New Delhi: 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.
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.
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 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).