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Finance

Income Tax Return (ITR) Filing: ‘Extend Due Date Immediately’ Trends On Twitter As People Seek Deadline Extension

Extend-Due-Date-Immediately_Trends-Days-Before-ITR-Deadline

Highlights:

  • “Extend Due Date Immediately” trended heavily on Twitter as many people have also complained that the Income Tax portal was not functioning properly.
  • According to the income tax department, more than 3.4 crore ITRs had been submitted as of July 26.

The countdown for the last date for filing Income Tax Return (ITR) is just three days away, July 31.  While the Central govt. is determined that it won’t extend the ITR filing deadline of July 31 this year, a chorus on Twitter is growing in favour of doing so. On Twitter, the hashtag #Extend Due Date Immediately is trending.

On Twitter, #Extend Due Date Immediately is trending.

Even today, one Twitter user asked the finance minister to extend the due dates. The professionals are being significantly affected by decision delay.

According to the income tax department, more than 3.4 crore ITRs had been submitted as of July 26. It also recommended people to file their ITR as soon as possible if they hadn’t already.

“Over 3.4 crore ITRs filed till 26th July, 2022 & about 30 lakh ITRs filed on 26th July, 2022 itself. The due date to file ITR for AY 2022-23 is 31st July, 2022. #FileNow if not filed as yet! Avoid late fee!” the tax department tweeted.

Also Read: Shah Rukh Khan And Deepika Padukone’s Viral Photo From Spain Leaves Fans Thrilled For Pathaan

What the government says on a deadline extension for ITR

According to Tarun Bajaj, the revenue secretary, the government is not considering extending the deadline for filing income tax returns, according to PTI.

Benefits of filing the return before the deadline

It is always beneficial for the taxpayer to file their income tax return before the deadline.

According to Gaurav Kapoor, director and co-founder of Fincorpit Consulting, the taxpayer can avoid the penalty that would have been imposed had the return been delayed. Additionally, he can avoid the last-minute rush because the portal responds slowly and even if the taxpayer is readily filling the return, they still fail to do so and suffer penalties.

“Other advantages like quick visa application processing, loan approval earlier as well as few other perks like carry forward of losses it always on the positive note for the taxpayer,” said Gaurav Kapoor.

The benefits of filing income tax returns differ for each person, according to Abhishek Soni, CEO and co-founder of Tax2win. However, in general, an income tax return has tremendous legal value because it serves as a legal proof of your identification and income, which is crucial when applying for loans, enables you to claim deductions, carry forward losses, and helps you avoid many fines.

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Swastika Dubey
Swastika Dubey is a content writer who loves to write about trending entertainment topics, fashion, and lifestyle. She also loves to listen to classic old Hindi songs and travel to new places in her leisure time. Her writing is well researched, covering important aspects and core of the topic covering crucial points.
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