For First Time In 3 Years, Centre Refuses To Extend Tax Return Deadline: 5 Points

25 Jul 2022, 04:42 PM IST

The Centre isn't considering extending the ITR filing deadline this year.

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.
The Revenue Secretary said the taxpayers' 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."
"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.
In the last fiscal year 2020-21 (FY21), around 5.89 crore ITRs were filed by the extended due date of December 31, 2021. Through ITR, a person is supposed to submit to the Income Tax Department of India. It contains information about the person's income and the taxes to be paid on it during a particular 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 is 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).