No extension on ITR filing because govt wants to restore normalcy: Revenue Secy

The government decided to not extend the last date for submitting Income Tax Returns (ITR) to restore normalcy in filings, Tarun Bajaj, Secretary, Revenue told Business Today TV.

As per official data, over 56 million ITRs were filed until 8 p.m. on July 31.

“Hats off to taxpayers and professionals who burnt the midnight oil to file IT returns,” Bajaj said.

As per data, on an average about 300,000 ITRs were being filed in each hour over the last weekend. The government had received close to 55 million ITR submissions last year until its extended deadline of 31 December last year. 

“For assessment year 2022-23, we expect another 3 million returns could be filed starting today.” said another official who was monitoring the returns over the weekend. 

Central Board of Direct Taxes (CBDT)  in an order dated 27 June reduced the limit for e- verification of ITR from 120 days to 30 days of filing the return.

However, for ITR's filed up to July 31, the time limit of 120 days would continue to apply. This revised rule of time limit of 30 days will only apply to ITR's filed from August 1.

For taxpayers who have missed the July 31 deadline, can still file their returns. However, this may add a late fee on the filing. For taxpayers with a yearly income up to Rs 5 lakh, there is a Rs 1000 is charged as a penalty. A late fine of Rs 5000 is imposed if your yearly income exceeds Rs 5 lakh.

Also read: Govt not considering extension of ITR filing deadline, says Revenue Secy