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No Plan to Prolong Due Date for Submitting ITR

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No Plan to Prolong Due Date for Submitting ITR

Due Date to e-file ITR Will Not Extend, Says Revenue Secretary

Sanjay Malhotra, Income Secretary in an Interview stated that the due date for submitting earnings tax returns (ITRs) is July 31, 2023, and the federal government has no intention of extending it. As of July 2023, the Revenue Tax Division has already claimed that greater than 2 crore ITRs had been filed.

As per the announcement from the Income Secretary, the federal government is anticipating to obtain 5.83 crore returns by July thirty first, 2023. Taxpayers are strongly suggested towards delaying the submitting of their varieties or counting on the potential of a deadline extension.

At the moment, the state of affairs concerning tax collections just isn’t beneficial. The Income Secretary has highlighted that after the preliminary affect of the tax fee discount diminishes, an enchancment in excise cost assortment is anticipated.

Whereas the Items and Companies Tax (GST) aspires for a development fee of 12 per cent, the earnings tax is predicted to develop at a fee of 10.5%. In the course of the fiftieth GST Council assembly, numerous tax charges have been modified, a few of which had a very good impact on the economic system and inspired growth within the monetary and entrepreneurial sectors.

Vital ITR Due Dates

On condition that no deadline extensions shall be granted it’s vital to learn of the upcoming important dates for submitting earnings tax returns (ITR):

  • People, Hindu Undivided Households (HUFs), associations of individuals, or our bodies of individuals (BOIs) whose books of accounts are exempt from auditing should submit their earnings tax returns(ITR) by July 31.
  • Companies should file their returns by October 31, 2023.
  • Companies/Partnership Companies which might be required to supply switch pricing experiences (Audit Type 3CEB for overseas or sure home transactions) should accomplish that by the deadline of November 30, 2023.
  • The final day for Revised Return is December 31, 2023.
  • For Delayed Returns, the present expiration date is December 31, 2023.

The Revenue Tax Division has additionally reminded people with overseas accounts, property, or sources of earnings to incorporate this info of their filed Revenue Tax Returns (ITRs). Failure to reveal these overseas property and overseas sources of earnings could lead to a positive of Rs. 10 lakhs.

It’s suggested that you simply file your taxes as quickly as potential with the assistance of a tax skilled given the continual server downtime issues on the Revenue Tax Portal. Early submitting will reduce any potential points introduced on by server points with the portal.

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