More than 50 lakh returns were filed on the last day i.e. July 31. The Income Tax Department has appealed to those taxpayers who have not filed to file their returns. The department has said that a 24/7 helpdesk is available to assist in tax filing.

The number of returns filed till 7 pm is more than 7 crore

The Income Tax Department has posted a post on the social media platform X. It says that more than 7 crore returns have been filed till 7 pm on July 31. More than 50 lakh returns were filed till 7 pm on July 31 alone. The department has said in the post that our helpdesk is available 24/7 to help with return filing and related services. We appeal to those taxpayers who have not filed to file their returns.

The last date for filing income tax returns has not been extended

The last date for filing income tax returns for the financial year 2023-24 has not been extended. Its last date was 31 July. The Income Tax Department had already indicated that the last date would not be extended. July 31 was the last date for filing returns for such taxpayers who are not required to get their accounts audited. But, for those taxpayers who are not required to get their accounts audited, the deadline was 31 July.

More returns were filed this year than last year

This year more returns have been filed than last year. Last year, till the evening of 31st July, more than 6.77 crore returns were filed. This time this number is more than 7 crores. Last year, on the last day i.e. 31st July, 64.33 lakh returns were filed. This time more returns have been filed under the new regime of income tax. Revenue Secretary Sanjay Malhotra had said on 30th July that till that date (30th July), more than 6 crore returns were filed, out of which 70 percent were filed under the new regime.

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Currently the dashboard is showing this figure

According to the dashboard available on the e-filing portal of the Income Tax Department, more than 11.30 crore individual users have registered themselves so far. At the same time, about 2.50 crore income tax returns have been filed. Out of these, about 2.28 crore returns have been verified. The Income Tax Department has processed 1.02 crore returns out of the total returns filed so far.

Only 2 weeks left

There is not much time left in the deadline for filing income tax return for the last financial year. The deadline for filing income tax return for the financial year 2022-23 i.e. assessment year 2023-24 is 31 July 2023. This means that now you have only 2 weeks left to file the return. One thing must be kept in mind while filing the return that it is necessary to verify after filing the return. Returns without verification are declared invalid.

The number of returnees is increasing

As the deadline draws closer, the number of taxpayers filing returns is increasing. Many people keep postponing important work as well and this is also seen in the case of income tax return. The Income Tax Department is repeatedly warning taxpayers not to wait for the deadline and file their returns as soon as possible.

The revenue secretary gave this advice

If you too have not filed the return yet and are expecting an extension of the deadline, then let us tell you that the chances of this happening are very less. The government did not extend the deadline for filing returns last time as well. This time also there are no signs of increasing the deadline. In a recent news of Business Today, Revenue Secretary Sanjay Malhotra has been quoted as saying that there is no proposal in this regard. According to Malhotra, there is currently no proposal to extend the deadline for filing income tax returns. My advice is that all taxpayers file returns well in advance.

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The last date to file income tax return is coming. There will be many people who have not yet filed the return. 31st July is the last date to file ITR. Those who do not file ITR on time, action is taken against them by the Income Tax Department.

That’s why you should also file income tax return as soon as possible. You may face many problems after the last date to file income tax. Because the server gets down at the last moment. Along with this, the possibility of making many mistakes also increases.

Avoid These Mistakes While Filing Returns ( ITR Filing Checklist)

• If you are employed then you must have Form 16. Which is given to you by the company. In this form, you have complete information about the tax levied on your salary.
• It is also necessary to check Form 26AS before filing the return. Which contains all the information. If there is any wrong information then it may take 7 to 10 days to get it corrected. That’s why start the process of filing income tax return well in advance.
• You will also need the Annual Information Statement. That’s why prepare it beforehand.
• If you have invested in any stock or mutual fund, then information about capital gain has to be taken.
• You have to give information about all the sources of your income. Like earning from interest somewhere, investing in crypto, its information or other earnings. You have to give all the details.
• While filing income tax return, if you have given half incomplete information or have not mentioned any income, then you may have to face problems for that too.
• Do not file income tax return in haste. After filling the form, it is necessary to read it several times.

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Now only a few days are left for the new year to come. Before the new year starts, make sure that all your work related to income tax is settled. 31 December 2022 The last date for filing revised income tax return for the financial year 2021-22 is 31 December 2022. Under the Income Tax Act, if a person has missed the last date for filing the original income tax return, he can also file ITR till December 31.

If you missed earlier then still there is a chance

So, if a person had not filed the return on or before July 31, 2022, then he has a chance till December 31, 2022 to file ITR. Similarly, if you had made a mistake while filing the original income tax return, then the taxpayer can correct it by filing a revised income tax return. The last date for filing revised ITR for the financial year 2021-22 has been kept as 31 December 2022.

If you missed filing ITR, you can file ITR under section 139(4) of the Income Tax Act, 1961. However, the process to file it is the same as for normal ITR filing. While filing this, the taxpayer should take care of two things. First, select section 139(4) in the tax return form and pay the appropriate amount of penalty, interest on penalty and outstanding tax.

These taxpayers will be fined

Under Section 234F of the Income Tax Act, late filing of ITR attracts a penalty of Rs 5,000 on the taxpayer. However, small taxpayers with taxable income up to Rs 5 lakh have to pay a penalty of Rs 1,000 only. Late ITR filing fee has to be paid before starting ITR filing.

Let us tell you that according to the Central Board of Direct Taxes, taxpayers who have earned through online games, lottery or betting and have not given its details in ITR, they will have to file an updated ITR and give these details in it. According to income tax rules, taxpayers who have filled wrong information in their ITR or have filled half incomplete information, they also have to fill updated ITR.

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Income tax experts and taxpayers are hopeful that like the last two financial years, this time too the government will extend the last deadline for filing returns, but the department has put an end to these possibilities through a tweet. The Income Tax Department tweeted on Saturday and said- Dear taxpayers, if you have not filed your return yet, then keep in mind the last deadline. The last date for filing returns for the assessment year 2022-23 is July 31, 2022. There is no time left, enter soon. For this you can visit http://incometax.gov.in.

Dear taxpayers,
Do remember to file your ITR if you haven’t filed yet.
The due date to file ITR for AY 2022-23 is 31st July, 2022.
No time to spare #FileNow

Pl visit: https://t.co/GYvO3n9wMf #ITR pic.twitter.com/METL0Y8h1b

— Income Tax India (@IncomeTaxIndia) July 23, 2022

Government has also indicated

Before the Income Tax Department, Revenue Secretary Tarun Bajaj has also indicated that this time the last date for filing returns will not be extended. On Friday, he had said that at present the government is not considering extending the last date for filing income tax returns. Taxpayers will have to file their returns by the due date of July 31.

Technical flaws not leaving the chase

On the one hand, the government and the Income Tax Department are refusing to extend the date of filing returns, while on the other hand, technical flaws are being seen on the e-filing portal of the Income Tax Department. However, the Income Tax Department is constantly saying that almost all the troubles have been eliminated, but CAs and taxpayers are also talking about the difficulty in filing returns.

What are the experts telling the problem

CA Chetan Joshi tweeted, Bajaj sir – How to file ITR on time with many technical glitches. He also told about the three major problems being faced by the e-filing portal. Said, there is a problem in getting the OTP to reset the password. Apart from this, the ITR form kept in the draft is not visible. ITR form is not getting submitted even after pressing the submit button. Like Joshi, many other taxpayers have tweeted about the technical flaws coming on the portal.

Last year, about 9 to 10 percent of taxpayers had filed ITR on the last date of filing returns. Revenue Secretary Tarun Bajaj had said that last year more than 50 lakh ITRs were filed on the last day. This year the department expects to fill 1 crore ITR on the last day.

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The last day of filing returns i.e. 31st July is falling on a Sunday and banks will also remain closed. In such a situation, the question must have arisen in the minds of lakhs of taxpayers whether it will have any effect on filing their returns. The answer is no, because now the Income Tax Department gives the facility of filing returns 24x7x365 days. By the way, it would be better to file your return before the last due date.

Earlier the problem came,

Income Tax experts say that now the entire process of filing returns has become online. Therefore, it is not affected by any holiday or bank closure. This used to happen earlier, when the process of filling ITR was done manually. However, the ideal situation would be that the taxpayer should not wait for the last minute to file his return. On the last day a large number of people will visit the portal and this may cause internet slowdown.

Bank closure will have

an effect Another tax expert says that although holidays do not have a direct effect on ITR, net banking will not run as fast as it runs in working days due to bank closure. The portal of the Income Tax Department may also slow down on this day, as the department has already spoken about technical flaws. In such a situation, it would be better that the taxpayers do not wait for the last day to file the return.

If you miss filing the return that problems will arise. After July 31, the person filing the return will have to pay a fine of 1 percent every month till the completion of his work. Apart from this, if tax is deducted on you at the time of return, then its payment may also become difficult due to the closure of the bank

Bank branch will also have to be visited, if you do not have online banking, then you will have to submit a bank challan to pay your tax and this work will be completed only after visiting the bank branch. Apart from this, you may also have to go to the bank branch for Form 16. If you want to do this work on the last day, then it will not be possible due to the closure of the bank. So it would be better if you do not wait for the last minute. Even if the last day of filing ITR was not a holiday, the taxpayer should collect the bank challan in advance as it takes time to get the number.

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It is not necessary to file income tax return for senior citizens of 75 years and above (ITR Rules for Senior Citizens). Senior citizens aged 75 years and below have to file income tax return. For them also its last date is 31st July, 2022.

Income Tax e-filing portal has received more than 2 crore Income Tax Returns(ITRs) for AY 2022-23.
We urge you to file your ITR at the earliest, if not filed as yet.
Pl visit: https://t.co/GYvO3n9wMf #FileNow #ITD pic.twitter.com/BvFXS5QYFG

— Income Tax India (@IncomeTaxIndia) July 20, 2022

In the budget presented in February last year, it was announced to exempt people aged 75 years and above from filing income tax returns. Certain conditions have been fixed to take advantage of this rule. First, the person should be a citizen of India and should be 75 years or more in the previous financial year. Second, the source of income of the individual should be only pension. Apart from pension income, the bank in which his pension comes, he can have interest income in that bank.

The government had added section 194P in the Income Tax Act, 1961 to give this exemption to senior citizens. A notification in this regard was issued on September 2 last year. Senior citizens fulfilling the above conditions will have to submit a declaration to their bank. In this, it has to be mentioned that the bank can deduct TDS from their income in the previous financial year. If the senior citizen has not submitted this declaration to the bank, then he/she will have to file ITR.

Have you filed your ITR for AY 2022-23 yet?
The due date to file ITR for AY 2022-23 is 31st July, 2022.
File today and avoid the last minute rush!
Pl visit: https://t.co/GYvO3n9wMf #ITR #FileNow pic.twitter.com/tX733vnyLR

— Income Tax India (@IncomeTaxIndia) July 19, 2022

Senior citizens will have to submit this declaration to the bank in Form 12BBA. After this the bank will calculate the gross total income (pension plus interest income). The bank will take into account deductions, tax-exemptions and rebates available under section 87A to arrive at taxable income. After that TDS will be deducted according to the taxable income.

Bank will issue Form 16 for tax deducted under section 194P to senior citizens. This Form 16 will be in the same way as companies issue their employees in June every year.

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