• Extending the deadline for ITR filing for AY 2022-23 - Will it be necessary?

    Extending the deadline for ITR filing for AY 2022-23 - Will it be necessary?
    More than three crore income tax returns for 2022–2023 were submitted up till July 25, 2022.

    Digital Desk: Income Tax Return Filing 2022 Last Date Extension: With only a few days until the end of the Income Tax Return filing deadline, several social media users have urged the IT Department to extend the deadline past July 31, 2022.

    Over three crore Income Tax Returns were filed for the fiscal year 2022-2023 as of July 25, 2022. The total tax filed up to July 24 was 2.85 crore. 

    Last year, until July 31, there was 5.89 crore ITRs filed. Assuming the same number of returns must be filed this year, approximately 2.8 crore ITRs remain unfiled. It means that from today until July 31, about 48 lakh ITRs must be filed daily.

    According to experts, if the new Income Tax website cannot handle this much of the load until the due date, the government will have to extend the due date by a few more days this year as well. In addition, many taxpayers will face penalties for late filing if this does not occur.

    "The government has just published filing data." The total number of income tax returns (ITRs) filed until July 24 is 2.85 million. Last year, the total number of ITRs filed until the due date, December 31, was 5.89 crore. Therefore, from July 25 to July 31, a total of 3 crores plus ITR filings must be completed.

    It will necessitate 45 lakh filings per day. If this filing rate is not met, the government may issue a short extension of the due date," said Surjit Bangar, Founder of Taxbuddy.com.

    The deadline for filing ITR for FY 2021-22 (AY 2022-23) is July 31. However, according to tax experts, one should always file ITRs early to avoid last-minute hassle and to receive an income tax refund as soon as possible. On the official website, you can file a free ITR.