Reminder: Last Few Days to File Your ITR for FY 2022-23

With the July 31 deadline quickly approaching, taxpayers have less than a fortnight to file their Income Tax Returns (ITR) for the financial year 2022-23 (assessment year 2023-24). It is essential to file your returns within the stipulated time, as the government has made it clear that there will be no further extension.

Revenue Secretary Sanjay Malhotra emphasized the importance of timely filing and urged taxpayers to submit their returns as soon as possible. In an interview, he expressed his optimism for increased filings this year, aiming for more than 5.83 crore returns by the deadline.

To achieve the tax mobilization target, the government is focused on a growth rate of 10.5%. The mobilization through Goods and Services Tax (GST) is currently at 12%, aligning with the target growth rate. However, there is a concern regarding the growth rate for excise duties, which is currently below the target due to rate reduction. Secretary Malhotra remains hopeful that once the impact of the rate decrease subsides, there will be an increase in the collection of excise duties.

As time is running out, it is advisable for taxpayers to promptly file their ITRs and fulfill their tax obligations. Don’t forget to meet the July 31 deadline and avoid any unnecessary penalties. Stay compliant and play your part in nation-building.

For more information on ITR filing, please refer to the official website. Remember, the clock is ticking!

Disclaimer: This information is for general guidance purposes only and should not be considered as professional tax advice. Consult a tax professional for personalized assistance.