As Sunday (July 31) is the deadline to file ITRs for the assessment year 2022-23, more and more people are filing their income tax returns in the last hours. The government has not extended the date for ITR filing. According to the income tax department, more than 5.10 crore ITRs have been filed till July 30 and about 57.51 lakh returns were filed on July 30 itself.
Over 2.3 crore income tax returns were filed till July 20. Last year, around 5.9 crore ITRs were filed till December 31, 2021, the extended deadline.
“More than 5.10 crore ITRs have been filed till 30th July,2022. Over 57.51 lakh #ITRs were filed on 30th July,2022 itself. Do remember to file yours, if not filed as yet. #FileNow to avoid late fee. Today is the due date to file #ITR for AY 2022-23,” the income tax department said in a tweet on Sunday.
In another tweet, it said, “33,73,975 #ITRs have been filed upto 1600 hours today (on Sunday) & 4,73,228 #ITRs filed in the last 1 hour.”
Taxpayers can file ITRs both online and offline. Under the online mode, the return filers do not have to download any form or utility. However, the offline mode requires downloading form or utility and then uploading it on the new income tax portal.
As far as the ITR deadline is concerned, the last date varies from one taxpayer to another based on categories. Salaried employees and other individuals as well as Hindu Undivided Families, who do not need an audit, need to file the ITR by July 31. However, those taxpayers who need to get their accounts audited, including a working partner of a firm and a company, need to file the ITR by October 31.
There are two regimes for filing ITR — old regime and new regime. Under the old regime, there are over 70 exemptions and deductions available, including Section 80C, 80D and 80CCD, among others, to lower the tax burden on individuals. Under this regime, taxpayers can claim deductions for investing or spending on specific financial instruments.
Under the old income tax regime, the tax exemption limit is Rs 2.5 lakh for people below 60 years of age. For senior citizens or those between 60 and 80 years of age, the exemption limit is Rs 3 lakh. For those who are 80 years of age and above, the exemption limit is Rs 5 lakh.
Under the new regime, the tax deductions and exemptions have been done away with. It is a concessional tax regime under which income of less than Rs 5 lakh is tax-free through a rebate. However, this system has more tax slabs and lower tax rates as compared to the old system. Under the new system, the tax exemption limit is up to Rs 2.5 lakh for all.
Salaried individuals and pensioners can choose between the old tax regime and the new concessional tax regime in every assessment year as per their convenience.
Revenue Secretary Tarun Bajaj recently said the government was not considering extending the July 31 deadline for filing the income tax return (ITR). “People thought the routine now is that dates will be extended. So, they were a little slow in filling the returns initially but now on a daily basis, we are getting between 15 lakhs to 18 lakh returns. This will slightly go up to 25 lakh to 30 lakh returns,” he had told PTI.
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