The deadline for filing Income Tax Returns (ITR) for Assessment Year 2023-24 is July 31. This due date applies to taxpayers whose accounts, including most eligible taxpayers, do not require auditing. However, with only 20 days remaining until the deadline, many taxpayers have yet to submit their returns.
According to the most recent data on the Income Tax Website, as of July 9, only 1.89 crore ITRs have been filed. In comparison, during the same period last year (Assessment Year 2022-23), over 5.8 crore returns were filed by July 31. This indicates that approximately 4 crore taxpayers have yet to file their returns within the next 20 days.
It is highly recommended to file your returns as soon as possible to ensure a smooth and hassle-free process, considering the significant number of taxpayers who still need to do so. Filing early will help you avoid any potential rush or complications that may arise on the e-filing website during the last-minute rush. Taking proactive action will contribute to a more convenient and efficient filing experience.
Knowing the advantages of filing your ITR early is important. Let’s explore some of these benefits:
Avoid stress: By filing ITR early, the last-minute rush can be avoided, which means no stress for taxpayers and no deadline pressure for them.
Early refund: By filing your ITR early, you will also get your refunds early on time. Late filers will generally face refund delays as the Income Tax Department can take a lot of time to process the large volume of returns filed in the last few days before the due date.
Error correction: By filing your returns early, you get much more time to rectify errors and file all the revised returns on time, if any.
Avoid penalty: People who file returns after the deadline may face late fees and penal charges. You can avoid all that by filing your returns on the due date.
Lastly, timely filing of returns will help you make better financial decisions and perform better financial planning based on your tax liability. So, if you have not yet filed your ITR, file it as soon as possible.
For any clarifications/feedback on the topic, please contact the writer at samiksha.swayambhu@clear.in
I am an engineer passionate about literature, content, books, feline companions, and practising yoga. I love navigating diverse genres, which led me to my work here at ClearTax.
