The Income Tax department has filed over 6.85 crores and counting returns in FY 2022. And the number is expected to go up by the end of December 31, According to the officials the last date for filing Income Tax Returns (ITR) for the Fiscal Year 2021-2022 is July 31, Meanwhile for the corporates and others who need to get their accounts audited was November 7, 2022.
If taxpayers miss the deadline they can also file a belated return by paying a penalty, the last date for which is December 31.
Nitin Gupta Chairman of the Central Board of Direct Taxes (CBDT) stated “So far, 6.85 crore tax returns for Assessment Year 2022-23 have been filed and we are hopeful that the number will increase till December 31,”
In the last fiscal (2021-22), which ended on March 31, 2022, 7.14 crore tax returns were filed. That is higher compared to the 6.97 crores which is filed in 2020-21.
Around Rs 2 lakh crore of refund has been disbursed for this fiscal so far
Net collections, after adjusting refunds, stood at Rs 8.71 lakh crore, which is 61.31 per cent of the Budget estimates (BE) for the full year tax collection target.
