ITR filing deadline on July 31Will it be extended?

By India Today Business DeskAs the due date for filing tax return (ITR) for the evaluation year 2023-24 methods on July 31, people are hurrying to satisfy the due date.

Far, over 4 crore ITRs have actually been submitted, as reported by the Income Tax Department. The tax department has actually advised taxpayers to submit their returns early to prevent the last-minute rush.

Since July 27, there has actually been no main proposition to extend the ITR filing due date, and the income secretary, Sanjay Malhotra, just recently specified that an extension is not likely.

Tax specialists likewise share the belief that an extension is unlikely, offered the lack of any statement from the tax department.

Chartered accounting professionals are positive that a substantial variety of returns will be submitted in the coming days, making a due date extension unneeded. The tax filing procedure has actually been smoother this year, with very little problems on the website.

Regardless of these elements, the possibility of a due date extension can not be totally ruled out. The destructive effect of monsoon rains and floods in Uttarakhand, Himachal Pradesh, Gujarat, and Delhi-NCR might have impeded some private taxpayers and small company owners from submitting their returns on time.

In such cases, the tax department and the financing ministry might think about offering an extension to accommodate those impacted.

No choice has actually been taken concerning an extension as of now, and taxpayers are encouraged to finish their filing prior to the due date.