ITR Filing Last Date: Govt Not Planning To Extend July 31 Deadline

The government is unlikely to extend the deadline for the Income Tax Returns beyond July 31. It is advisable to file the ITR before the due date.

"We expect that the filing would be higher than the last year...we are hopeful that it should be more than the last year," Revenue Secretary Sanjay Malhotra said in an interview to PTI.

About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for assessment year 2022-23.

"We would like to thank income tax return filers as ITR filing has been at a much faster pace than last year and we would advise them not to wait to the last moment and also not to hope for any extensions.

"So, I would advise them to file their tax return at the earliest because the deadline of July 31 is approaching fast," he said.

Also, in case you happen to meet the said deadline, there are penalty implications.

Pertinently, the penalty charged as late fee has been halved. Till Fy 2019-20, in case the taxpayer missed the deadline, the penalty would go as high as Rs. 10,000. But from Fy 2021 i.e. Assessment year 2022, it has been slashed to a maximum up to Rs. 5,000.

In case the individual's total income is less than Rs. 5 lakh then it comes to be Rs. 1,000. Also, note this penalty amount of Rs. 5000 shall also be applicable to those assesses who file the belated return by the deadline to file the same i.e. December 31, 2022.

The reduction in the penalty amount was made as a result of reduction in maximum time to file ITR by 3 months that was introduced in Budget 2021.

Notably, citizens with annual gross income less than Rs. 5 lakh will be liable to pay a maximum penalty of Rs. 1,000 even if you file the belated return after the deadline of December 31, 2022.