The Earnings Tax Division reported that over 7 crore earnings tax returns (ITRs) have been filed by 7 PM on Wednesday, the ultimate day for submitting ITRs for the fiscal 12 months 2023-24. The division posted on X (previously Twitter), “Greater than 7 crore ITRs have been filed to date (thirty first July), out of which over 50 lakh ITRs have been filed right now until 7 PM!”
In the meantime, the Earnings Tax Division confirmed that the deadline for submitting earnings tax returns (ITR) for the monetary 12 months 2023-24 is right now, July 31, 2024, and no extension has been introduced regardless of circulating rumors on social media.
PIB truth test debunks extension rumors
The I-T Division shared a PIB Reality Test on X (previously Twitter), stating, “An advisory of Workplace of Press Registrar Basic of India shared on social media is being misconstrued as extension of due date for submitting ITR.” The very fact test clarified that the advisory is just not associated to an ITR submitting extension.
Technical glitches and social media stress
Many taxpayers have reported technical points whereas submitting returns, resulting in elevated stress on social media for an extension. Nevertheless, the tax division has remained agency on the July 31 deadline.
Consultants weigh in
Consultants, together with Ritika Nayyar, Accomplice at Singhania & Co, have indicated that an extension is unlikely except there’s an unavoidable emergency. Nayyar defined that calls for for extensions normally come up because of technical issues however famous that with many ITRs already filed and frequent reminders from the I-T Division, an extension is just not justified.
Impression of deadline extension
Nayyar highlighted that extending the deadline might negatively have an effect on your entire tax submitting and processing system. “Date extension additionally has a ripple impact on ITR filings for different classes of taxpayers and the processing of returns. So, till the scenario impacts a big part of taxpayers or there’s an emergency past management, it’s unlikely to occur,” she mentioned.
Pressing reminder to taxpayers
The tax division has urged taxpayers to finish their ITR filings by the July 31 deadline to keep away from penalties for late submitting.
