ITR Filing FY 2023-24: Taxpayers have less than a fortnight to file their income tax returns (ITR) for the financial year 2022-23 (assessment year 2023-24). With the July 31 deadline fast approaching, citizens are advised to file their returns as soon as possible and within the stipulated time. This is because the government has clearly specified that it will not be extending the last date for ITR filing any further.
ITR filing last date extension
Revenue Secretary Sanjay Malhotra, on Sunday, said that taxpayers should file their returns as soon as possible since the government is not contemplating an extension of the provided deadline. In an interview with PTI, the official said that he expects filings this year to be higher than the last. Sanjay Malhotra is hopeful of more than 5.83 crore returns filings by July 31.
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“I would urge them to file their tax return as soon as possible because the deadline of July 31 is approaching fast,” the Revenue Secretary said.
Tax mobilisation in line with set targets
He also said that the tax mobilisation target is more or less in line with the target growth rate of 10.5 per cent.
The growth rate of tax mobilisation through Goods and Services Tax (GST), he said, is at 12 per cent.
Of particular concern, however, is the growth rate for excise duties. In this case, the number is lower than 12 per cent due to rate reduction.
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“It is rather negative as of now,” Sanjay Malhotra said. However, he remains hopeful for the long term. “Once the impact of the decrease in the tax rates is over, we will see some increase in the collection of excise duties. So, overall we feel it’s still early days…we feel that we should be able to achieve the target,” he told the publication.
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