Centre Refuses To Extend Tax Return Deadline

For First Time In 3 Years…

For the first time in 3 Years, it has come into the notice that the central government would not extend the deadline for tax return. 

According to the information, the deadline to file an Income Tax return (ITR) is July 31, and the government isn't keen to extend the timeline any further. Taxpayers should file their ITRs before the due date to avoid paying penalties or other legal consequences. 

As per the information, over the last two financial years, the government extended the deadline for filing ITR to ease compliance for taxpayers battling the Covid-19 pandemic. However, the situation is different this year as the Centre isn't considering extending the deadline, a step to be seen for the first time in three years. "So far, there is no thinking of extending the last date of filing," Revenue Secretary Tarun Bajaj said last week.

Further the revenue secretary said, feedback is that the return form has become very easy to file and that refunds are also quick. The tax department has launched a new I-T filing portal, which it says "is now very robust to take the increased loads." Adding more, "Last time, we had over 50 lakh (filing returns on the last date). This time, I have told my people to be ready for 1 crore (returns filed on the last day)," Mr Bajaj added.

As per Income Tax (I-T) rules, the deadline for filing ITR of a fiscal by individual taxpayers -- who do not need to get their accounts audited -- is July 31 of the subsequent financial year.

If an individual's income exceeds the exempted limit, s/he must file tax returns. Under the new tax regime, the exemption limit is set at Rs 2.5 lakh. Under the old regime, the exemption limit was Rs 2.5 lakh for those under the age of 60; Rs 3 lakh for those between the ages of 60 and 80 (senior citizens); and Rs 5 lakh for those above the age of 80 (super senior citizens).