Revenue Tax Return Submitting Deadline Of July 31 Could Not Be Prolonged: Official
[ad_1]
Sometimes, return filers wait until the final day to file returns.
The federal government is just not contemplating extending the final date for submitting revenue tax returns because it expects most returns to return in by the due date of July 31, a prime official stated on Friday.
Income Secretary Tarun Bajaj stated over 2.3 crore revenue returns have been filed by July 20 for fiscal 2021-22 and the numbers are selecting up.
Final fiscal (2020-21), about 5.89 crore ITRs (Revenue Tax Returns) have been filed by the prolonged due date of December 31, 2021.
"Folks thought the routine now's that dates shall be prolonged. So that they have been a bit of sluggish in filling the returns initially however now every day, we're getting between 15 lakhs to 18 lakh returns. This may barely go as much as 25 lakh to 30 lakh returns," he advised PTI.
Sometimes, return filers wait until the final day to file returns.
"Final time 9-10 per cent filed on final day. Final time, we had over 50 lakh (submitting returns on the final date). This time, I've advised my individuals to be prepared for 1 crore (returns being filed on the final day)," he stated.
As per I-T guidelines, the deadline for submitting ITRs of a fiscal by particular person taxpayers who don't must get their accounts audited is July 31 of the next monetary yr.
By means of ITR, an individual is meant to undergo the Revenue Tax Division of India. It accommodates details about the individual's revenue and the taxes to be paid on it in the course of the yr.
The Revenue Tax Division has prescribed 7 sorts of ITR types, whose applicability will rely upon the character and quantity of revenue and the kind of taxpayer.
The tax division's new revenue tax submitting portal is now very sturdy to take the elevated hundreds.
"Thus far, there isn't any pondering of extending the final date of submitting," he stated.
Bajaj stated the suggestions being acquired from taxpayers is that the return type has develop into very simple to file and that refunds are additionally being made in a really fast time.
On some complaining about problem in submitting returns, he stated 2.3 crore individuals have already filed returns with none complaints.
"Beforehand 50,000 individuals have been submitting returns every day and now this quantity has gone as much as 20 lakh. I'm assured that returns will go up within the subsequent few days and other people will file their returns," he stated.
Over the past two monetary years, the federal government had prolonged the deadline for submitting ITRs to ease compliance for taxpayers battling covid pandemic.
[ad_2]
0 comments