Centre is not considering extending the July 31 deadline to file income tax returns (ITR) for the assessment year 2021-22, Revenue Secretary Tarun Bajaj told news agency PTI. According to Income Tax rules, the deadline for ITR filing of a fiscal by individual taxpayers who don’t need to get their accounts audited is July 31 of the subsequent financial year.
He said that over 2.3 crore income tax returns were filed by July 20 for FY2021-22 and these numbers are going up. Around 5.89 crore ITRs were filed for the FY2020-21 by the extended due date of December 31, 2021.
Bajaj said, “People thought that routine now is that dates will be extended. So they were a little slow in filing the returns initially but now on a daily basis, we are getting between 15 lakhs to 18 lakhs returns. This will slightly go up to 25 lakh to 30 lakh returns.”
He added, “Last time, 9-10 per cent filed on last day. Last time, we had over 50 lakh (filing returns on the last date). This time, I have told my people to be ready for 1 crore (returns being filed on the last day).”
What happens if the deadline of paying the income tax returns passes?
Though ITR can be filed after the July 31 deadline, a late filing fee can be imposed on tax filers after the designated date.
If the individual’s yearly income is above Rs 5 lakh per annum, late fee levied will be Rs 5,000. However, a late fee of Rs 1,000 will be levied in case the income is less than Rs 5 lakh per annum.
Last year, the deadline for filing income tax returns was extended two times due to technical glitches on the ITR e-filing portal. Taxpayers were given time until December 31 to file their returns.
(With inputs from PTI)
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