Income Tax Update: 2 crores Income Tax Returns (ITRs) Filed till 11th July

Up until July 11th 2023, 2 crores of income tax returns for the Assessment Year (A.Y.) 2023-24 have been filed, according to the Income Tax Department. The department anticipated receiving as many filings by July 20; nonetheless, the goal was met nine days earlier. The due date to file the income tax returns is July 31, 2023.

The department stated that “Our taxpayers have helped us reach the 2 crore milestone 9 days early this year, compared to the corresponding period in the preceding year, and we appreciate the effort!” It was also directed to file the returns as early as possible to avoid last minute rush.

The department also advised to verify the data from AIS before filing the returns. Also don’t forget to E-verify the return within 30 days of submission of the return.

By 8:36 pm on July 30th, 2023, more than 5 crore income tax returns (ITRs) were filed in the previous year. However, this year’s filing numbers indicate a lower rate of ITR submissions. With the current month approaching its halfway mark, it is anticipated that the filings will be similar to those in previous years.

Important ITR Filing Dates

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

Why you Should File ITR Before the Deadline

1. To Avoid the Penalty for Delayed ITR Filing
2. To Carry Forward and Set Off Eligible Losses
3. To Claim Tax Deductions
4. To Obtain Income Tax Refunds
5. To Make Other Processes Easier

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