare additional income/ discharge additional tax liability in cases, where, by way of Annual Information Statement.

Published on July 22, 2022
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