Skip to main content

27% income taxpayers yet to file ITR, of which 14% can't meet deadline

By

 Floods and related power outages in July in 7-8 states across the country cited as top reason for being unable to file by the July 31st date. At least 27 percent of taxpayers are yet to file their income tax returns for fiscal 2023 while another 14 per cent will be unable to meet the July 31 deadline due to  extreme weather conditions across seven to eight states and its impact on the lives of some, revealed a survey by Local Circles. Feedback in community discussions indicates most people want just a 2-week extension to be able to file their returns as the flood and power outage situation on the ground normalises.Alternatively, the Government could consider giving deadline extension to residents of just those states. The survey received over 12,000 responses from citizens located in 315 districts of India. 68% respondents were men while 32% respondents were women.

 

The survey data showed that while 7 in 10 have already filed their income tax returns; 5 per cent of the respondents have tried but had difficulty in filing and will try again to file by July 31.

Eight per cent  of those surveyed admitted that they haven’t filed their returns yet but will comfortably do so before month end. Five per cent admitted they haven’t filed it and it will take a significant effort to do so before the deadline and 9 per cent  indicated that it will be impossible for them to file the income tax returns by July 31. "In effect, 14% of respondents admitted that they will likely be unable to file their income tax returns by the deadline," said LocalCircles. Be it floods leading to landslides in Assam, Himachal Pradesh and Uttarakhand or excessive rains in Telangana, parts of Gujarat and Maharashtra or displacement of thousands in Delhi NCR due to Yamuna banks and surrounding areas getting flooded, India has experienced a very unusual July.

 

Many of the above states have not only faced floods and water logging but  power outages for long lours and in some areas for days.  Unfortunately for many these disruptions have meant not being able to file their income tax returns by the end of July as required. As the deadline approaches many have shared concerns on social media about being unable to meet the deadline for filing individual income tax returns. Revenue Secretary Sanjay Malhotra last week stated that an extension of July 31, 2023 deadline for filing income tax return for financial year 2022-23 was unlikely and tax-payers should rush to complete filing their income tax returns before the deadline.

 

-Business Standardm  01st August,2023.

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more

E tailers global warehouses may come under tax net

By
E tailers  global warehouses may come under tax net Warehouses of e-commerce companies based in countries such as Australia, Japan, Italy,  Spain, the Netherlands, and Russia may not be exempted from paying the income tax in India  once the multilateral instrument (MLI) to prevent base erosion and profit shifting (BEPS)  comes into force. BEPS refers to the reporting framework mooted by the Organisation for Economic  Co-operation and Development (OECD) and signed by over 100 countries, including India, to  prevent exploiting gaps and mismatches in tax rules to shift profits by multinational  companies (MNCs) artificially to low-tax regimes. The representatives of 68 countries on June 7 this year signed an agreement (MLI) in Paris  to amend their tax treaties to bring them in alignment with measures to prevent BEPS.  However, there is still time for synchronising tax treaties with the multilateral  instrument. India has submitte...
17 comments
Read more