Thursday , July 18 2024
Home / Business / ITR Filing Made Easier: Latest Update from Income Tax Department Explained

ITR Filing Made Easier: Latest Update from Income Tax Department Explained

ITR Filing Deadline Extended: Income Tax Department’s Big Announcement

The Income Tax Department has recently made a significant announcement regarding the extension of the Income Tax Return (ITR) filing deadline. This update is especially important for taxpayers, charitable trusts, religious institutions, and professional bodies. In this article, we will delve into the details of this announcement and what it means for different entities.

The Extended Deadline

The Income Tax Department has extended the deadline for filing ITR for certain groups of taxpayers. Initially, the deadline was set for 30th October. However, now, it has been extended by a month, allowing taxpayers more time to prepare and submit their ITR.

Charitable Trusts and Religious Institutions

One of the key categories that benefit from this extension is charitable trusts and religious institutions. They are now granted an additional month to submit their audit reports for the year 2022-23 using Form 10B/10BB. This extended deadline now stands at 31st October 2023.

A Previous Deadline

Previously, the deadline for these submissions was 30th September. This extension provides some relief to these organizations, giving them more time to compile and submit their audit reports.

Political Parties and Election Trusts

Apart from charitable trusts and religious institutions, political parties and election trusts also file their returns using ITR-7. The earlier deadline for these entities was 31st October 2023. Now, they have an additional month, with the new deadline set at 30th November 2023.

Corporations and ITR Filing

The corporate sector is not left out either. For the assessment year 2023-24, the deadline for filing income tax returns using ITR-7 has been extended from 31st October 2023 to 30th November 2023. This extension aims to ease the burden on corporations and allow them more time to ensure accurate and timely filing.

E-Filing Desk for Assistance

In an effort to assist taxpayers and alleviate the challenges they may face while filing returns, the Income Tax Department has set up an E-Filing Desk. This desk is dedicated to helping taxpayers navigate the filing process smoothly.

Increased Tax Collection

The Ministry of Finance has also shared some important financial statistics. They have reported that the direct tax collection for the financial year 2023-24 has increased by 18.29%, amounting to a staggering ₹9.87 lakh crore. This is a significant boost from the previous financial year, which recorded collections of ₹8.34 lakh crore during the same period.

Conclusion

In conclusion, the extension of the ITR filing deadline by the Income Tax Department comes as welcome news to various entities, including charitable trusts, religious institutions, political parties, and corporations. It provides them with the necessary breathing space to compile and submit their returns accurately. Additionally, the increased tax collection indicates a positive trend in revenue generation for the government.