The government has decided not to extend the deadline for submitting Income Tax Returns (ITR) beyond July 31 this year. They are urging taxpayers to file their returns promptly. This implies that taxpayers must file their ITRs for the fiscal year 2022-23 within the deadline of July 31.
During an interview with PTI, Revenue Secretary Sanjay Malhotra expressed his anticipation of a rise in the number of filings compared to the previous year. He is optimistic and expects the filings this year to surpass those of the previous year.
As per the information provided by the Income Tax Department, approximately 5.83 crore income tax returns were submitted on the final day of filing returns for the assessment year 2022-23, which was July 31, 2022. This figure reflects a substantial surge compared to the 4.83 crore returns filed in the preceding year.
Thanking the income tax return filers, the spokesperson highlighted that the pace of ITR filing has been considerably faster than the previous year. However, they strongly advised filers not to procrastinate or rely on the possibility of deadline extensions. Urging them to act promptly, the spokesperson advised filers to submit their tax returns as soon as possible, considering the rapidly approaching deadline of July 31.
Malhotra indicated that the tax mobilisation objective aligns approximately with the projected growth rate of 10.5%. He further noted that the GST’s current growth rate is 12%. However, he pointed out that the increased excise duty rate falls below 12% due to rate reductions.
At present, the situation is somewhat unfavourable. However, there is optimism for the future, anticipating an increase in the collection of excise duties once the impact of the tax rate reduction subsides. It is still early to make a conclusive assessment, but there is confidence that the set target can be achieved. In summary, while acknowledging the current challenges, there is a belief that the situation will improve over time.
As per the Budget 2023-24, the government has projected gross tax receipts of Rs 33.61 lakh crore for the current fiscal year. The Budget documents outline the government’s aim to generate Rs 18.23 lakh crore from these receipts, representing a 10.5% increase compared to the amount collected from corporate and individual income taxes. This indicates the government’s target for boosting tax revenue from sources other than corporate and individual income taxes.
In the fiscal year 2023, it is estimated that customs duty collections will witness an 11% rise, reaching Rs 2.33 lakh crore compared to the revised forecast of Rs 2.10 lakh crore. Additionally, GST collections are expected to experience a 12% growth, reaching Rs 9.56 lakh crore in the upcoming fiscal year. These projections indicate the government’s anticipation of increased revenue from customs duties and GST collections.
Considering both direct and indirect taxes, the gross tax collection is forecasted to rise by 10.45% to Rs 33.61 lakh crore in the fiscal year 2023-24. This represents an increase from the previous fiscal year’s collection of Rs 30.43 lakh crore. These projections indicate the government’s expectation of a significant increase in tax revenue from both direct and indirect sources for the specified fiscal year.
It is advisable not to wait till the last date and file your ITR now.
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