The Centre Refuses to Extend Income Tax Return Deadlines for the First Time in Three Years: 5 Points

It is important for you to remind yourself that the deadline for filing your Income Tax Return (ITR) is July 31. The government does not seem keen on extending the deadline any further.

It is important for you to remind yourself that the deadline for filing your Income Tax Return (ITR) is July 31. The government does not seem keen on extending the deadline any further.

Generally, it is a good idea for taxpayers to file their return before the due date so they can avoid penalties and other legal consequences.

Due to the pandemic of Covid-19 which has been ravaging the country for the last two years, the government has extended the deadline for filing individual tax returns in order to simplify compliance for taxpayers.

For the first time in three years, however, there is a significant change in the situation this year, as the Centre does not intend to extend the deadline, a step that is seen for the first time in three years. Last week, Revenue Secretary Tarun Bajaj said, “There are no plans in place to extend the last date for filing,” he said.

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A 5-Point Cheat-Sheet for this Big Story:

Taxpayers whose accounts don’t need to be audited by the Income Tax Department (I-T) are required to deposit their income tax returns by June 30 of the year following the end of the fiscal year as per Income Tax rules.

Taxpayers are reporting that the returnform is very easy to fill out and that refunds are also being processed very quickly, according to the Revenue Secretary. In response to the increased workload, the tax department has launched a new website for I-T filing, which it claims is now very robust so that it can handle the increased loads.

This time, Mr Bajaj told his people to be prepared for a million returns that will be filed on the last day, “Last time we had over 50 lakh returns filed on the last date. This time, I have told my people to prepare for a crore returns.”

Approximately 5.89 crore ITRs were filed over the course of the fiscal year 2020-21 (FY21) by the extended due date of December 31, 2021, which fell on a Saturday this year. An individual is supposed to submit an ITR to the Income Tax Department of India to assist them in processing their tax returns. This document consists of details regarding a person’s income as well as the amount of tax that has to be paid on that income during that particular financial year.

The individual must file a tax return if the amount of income that he/she earns exceeds the qualified exemption limit. In accordance with the new tax regime, the exemption limit has now been set at *2.5 lakhs. A person under the age of 60 is exempt from paying income tax at the current rate of 2.25 lakh, a person between the ages of 60 and 80 is exempt from paying income tax at the current rate of 3.25 lakh, and that individual over the age of 80 is exempt from paying income tax at the current rate of 5. lakh.

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