Finance Ministry sources have indicated that taxpayers should file their returns as soon as possible as unlike last year, there is no likelihood of the July 31 deadline getting extended.
Taxpayers have to file the returns for 2022-23 with the assessment year being 2023-24.
According to the Income Tax Department, more than 2 crore returns had already been filed till July 11, compared to 2 crore returns filed till July 20 last year.
“Our taxpayers have helped us reach the 2 crore milestone 9 days early this year, compared to the corresponding period in the preceding year, and we appreciate the effort! We urge those who haven’t filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last minute rush,” the Income Tax Department had tweeted on July 11.
Last year a total of 5.8 crore returns were filed and the government expects that this year, the tally could be much higher.
If income tax returns are filed after the deadline of July 31, 2023, then a fine of Rs 5,000 will have to be paid by the taxpayer.
–IANS
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