July 31 deadline for Income Tax Filing most likely to remain unchanged

In an interview with news agency PTI, Revenue Secretary Sanjay Malhotra has emphasized the importance of income tax payers filing their returns promptly. He confirmed that the finance ministry is not considering an extension of the July 31 deadline, urging taxpayers to take immediate action.

Last year, approximately 5.83 crore income tax returns were filed by the deadline, marking the conclusion of the assessment year 2022-23. Secretary Malhotra expressed optimism, stating that this year's filing is expected to surpass the previous year's numbers. He expressed gratitude towards the taxpayers for their increased pace of filing and advised against procrastination, as well as any hope for deadline extensions.

The revenue secretary's advice to taxpayers was clear and concise: "I would advise them to file their tax return at the earliest because the deadline of July 31 is approaching fast."

Prompted by the encouraging response from taxpayers, the finance ministry anticipates a greater number of returns this year. This positive trend could be attributed to various factors, such as increased awareness, simplified filing processes, and enhanced accessibility to digital platforms.

By filing tax returns promptly, individuals not only fulfill their legal obligations but also contribute to the efficient functioning of the taxation system. Moreover, early filing provides taxpayers with ample time to review their finances, maximize tax breaks, and seek professional assistance if required.

To ensure a seamless filing experience, taxpayers are encouraged to gather all necessary documents and information ahead of time. It is advisable to consult tax experts or refer to relevant guidelines to take advantage of potential tax-saving opportunities and avoid any last-minute rush or errors.

As the deadline looms, the revenue secretary's call to action serves as a reminder to taxpayers across the country. By acting promptly and responsibly, individuals can contribute to a smoother tax season while minimizing the risk of penalties or delays in processing their returns.

In conclusion, the finance ministry is not contemplating an extension of the July 31 deadline for income tax return filing. Taxpayers are urged to take advantage of the faster pace of filing seen this year and submit their returns promptly. Emphasizing the approaching deadline, the revenue secretary reminds individuals not to wait until the last moment, highlighting the importance of timely compliance with tax obligations.