With only six days left to file Income Tax Returns (ITR), taxpayers hoping for an extension are in for disappointment.
The government has made it clear that there will be no extension for the July 31 deadline.
Revenue Secretary Sanjay Malhotra has urged taxpayers to promptly file their ITR to avoid any last-minute rush.
Last year, approximately 5.83 crore income tax returns were filed on the final day for the assessment year 2022-23, highlighting the significance of meeting the deadline.
Taxpayers Advised Not to Wait:
Revenue Secretary Sanjay Malhotra expressed his expectations for a higher number of ITR filings compared to the previous year.
He commended the swift pace of ITR filings this year and thanked the taxpayers for it. To avoid any inconvenience, he advised taxpayers not to wait until the last day and to refrain from expecting a deadline extension.
The Countdown Begins:
Taxpayers are now left with only six days to complete their ITR filings before the July 31 cutoff.
The Revenue Secretary emphasized the importance of filing returns promptly as the deadline approaches rapidly.
He also mentioned that tax collection is in line with the target growth of 10.5 percent, with Goods and Services Tax (GST) witnessing the highest growth at 12 percent.
Government’s Revenue Projections:
As per the budget for the financial year 2023-24, the government is expecting gross tax receipts of Rs 33.61 lakh crore.
Out of this, the target collection from corporate and personal income tax stands at Rs 18.23 lakh crore, representing a growth of 10.5 percent.
The revised estimate for customs duty collection is projected to increase by 11 percent to Rs 2.33 lakh crore from the previous Rs 2.10 lakh crore in FY 2023.
Additionally, the government anticipates a 12 percent growth in GST collection, reaching Rs 9.56 lakh crore in the next financial year.
Overall, the government is projecting a growth of 10.45 percent in gross tax collection, including both direct and indirect taxes, amounting to Rs 33.61 lakh crore for the financial year 2023-24, compared to Rs 30.43 lakh crore in the previous fiscal year.
