Income Tax Return Due Date will not be Extended, says Revenue Secretary

According to an interview with Revenue Secretary Sanjay Malhotra, taxpayers must submit their Income Tax Returns (ITR) by July 31, 2023, and the government has no plans to extend the deadline. The Income Tax Department has already reported that over 2 crore ITRs have been filed as of July 2023.

As per the statement of the Revenue Secretary, the government anticipates receiving 5.83 crore returns by July 31st, 2023. The secretary also advised taxpayers against procrastinating or expecting any deadline extensions when it comes to filing their returns.

“It is rather negative as of now. Hopefully going forward, once the impact of the decrease in the tax rates is over, we will see some increase in collection of excise duties.” Says the Revenue Secretary.

The income tax is set to achieve a growth rate of 10.5 percent, while the Goods and Services Tax (GST) aims for a growth rate of 12 percent. In the 50th GST Council meeting, various tax rates were adjusted, with some being reduced and others increased. These changes are expected to positively impact the economy, fostering growth in both financial and entrepreneurial domains.

Important Due Dates

Given that there will be no extensions for the due dates, it is crucial to be aware of the following important deadlines for filing Income Tax Returns (ITR):

1. Individual / HUF/ Association of Persons(AOP)/ Body of Individuals (BOI) (books of accounts not required to be audited):  Last Date 31st July
2. Businesses (Require Audit): Last Date 31st October 2023
3. Businesses/Partnership Firm requiring transfer pricing reports (Audit Form 3CEB -in case of international/specified domestic transactions): Last Date 30th November 2023
4. Revised Return : Last Date 31st December 2023
5. Belated Return : Last Date 31st December 2023

The Income Tax Department also issued a reminder to individuals holding foreign accounts, assets, or sources of income to disclose such information in their Income Tax Return (ITR) filing. Failure to disclose these Foreign Assets and Foreign Sources of Income may result in a penalty of Rs. 10 Lakhs.

Read More: Attention to Foreign Assets Holders: Failure to Disclose FA and FSI in ITR attracts Rs. 10 Lakh Penalty

Given the ongoing server downtime issues on the Income Tax Portal, it is recommended to promptly file your returns with the assistance of a tax professional. Filing early will help mitigate any potential complications arising from the portal’s server problems.

Also read: ITR Filing due date nearing: All you need know about Income Tax Refund

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