ITR Filing Due Date Update: File Your Taxes before July 31, 2023
As the tax season is in full swing, taxpayers are racing to submit their Income Tax Returns (ITRs) for FY 2023 to avoid penalties for missing the deadline. The last date for filing ITR for the assessment year 2023-2024 is July 31, 2023. Despite the rush, an extension of the due date seems unlikely, according to Revenue Secretary Sanjay Malhotra.
Currently, the government has received over four crore ITRs, and 50% of these returns have already been processed. Additionally, more than 80 lakh taxpayers have received their refunds. However, there are still many taxpayers who have not filed their ITRs yet. Unlike last year, there is no proposal to extend the deadline.
Abhishek Soni, CEO, and Co-founder of Tax2win emphasized the importance of timely filing, urging taxpayers to avoid a last-minute rush and meet the July 31 deadline. Archit Gupta, Founder and CEO of Clear, also stated that an extension is unlikely, advising those with complex returns not to wait until the last minute.
Filing your ITR on time not only helps you avoid fines but also benefits tax professionals and experts involved in the process. So, ensure timely submission and secure your financial standing for the year ahead.
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